The California Public Employees' Retirement System (CalPERS) is the nation’s largest public pension fund with approximately $301 billion in assets. It provides retirement benefits to more than 1.8 million State, public school, and local public agency employees, retirees, and their families.

CalPERS also provides health benefits to more than 1.4 million members, making it the largest purchaser of public employee health benefits in California, and the second largest public purchaser in the nation after the federal government. It spends approximately $8 billion a year to provide care to active and retired State and local government employees, retirees, and their family members.