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The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. [1] CalSTRS was established by law in 1913 and is part of the State of California's Government Operations Agency.
Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector. Public pension plan managers in the United States take higher risks investing the funds than ones ...
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".
This includes the California Correctional Peace Officers Association, whose contract cost an estimated $1 billion and gives them an enhanced retirement benefit.
Unlike OPEBs, a CCCERA member's pension is a lifetime benefit. As of 2012, it has significant underfunding liabilities in excess of $1.9 billion. [1] [2] [3] An investigative series by the Contra Costa Times in 2009 highlighted pension spiking issues. [4]
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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 the California State University system.
The Los Angeles County Employees Retirement Association (LACERA) is an independent Los Angeles County agency that administers and manages the retirement fund for the County and outside Districts (Little Lake Cemetery District, Local Agency Formation Commission for the County of Los Angeles, Los Angeles County Office of Education, and South Coast Air Quality Management District). [3]