The California Public Employees’ Retirement System (CalPERS) stands as the nation’s largest public pension fund, serving over 2 million retirement system members and more than 1.5 million health program participants. With a mission to provide secure retirement benefits, CalPERS is a critical component of California’s public sector.
CalPERS offers a variety of retirement plans tailored to meet the diverse needs of its members, ensuring that public employees can look forward to a stable financial future. The system is designed not only to provide retirement benefits but also health plans and death benefits, which are essential for maintaining the well-being of its retirees.
For retirees, the benefits extend beyond just financial support. Eligible members are entitled to a cost-of-living adjustment that helps their pensions keep pace with inflation. Furthermore, retirees can return to work with a CalPERS employer without jeopardizing their pension, which offers flexibility during retirement.
CalPERS has recently emphasized the importance of using their myCalPERS online portal, allowing members to access essential information regarding their accounts, health benefits, and retirement planning. By encouraging members to register for this service, CalPERS is enhancing transparency and member engagement, vital for informed decision-making.
As of June 2024, CalPERS has demonstrated that every dollar spent on public employee pensions is a crucial investment in California’s public sector, supporting not just retirees but also the broader economy through the financial security it provides.
In summary, CalPERS is not just a retirement fund; it is a pillar of support for California’s public workforce, ensuring that those who dedicate their careers to public service are rewarded with the dignity and security they deserve in retirement.
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