The California Public Employees’ Retirement System, or CalPERS, is the largest defined public pension fund in the country outside the federal government, administering benefits for 1.6 million retirement plan participants and 1.3 million health plan participants, all employees and retirees of more than 3,000 California municipalities and agencies. CalPERS has assets of about $300 billion and paid out $18 billion in benefits in the 2014 fiscal year.
A bribery scandal involving Fred Buenrostro, chief executive from 2002 to 2008, has resulted in tighter oversight. Buenrostro is to be sentenced in U.S. district court in San Francisco this spring.
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