The California Public Employees' Retirement System ( CalPERS ) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families". In fiscal year 2020–21, CalPERS paid over $ 27.4 billion in retirement benefits, and over $ 9.74 billion in health benefits.
98-619: The California State Employees Association (CSEA) was founded in 1931. Headquartered in Sacramento, California, the organization itself grew out of a campaign to pass a ballot initiative to amend the California state constitution to create a retirement system for California state workers (now called the California Public Employees' Retirement System ). As a result of the campaign, the core of leadership for
196-553: A "Focus List". The list was also referred to as a "name and shame" list. Beginning in 2010, CalPERS stopped publicly naming companies on the list and instead began dealing with such companies privately. In 2012, CalPERS initiated a program to monetize the Focus List. Each year, after the Board approves staff recommendations for Focus List companies, CalPERS increases investments in those companies. New Focus List companies are added to
294-784: A "document of collegiality" in October 2001). Other controversies have affected the Board, such as: CalPERS employees perform under the direction of the chief executive officer (CEO) of CalPERS. Past CEOs have been: Earl W. Chapman (1932–1956); Edward K. Coombs (acting, 1956); William E. Payne (1956–1974); Carl J. Blechinger (1975–1983); Sidney C. McCausland (1984–1986); Kenneth G. Thomason (acting or interim, 1987); Dale M. Hanson (1987–1994); Richard H. Koppes (interim, 1994); James E. Burton (1994–2002); Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008); Kenneth W. Marzion (interim, 2008–2009); Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016 – Present). Reporting to
392-727: A 10-acre (4.0 ha) orchard and a herd of 13,000 cattle. Fort Sutter became a regular stop for the increasing number of immigrants coming through the valley. In 1847, Sutter Sr. received 2,000 fruit trees, which started the agriculture industry in the Sacramento Valley. Later that year, Sutter Sr. hired James Marshall to build a sawmill so he could continue to expand his empire, but unbeknownst to many, Sutter Sr.'s "empire" had been built on thin margins of credit. In 1848, when James W. Marshall discovered gold at Sutter's Mill in Coloma (some 50 mi or 80.5 km northeast of
490-602: A 3,000% increase from before the 1999 benefits expansion. Promised benefits exceeded funds available by $ 241.3 billion. Unfunded retiree healthcare costs add an additional $ 125 billion to California's public retirement debt. During Gavin Newsom 's tenure, activists have increasingly called for CalPERS to more broadly divest from fossil fuels . On February 17, 2022, State Senator Lena Gonzalez introduced legislation that would require CalPERS and CalSTRS divest. The CalPERS board has opposed proposals to divest. The bill passed
588-1129: A day or two of light rainfall in May or October. The normal annual mean temperature is 61.8 °F (16.6 °C), with the monthly daily average temperature ranging from 47.3 °F (8.5 °C) in December to 75.9 °F (24.4 °C) in July. Summer heat is sometimes moderated by a sea breeze known as the "delta breeze" which comes through the Sacramento–San Joaquin River Delta from the San Francisco Bay , and temperatures cool down sharply at night. The foggiest months are December and January. Tule fog can be extremely dense, lowering visibility to less than 100 feet (30 m) and making driving conditions extremely hazardous. Chilling tule fog events have been known to last for several consecutive days or weeks. During Tule fog events, temperatures do not exceed 50 °F (10 °C). Snowfall
686-417: A massive adobe structure with walls 18 feet (5.5 m) high and three feet (0.91 m) thick. Representing Mexico, Sutter Sr. called his colony New Helvetia , a Swiss-inspired name, and was the political authority and dispenser of justice in the new settlement. Soon, the colony began to grow as more and more pioneers headed west. Within just a few short years, Sutter Sr. had become a grand success, owning
784-553: A month 761 structures were re-built, many of them in brick. In spite of all these hardships the new city's location just downstream from the Mother Lode in the Sierra Nevada proved irresistible, and it grew rapidly during the early 1850s, attracting a population of 10,000. The Great Flood of 1862 from December 1861 to January 1862 caused the worst flooding in Sacramento's history. In 1861, Governor Leland Stanford , who
882-473: A new state law allowed SERS to invest in real estate. SERS then built a 670,000-square-foot (62,000 m ), 16-story building in Sacramento which opened in 1965; part of the building housed SERS employees, and part of the building was leased to other state agencies. The "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law that was later amended to become
980-685: A new store at 12th and K street, the US$ 2 ;million Senator Hotel was opened, Sacramento's drinking water became filtered and treated drinking water, and Sacramento boxer Georgie Lee fought Francisco Guilledo , a Filipino professional boxer known as Pancho Villa, at L Street Auditorium on March 21. Early in World War II, the Sacramento Assembly Center (also known as the Walerga Assembly Center)
1078-846: A number of subsequent papers, including: CalPERS commissioned three studies that were released in 2007-2008 about the economic impacts of the following: Key findings of the CalPERS Economic Impacts in California Report for the fiscal year ending June 30, 2012 included: CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies". The studies and their use by CalPERS were criticized as follows: Among other "offerings to ensure [its] workers are happy as well as healthy," CalPERS has an onsite Montessori method child care facility, conducts employee surveys every two years, offers
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#17327795757001176-576: A shape reminiscent of a tree which is made of steel covered with glass. The project was awarded a Gold Leadership in Energy and Environmental Design (LEED) rating. In 2012, Governor Jerry Brown signed legislation that reduced benefits for all new state employees and sought to combat pension spiking . Legislators rejected Governor Brown's proposals to include a 401(k) type defined contribution plan and to require CalPERS Board members to be independent, not themselves pensioners. Governor Brown promoted
1274-587: A single percent at the November California elections, 1992 . Proposition 162, also known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS. To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992. By 1996, the CalPERS portfolio
1372-401: A small Chinatown mall remains as well as a museum dedicated to the history of Sacramento's Chinatown. The Newton Booth Historic District, named for Newton Booth , is located on the southeast corner of Sacramento's original 1848 street grid. The oldest part of the town besides Sutter's Fort is Old Sacramento , which consists of cobbled streets and many historic buildings, several from
1470-423: A training and wellness program, and administers a nationally known employee recognition program. The employee recognition program has several components: Two CalPERS employees received 2000 National Association for Employee Recognition (NAER) Recognition Champion Awards for the employee recognition program. In addition, CalPERS itself won a 2002 Best Practices award from NAER. The employee recognition program
1568-767: A year on an investment portfolio of 261 billion in October 2007 and down to 186 billion in October 2008. This is a 2.5% return on investment over the 11-year period. Income or loss from investments fluctuates from year to year; between 1998–99 and 2007–08, the highest income was $ 40.7 billion in 2006-07 and the greatest loss was $ 12.5 billion in 2007–08. As of October 2008, CalPERS had a total of $ 186.7 billion in assets invested as follows: $ 104.9 billion (56.2%) in equities, $ 41.0 billion (21.9%) in fixed income, $ 20.9 billion (11.2%) in real estate, $ 16.2 billion (8.7%) in cash equivalents, and $ 3.7 billion (2.0%) in inflation linked assets. In 2010 CalPERS revised its strategic asset allocation mix using its Asset Liability Management process. By
1666-487: A year. With the stock market decline in 2008, during the financial crisis of 2007–2008 , there were large investment income losses. There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009. The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 2008 and 2009. This totals to 57 billion dollars of investment income during this 11-year period, or about 5.1 billion
1764-466: Is a stub . You can help Misplaced Pages by expanding it . CalPERS CalPERS manages the largest public pension fund in the United States, with more than $ 469 billion in assets under management as of June 30, 2021. CalPERS is known for its shareholder activism ; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect". Outside
1862-641: Is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees. CalPERS current fund balance value as of June 2021 is 466.66 Billion. CalPERS derives its income from investments, from member contributions, and from employer contributions. Investment Income has fluctuated in the last 15 years, 1999–2013, with five years of losses and 10 years of gains. There were investment income gains of $ 17 billion in 1999, $ 16 billion in 2000 and $ 5 billion in 2003. The stock market declines in 2001 led to investment income losses of 12 billion in 2001 and 10 billion in 2002. Thus,
1960-711: Is currently an eight-member board of directors composed of two representatives from each of the four affiliates. The board of directors elects its officers, as required by California corporate code, from among these eight board members. CSEA's four affiliates are: SEIU Local 1000 - (Local 1000) - Represents about 95,000 rank and file civil service state employees in California. Association of California State Supervisors - (ACSS) - Represents about 6,500 state civil service managers, supervisors and confidential employees who are excluded from collective bargaining. California State University Employees Union - (CSUEU/SEIU 2579) - Represents about 15,000 rank and file employees of
2058-511: Is rare in Sacramento, which is only 25 ft (8 m) above sea level . In the downtown area, only three significant snow accumulations have occurred since 1900, the last one being in 1976. During especially cold winter and spring storms, intense showers do occasionally produce a significant amount of hail, which can create hazardous driving conditions. Snowfall in the city often melts upon ground contact, with traceable amounts occurring in some years. Significant annual snow accumulations occur in
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#17327795757002156-471: Is still possible to view portions of the " Sacramento Underground ". The city's current charter was adopted by voters in 1920. As a charter city , Sacramento is exempt from many laws and regulations passed by the state legislature . The city has expanded continuously over the years. The 1964 merger of the City of North Sacramento with Sacramento substantially increased its population, and large annexations of
2254-545: Is the capital city of the U.S. state of California and the seat of Sacramento County . Located at the confluence of the Sacramento and American Rivers in Northern California 's Sacramento Valley , Sacramento's 2020 population of 524,943 makes it the fourth-most populous city in Northern California, the sixth-most populous in the state , the ninth-most populous state capital, and
2352-596: The 35th most populous in the United States . Sacramento is the seat of the California Legislature and the governor of California . Sacramento is also the cultural and economic core of the Greater Sacramento area , which at the 2020 census had a population of 2,680,831, the fourth-largest metropolitan area in California. Before the arrival of the Spanish , the area was inhabited by
2450-585: The California State University system. California State Retirees - (CSR) - Represents about 30,000 retired state employees including rank and file employees regardless of bargaining unit as well as managerial and other non-represented state employees who retired from active service with the state of California or the California State University system. This article related to a United States labor union
2548-590: The Natomas area eventually led to significant population growth throughout the 1970s, 1980s, and 1990s. Sacramento County (along with a portion of adjacent Placer County ) is served by a customer-owned electric utility, the Sacramento Municipal Utility District (SMUD). Sacramento voters approved the creation of SMUD in 1923. In April 1946, after 12 years of litigation, a judge ordered Pacific Gas & Electric to transfer
2646-632: The Nisenan , Maidu , and other indigenous peoples of California . In 1808, Spanish cavalryman Gabriel Moraga surveyed and named the Río del Santísimo Sacramento (Sacramento River), after the Blessed Sacrament . In 1839, Juan Bautista Alvarado , Mexican governor of Alta California , granted the responsibility of colonizing the Sacramento Valley to Swiss -born Mexican citizen John Augustus Sutter , who subsequently established Sutter's Fort and
2744-569: The Sacramento Public Library , and K Street , a historic street home to apartments, retail, and historical buildings. In addition, Downtown Sacramento is home to several hotels including the Citizen Hotel, housed in one of the first skyscrapers built in the city. East Sacramento is a neighborhood in between Midtown and Sacramento State. This neighborhood is well known for being home to McKinley Park and Rose Garden and
2842-534: The Sacramento River . Sutter Jr. and Brannan had United States Army Captain William H. Warner assigned to draft the official layout of the city, which included 26 lettered and 31 numbered streets (today's grid from C St. to Broadway and from Front St. to Alhambra Blvd.) Relations between Sutter and his son became embittered after Sacramento became an overnight commercial success. (Sutter's Fort, Mill, and
2940-759: The UC Davis School of Medicine . In 2013, the Sacramento Convention and Visitors Bureau stated that the city receives 15.3 million visitors per year, and is home to the California Museum , Crocker Art Museum , California State Railroad Museum , California State Capitol Museum , the Sacramento Convention Center Complex , and Old Sacramento State Historic Park . Nisenan (Southern Maidu ), Modoc , and Plains Miwok American Indians have lived in
3038-595: The dot-com bubble burst, and CalPERS did not grow, instead losing value in the stock market downturn of 2002 . In 2001–2002, CalPERS provided technical assistance for the Sarbanes-Oxley Act because it had sustained financial losses from the Enron and WorldCom bankruptcies. After the Great Recession , in 2009 CalPERS investments lost 24%, dropping $ 67 billion in value. Chairman Crist retired from
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3136-1437: The farm-to-fork movement, which promotes the consumption of locally-grown food). After 4,000 displeased citizens signed a petition protesting the change, officials agreed to include both slogans on the water tower. The city groups most of its neighborhoods into four areas: Additional prominent regions and neighborhoods in the region include American River Parkway, Arden-Arcade, Arden Fair, Cal Expo, Capital Avenue, Coffing, College Glen, College Greens, Cordova, Creekside, East Fruitridge, Elder Creek, Elkhorn, Elvas, Erikson Industrial Park, Excelsior Sunrise, Foothill Farms, Franklin, Frates Ranch, Gateway Center, Gateway West, Glenwood Meadows, Hansen Park, Heritage Park, Johnson Business Park, Johnson Heights, Mayhew, Metro Center, Mills, Natomas Corporate Center, Natomas Creek, Natomas Crossing, Natomas Park, Newton Booth, Noralto, Northpointe, Norwood, Oak Knoll, Old North Sacramento, Parker Homes, Point West, Raley Industrial Park, Regency Park, Richardson Village, Richmond Grove, Rosemont, Sierra Oaks, Sports Complex, Strawberry Manor, Sundance Lake, Swanston Palms, Town and Country Village, Upper Land Park, Village 5, Village 7, Village 12, Village 14, Village Green, Walerga, Walsh Station, West Del Paso Heights, Westlake, Willowcreek, Wills Acres, Winn Park, Woodside, and Youngs Heights. Capitol Mall connects West Sacramento and Downtown Sacramento. Some notable landmarks on this road include
3234-442: The "Public Employees' Medical and Hospital Care Act". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to the "Public Employees' Retirement System" (PERS). With the passage of a ballot proposition and a state law in 1966–1967, PERS was allowed to invest 25% of its portfolio in stocks; in 1984, Proposition 21 removed the 25% limitation. State Treasurer Jesse M. Unruh
3332-462: The "State Employees' Retirement System" (SERS) began operation. The California State Employees Association , established in 1931, began a close relationship with SERS that continues to this day. In 1939, the state Legislature passed a bill that allowed local public agencies (such as cities, counties, and school districts) to participate in SERS. Initially, SERS could invest only in bonds, but in 1953
3430-446: The 1850s and 1860s. Buildings have been preserved, restored, or reconstructed, and the district is now a substantial tourist attraction, with rides on steam-powered historic trains and horse-drawn carriages. The Poverty Ridge Historic District is within Sacramento's original 1848 street grid and bounded to the west by 21st Street, to the north by S Street, to the east by 23rd Street, to the south by W Street and U.S. Route 50, and includes
3528-735: The 1980s, and especially in the early 1990s under the pioneering leadership of CEO Dale Hanson, CalPERS has used its influence as one of the largest shareholders in the world to change the way certain things are done in business. It is especially known for its shareholder activism concerning corporate governance , in which it has been described as the most influential pension fund and as "a leader among activist institutions". Among other examples of its shareholder activism, CalPERS has: CalPERS has received some criticism for its shareholder activism: Beginning in 1987, CalPERS placed certain companies, with which it had "concerns about stock and financial underperformance and corporate governance practices" on
3626-723: The Blessed Sacrament.)" The valley and the river were then christened after the "Most Holy Sacrament of the Body and Blood of Christ," referring to the Catholic sacrament of the Eucharist . John Sutter Sr. first arrived in the area on August 13, 1839, at the confluence of the American and Sacramento Rivers with a Mexican land grant of 50,000 acres (20,000 ha). The next year, he and his party established Sutter's Fort,
3724-546: The CEO, the executive officers of CalPERS are: deputy executive officers for customer services and support, health benefit programs, policy and planning, operations and technology, and external affairs; a general counsel ; a chief actuary ; and a chief financial officer ; a chief information officer ; a chief risk officer ; and a chief investment officer . Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices. Approximately $ 415.1 million
3822-535: The Dills Act after its author Senator Ralph C. Dills. When California adopted collective bargaining for state employees in 1979, CSEA began a long period of reorganization wherein its members were divided into four distinct classes depending on their employment or retirement status with the State of California. Ultimately, each of the four classes of members formally incorporated their respective organizations within
3920-639: The Downtown Plaza shopping mall, the district opened in 2016 along with Golden 1 Center . Downtown Commons, otherwise known as DOCO, is home to the Sawyer, a 16-story skyscraper with a 250-room hotel and 45 condominiums, a Macy's anchor store, an IMAX theater, and retail space with a variety of restaurants and shops. Downtown Sacramento is home to the SAFE Credit Union Convention Center and Theater , Sacramento City Hall,
4018-571: The Fabulous Forties, home to some of the most expensive, largest, and architecturally unique homes in the city. East Sacramento was home to Ronald Reagan during his term as Governor of California and this neighborhood was prominently featured in Greta Gerwig's film Lady Bird . The Opium Wars of the 1840s and 1850s, along with the California gold rush, brought many Chinese people to California. Most arrived at San Francisco, which
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4116-551: The PERS’ actuarial projections and the appointment of a majority of its board of directors. Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board's independence, remove the fund's duty to minimize contributions or administrative costs, and require the provision of benefits to “take precedence over any other duty.” The initiative, known as Proposition 162, passed by
4214-584: The Sacramento River. A Spanish writer with the Moraga expedition wrote: Canopies of oaks and cottonwoods, many festooned with grapevines, overhung both sides of the blue current. Birds chattered in the trees and big fish darted through the pellucid depths. The air was like champagne , and ( the Spaniards) drank deep of it, drank in the beauty around them. "¡Es como el sagrado sacramento! (It's like
4312-491: The State's contributions by projecting an average annual return of 8.25% over the next decade. When Board member Phil Angelides ’ aide questioned whether the stock market could grow that long, Board Chairman William Crist, a former union president, replied that they “could make all sorts of different assumptions and make predictions, but that’s really more than I think we can expect our staff to do.” CalPERS' chief actuary, objected, finding that it would be “fairly catastrophic” if
4410-770: The Tower Bridge, Old Sacramento, and the California State Capitol Building. Capitol Mall is considered to be the business district of the city. Skyscrapers such as the Wells Fargo Center and U.S. Bank Tower , two of the tallest buildings in the city, are located on Capitol Mall and are home to several major companies. The street is also home to major festivals such as the annual Farm to Fork Festival. Sacramento's historic Japantown once occupied much of today's Capitol Mall, spanning 4th street from K to P streets. The area suffered from
4508-482: The U.S., CalPERS has been called "a recognized global leader in the investment industry", and "one of America's most powerful shareholder bodies". As of 2018, the agency has $ 360 billion in assets, and is underfunded by an estimated $ 150 billion, with current assets below 70% of necessary to provide for liabilities. In an effort to reduce this shortfall, at the end of 2016 the board lowered their expected annual rate of return on investments from 7.5% to 7.0%, increasing
4606-491: The area for perhaps thousands of years. Until the settlers arrived who would eventually make Sacramento their home, these tribes left little evidence of their existence. Their diet was dominated by acorns taken from the plentiful oak trees in the region and by fruits, bulbs, seeds, and roots gathered throughout the year. In 1808, the Spanish explorer Gabriel Moraga encountered and named the Sacramento Valley and
4704-415: The area turned out to be a bane. By December 1848, John Sutter Jr., in association with Samuel Brannan , began laying out the City of Sacramento, 2 miles (3.2 km) south of his father's settlement of New Helvetia. This venture was undertaken against the wishes of Sutter Sr., but the father, being deeply in debt, was unable to stop it. For commercial reasons, the new city was named "Sacramento City" after
4802-707: The assembly center site is now part of the Foothill Farms-North Highlands subdivision. The Sacramento-Yolo Port District was created in 1947, and the ground was broken on the Port of Sacramento in 1949. On June 29, 1963, with 5,000 spectators waiting to welcome her, the Motor Vessel Taipei Victory arrived. The Nationalist Chinese flagship docked at the Port of Sacramento , being the first ocean-going vessel in Sacramento since
4900-448: The block bounded by 20th Street, 21st Street, S Street, and T Street. The Poverty Ridge Historic District was considered to be Sacramento's wealthiest neighborhood from 1868 to 1947. Sacramento has a hot-summer Mediterranean climate ( Köppen Csa ), characterized by hot, long, dry summers and cool winters with a decent amount of rainfall. Most of the annual precipitation generally occurs from November to April, though there may be
4998-421: The board and it was later revealed he had accepted more than $ 800,000 from a firm to ensure hundreds of millions of investment from CalPERS. In November 2005, CalPERS expanded its headquarters with the 560,000-square-foot (52,000 m ) "Lincoln Plaza East & West" buildings which cost $ 265 million. The architecture of the buildings, which received praise, includes an entry tower 90 feet (27 m) high in
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#17327795757005096-419: The campaign went on to create the association to maintain the momentum of that political victory by forming a credit union , now known as The Golden One Credit Union, for state employees, winning voter approval of the merit system for state civil service, and a 40-hour workweek and, finally in 1979, winning collective bargaining rights for state and university employees in the California legislature, also known as
5194-491: The city. Between October and December 1850, Sacramento was hit with a cholera epidemic that killed 1,000 residents, including Mayor Bigelow and 17 of the city's 40 physicians. Up to 80 percent of the populace left town. On November 2, 1852, a fire known as the Great Conflagration burned more than 80 percent of the structures in the city. It is estimated that the total damage was around six million dollars. Within
5292-593: The companies engaged by CalPERS significantly outperformed the Russell 1000 . In 1994, Nesbitt published a study that found that companies on the Focus List trailed the S&P 500 prior to being put on the list, but outperformed the S&P 500 after being put on the list, and named this phenomenon the "CalPERS effect". The term has been used in the newsmedia. Whether a "CalPERS effect" actually exists has been studied in
5390-511: The construction of a new state capitol building which was finished in 1874. Sacramento is the fastest-growing major city in California, owing to its status as a notable political center on the West Coast and as a major educational hub, home of California State University, Sacramento and UC Davis . Similarly, Sacramento is a major center for the California healthcare industry , as the seat of Sutter Health , UC Davis Medical Center , and
5488-475: The costs California cities must pay toward their workers' pensions. For comparison: Discussion about providing for the retirement of California state employees began in 1921, but only in 1930 did California voters approve an amendment to the State Constitution to allow pensions to be paid to state workers, and only in 1931 was state law passed to establish a state worker retirement plan. In 1932,
5586-415: The current Board members are Rob Feckner (President), Priya Sara Mathur, Michael Bilbrey, John Chiang , Richard Costigan, Richard Gillihan, JJ Jelincic , Henry Jones (Vice President), Ron Lind, Betty Yee, Bill Slaton, Teresa Taylor and Dana Hollinger. Between 1999 and 2001, several conflicts among Board members were notable: In response to such conflicts, the Board took various measures (e.g., it adopted
5684-493: The effects of climate change on vegetation in the future. Treepedia , a project run by MIT using Google Maps ' street-view data to calculate tree coverage in cities, ranked Sacramento the greenest city of 15 studied in the US, and third globally, after Vancouver and Singapore . A prominent water tower bore the slogan "City of Trees" until 2017 when it was repainted with the words "America's Farm-to-Fork Capital" (referring to
5782-464: The end of the fiscal year ended June 30, 2013, CalPERS had a total of $ 257.9 billion in assets invested as follows: $ 166.3 billion (64 percent) in equities, $ 40.2 billion (16 percent) in fixed income, $ 25.8 billion (10 percent) in real assets, $ 10.6 billion (4 percent) in cash equivalents, $ 9.2 billion (4 percent) in inflation-linked assets, $ 5.2 billion (2 percent) in hedge funds, and $ 0.5 billion (0.0 percent) in multi-asset class and other. Beginning in
5880-421: The five-year period 1999 to 2003 period had a cumulative income of $ 16 billion, or about three billion a year on an investment portfolio of over $ 200 billion. The next four years were a period of investment income stability; a 24 billion investment income in 2004, 22 billion in 2005, 21 billion in 2006, and 41 billion in 2007. This four-year period had a cumulative investment income of $ 108 billion, or $ 27 billion
5978-482: The foothills 40 mi (64 km) east of the city, which had brief and traceable amounts of snowfall in January 2002, December 2009, and February 2011. The greatest snowfall ever recorded in Sacramento was 3 inches (7.6 cm) on January 5, 1888. On average, there are 76 days with a high of 90 °F (32 °C)+, and 14 days with a high of 100 °F (38 °C)+; On the other extreme, there are 8.5 days where
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#17327795757006076-408: The forced eviction of its Japanese residents during WW2 and never recovered, resulting in the remaining properties taken through eminent domain to create the grand promenade of today's Capitol Mall . The Nisei Memorial Hall at 4th and Q remains the last remaining property associated with Sacramento's former Japantown. One of the newest districts in the city is Downtown Commons . Formerly home to
6174-467: The fort), numerous gold-seekers came to the area, increasing the population. In August 1848, Sutter Sr.'s son, John Sutter Jr. , arrived to assist his father in reducing his debt . The Sutters struggled to contain the effects of thousands of new gold miners and prospectors in the area, many of whom squatted on unwatched portions of the vast Sutter lands or stole various unattended Sutter properties or belongings. For Sutter, his employee's discovery of gold in
6272-574: The fund only grew at 4.4%. The benefits expansion bill, SB 400, passed with unanimous backing by California State Assembly Democrats and was signed into law by Governor Gray Davis . CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”. The next year
6370-483: The help of the city, agreed to build a new arena in the downtown area. With a final estimated cost of $ 558.2 million, Sacramento's Golden 1 Center opened on September 30, 2016. According to the United States Census Bureau , the city covers 100.1 square miles (259 km ). 97.81% of it is land, and 2.19% of it is water. Depth to groundwater is typically about 30 feet (9 m). Much of
6468-507: The historic Sacramento Rail Yards . From 1862 until the mid-1870s, Sacramento raised the level of its downtown by building reinforced brick walls on its downtown streets and filling the resulting street walls with dirt. The previous first floors of buildings became basements , with open space between the street and the building, previously the sidewalk , now at the basement level. Over the years, many of these underground spaces have been filled or destroyed by subsequent development. However, it
6566-539: The land to the west of the city (in Yolo County ) is permanently reserved for a vast flood control basin (the Yolo Bypass ), due to the city's historical vulnerability to floods. As a result, the contiguous urban area sprawls only four miles (6.4 km) west of downtown (as West Sacramento, California ) but 30 miles (48 km) northeast and east, into the Sierra Nevada foothills, and 10 miles (16 km) to
6664-523: The late 1910s. It was the first US city to be designated a City of Trees by the Arbor Day Foundation in 1978. In the early 21st century, the tree cover is well above that of the average tree cover of other major cities in the United States and the rest of the world, with the main species being the London plane . Other species are being introduced to increase diversity and to help cope with
6762-952: The national Capitol, was started in 1860 and completed in 1874. In 1861, the legislative session was moved to the Merchants Exchange Building in San Francisco for one session because of the massive flooding in Sacramento. From 1862 to 1868, part of the Leland Stanford Mansion was used for the governor's offices during Stanford's tenure as the Governor; and the legislature met in the Sacramento County Courthouse. The legislative chambers were first occupied in 1869, while construction continued around them. With its new status and strategic location, Sacramento quickly prospered. It
6860-621: The nearby San Francisco Bay Area , as well as immigration from Asia and Latin America. In 1985, Hugh Scrutton, a 38-year-old Sacramento, California, computer store owner, was killed by a nail-and-splinter-loaded bomb placed in the parking lot of his store. In 1996, his death was attributed to the Unabomber, Theodore Kaczynski . After acquiring the majority stake in the Sacramento Kings , the team's new owner, Vivek Ranadivé , with
6958-473: The new state's capital. From California's statehood beginning September 9, 1850 through 1851, the legislature met in San Jose. It moved to Vallejo in 1852 and Benicia in 1853, before ending up in Sacramento in 1854. During the 1850s the city was consolidated with the County of Sacramento. In the Sacramento Constitutional Convention of 1879 , Sacramento was named the permanent state capital. The Classical Revival -style California State Capitol , similar to
7056-594: The passage of Assembly Bill 340 (AB 340), the pension reform legislation by the California Legislature, CalPERS members hired after January 1, 2013, are expected to pay 50 percent of the Total Normal Cost of the benefit plan in which they participate. Sacramento, California Sacramento ( / ˌ s æ k r ə ˈ m ɛ n t oʊ / SAK -rə- MEN -toh ; Spanish: [sakɾaˈmento] ; Spanish for ' sacrament ')
7154-537: The population of 4,739 was transferred to the Tule Lake concentration camp. The site was then turned over to the Army Signal Corps and dedicated as Camp Kohler . After the war and the end of the incarceration program, returning Japanese Americans were often unable to find housing and so 234 families temporarily lived at the former assembly center. Camp Kohler was destroyed by a fire in December 1947, and
7252-485: The portfolio each year, and the portfolio is rebalanced so that holdings remain equally weighted. The purpose of monetizing the Focus List is to replicate the Wilshire studies—using actual funds to demonstrate and measure the “CalPERS Effect.” Monetizing the Focus List also allows CalPERS to realize a return on the increased value that typically occurs following an engagement. In 2014, a study by Wilshire Associates showed
7350-400: The pre-existing corporate structure of CSEA as affiliates of CSEA. Each of these four affiliates have assumed authority for their respective member representation programs. CSEA now only provides business services of accounting, IT and member benefits for the four affiliated organizations which represent active and retired state and California State University system employees. CSEA governance
7448-678: The reform as the “biggest rollback to public pension benefits in the history of California”, but it only resulted in a 1% to 5% reduction in contribution increases. Total savings from the reform are estimated to be $ 28 to $ 38 billion. In the fall of 2014, CalPERS named Ted Eliopoulos as chief investment officer. He won the #2 ranking in the Public Investor 100 for 2016. Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $ 3 billion. In 2015, Kevin de León , who
7546-464: The rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law. The percentage contributed above the monthly compensation breakpoint depends upon the benefit formula as shown in the “employee contributions” subsection of the summary of Plan Provisions in Appendix B of each public agency, state and schools annual valuation report. With
7644-579: The settlement at the Rancho Nueva Helvetia . Following the American Conquest of California and the 1848 Treaty of Guadalupe-Hidalgo , the waterfront developed by Sutter began to be developed and incorporated in 1850 as the City of Sacramento. In 1852, the city offered its county courthouse to the state of California to house the state legislature, resulting in the city becoming the permanent state capital in 1854 and ushering in
7742-520: The south into valley farmland. The city is at the confluence of the Sacramento River and the American River and has a deep-water port connected to the San Francisco Bay by a channel through the Sacramento–San Joaquin River Delta . It is the shipping and rail center for the Sacramento Valley . Sacramento has long been known as the "City of Trees" owing to its abundant urban forest . The city has more trees per capita than any other city in
7840-628: The state senate on May 25 but was halted in the assembly by Jim Cooper . The legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including: CalPERS is overseen by a 13-member Board of Administration whose members are elected, appointed, or ex officio: Notable past Board members have included Caspar Weinberger (1967–1969), Jesse Unruh (1983–1987), Gray Davis (1986–1994), Matt Fong (1995–1998), Kathleen Connell (1995–2003), Phil Angelides (1999–2006), Willie Brown (2000–2005), and Steve Westly (2003–2006). As of 2017,
7938-539: The steamship Harpoon in 1934. In 1967, Ronald Reagan became the last Governor of California to live permanently in the city. The 1980s and 1990s saw the closure of several local military bases: McClellan Air Force Base , Mather Air Force Base , and Sacramento Army Depot. In 1980, there was another flood. Despite military base closures and the decline of agricultural food processing, Sacramento has continued to experience population growth in recent years. Primary sources of population growth are an influx of residents from
8036-526: The temperature remains below 50 °F (10 °C), and 15 freezing nights per year. Official temperature extremes range from 18 °F (−7.8 °C) on December 22, 1990, to 116 °F (46.7 °C) on September 6, 2022; a station around 5 mi (8.0 km) east-southeast of the city dipped to 17 °F (−8.3 °C) on December 11, 1932. The average annual precipitation is 18.14 inches (461 mm). On average, precipitation falls on 58 days each year in Sacramento, and nearly all of this falls during
8134-560: The title of Sacramento's electric distribution system to SMUD. Today SMUD is the sixth-largest public electric utility in the U.S. and is a leader in innovative programs and services, including the development of clean fuel resources, such as solar power . The year following the creation of SMUD, 1924, brought several events in Sacramento: Standard Oil executive Verne McGeorge established McGeorge School of Law , American department store Weinstock & Lubin opened
8232-421: The town of Sutterville , all founded by John Sutter Sr., eventually failed). Residents of Sacramento adopted a city charter in 1849, which was recognized by the state legislature in 1850. Sacramento is the oldest incorporated city in California, incorporated on February 27, 1850. On January 10, 1850, a flood occurred that devastated the city. The rushing waters uprooted homes and drowned livestock. The city
8330-646: The winter months. Average January rainfall is 3.66 in (93 mm), and measurable precipitation is rare during the summer months. In February 1992, Sacramento had 16 consecutive days of rain, resulting in an accumulation of 6.41 in (163 mm) for the period. On rare occasions, monsoonal moisture surges from the Desert Southwest can bring upper-level moisture to the Sacramento region, leading to increased summer cloudiness, humidity, and even light showers and thunderstorms. Monsoon clouds do occur, usually during late June through early September. Sacramento
8428-443: The world. The first recorded use of the term was in 1855, and it was popular by the early 20th century. It was not always so: it was at first called the "City of Plains" because of the lack of trees, but soon afterward there were cottonwood trees planted, and eucalyptus varieties were imported to dry out swampland . Later, locust trees , and willows were planted along streets, then elms , then palm trees , then fruit trees in
8526-458: Was a PERS Board member in the mid-1980s. He began PERS' emphasis on corporate governance ; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed " greenmail and other corporate practices that benefited only management". In 1986, the headquarters building of PERS, now called "Lincoln Plaza North",
8624-473: Was almost destroyed. Due to the efforts of Hardin Bigelow , Sacramento's first elected mayor, the construction of the city's first levee was completed in early 1852 (the city became known as "The Levee City"). However, a month after it was completed, it was breached during the first major storm of the season and the city flooded again. A new levee was built for $ 50,000, but it also broke, causing more flooding of
8722-429: Was completed in Sacramento at a cost of $ 81 million. The building, which has 492,900 square feet (45,790 m ), is known for its six-story-high atrium and landscaped terraces. In 1990, fund value reached $ 49.8 billion. In July 1991, Governor Pete Wilson addressed the state's $ 14.3 billion budget deficit by removing $ 1.6 billion from the pension fund. Wilson further sought to give the governor's office control of
8820-690: Was designated as the western terminus of the Pony Express . Later it became a terminus of the First transcontinental railroad , which began construction in Sacramento in 1863 and was financed by " The Big Four "— Mark Hopkins , Charles Crocker , Collis P. Huntington , and Leland Stanford . Both the American and especially Sacramento rivers were key elements in the economic success of the city. Sacramento effectively controlled commerce on these rivers, and public works projects were funded through taxes levied on goods unloaded from boats and loaded onto rail cars in
8918-668: Was established to house Japanese Americans forcibly "evacuated" from the West Coast under Executive Order 9066 . The camp was one of fifteen temporary detention facilities where over 110,000 Japanese Americans , two-thirds of them U.S. citizens, were held while construction on the more permanent War Relocation Authority camps was completed. The assembly center was built on the site of a former migrant labor camp, and inmates began arriving from Sacramento and San Joaquin Counties on May 6, 1942. It closed after only 52 days, on June 26, and
9016-415: Was inaugurated in early January 1862, traveled to his inauguration in a rowboat. The California State Legislature , with the support of Governor John Bigler , moved to Sacramento in 1854. The capital of California under Spanish (and, subsequently, Mexican) rule had been Monterey , where, in 1849, the first Constitutional Convention and state elections were held. The convention decided San Jose would be
9114-525: Was not repealed until 1943. The mysterious fires were thought to be set off by those who resented the Chinese working class. Ordinances on what was viable building material were set into place to try to get the Chinese to move out. Newspapers such as The Sacramento Union wrote stories at the time that portrayed the Chinese in an unfavorable light to inspire ethnic discrimination and drive the Chinese away. While most of Sacramento's Chinatown has now been razed,
9212-543: Was on "I" Street from Second to Sixth Streets, called the China Slough . At the time, this area of "I" Street was considered a health hazard because, lying within a levee zone, it was lower than other parts of the city, which were situated on higher land. Throughout Sacramento's Chinatown history, there were fires, acts of discrimination, and prejudicial legislation such as the Chinese Exclusion Act that
9310-408: Was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS. CalPERS members contribute a percentage of their salary throughout their active membership. Member contribution rates are set by statute and can vary by membership category (miscellaneous or safety) and by benefit formula. Member contribution rates can change based on legislative law changes. However,
9408-690: Was the California State Senate majority leader at the time, introduced legislation to require CalPERS and CalSTRS divest from coal and the California Democratic Party passed a resolution in support of fossil fuel divestment . The bill was passed and, effective June 1, 2017, CalPERS was prohibited from maintaining holdings in companies that receive at least half of their revenue from thermal coal. In 2016, CalPERS fund value reached $ 295.1 billion. State tax dollar contributions have had to increase to $ 45 billion,
9506-535: Was then the largest city in California and known as "Daai Fau" ( Chinese : 大埠 ; Jyutping : daai fau ; Cantonese Yale : Daaihfauh ). Some eventually came to Sacramento, then the second-largest city in California and consequently called "Yee Fow" (Chinese: 二埠 ; Jyutping: ji fau ). Today the city is known as " 萨克拉门托 " ( pinyin : Sàkèlāméntuō ) by mainland Chinese and as " 沙加緬度 " Sāgāmíhndouh and Shājiāmiǎnduó by Cantonese speakers and Taiwanese respectively. Sacramento's Chinatown
9604-405: Was worth $ 100 billion, and the number of members exceeded 1 million. In 1999, fund value reached $ 159.1 billion, requiring $ 159 million in state tax dollar contributions. In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life. CalPERS predicted the benefits would require no increase in
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