Editing CalPERS (section)

===Governor Pete Wilson===
In 1990, fund value reached $49.8 billion.<ref name="LAT918">{{cite news|last1=Dolan|first1=Jack|title=The Pension Gap|url=http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/|access-date=19 September 2016|work=[[Los Angeles Times]]|date=18 September 2016|archive-date=18 September 2016|archive-url=https://web.archive.org/web/20160918173134/http://www.latimes.com/projects/la-me-pension-crisis-davis-deal/|url-status=live}}</ref> In July 1991, Governor [[Pete Wilson]] addressed the state's $14.3 billion budget deficit by removing $1.6 billion from the pension fund.<ref name="LATimes107">{{cite news|last1=Myers|first1=John|title=How a governor's bid to exert control over California public pensions backfired|url=http://www.latimes.com/projects/la-pol-sac-pension-fight-pete-wilson-20161009/|access-date=10 October 2016|work=[[Los Angeles Times]]|date=7 October 2016|archive-date=10 October 2016|archive-url=https://web.archive.org/web/20161010025751/http://www.latimes.com/projects/la-pol-sac-pension-fight-pete-wilson-20161009/|url-status=live}}</ref> Wilson further sought to give the governor's office control of the PERS’ actuarial projections and the appointment of a majority of its board of directors.<ref name=LATimes107/> 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."<ref name=LATimes107/> The initiative, known as Proposition 162, passed by a single percent at the November [[California elections, 1992]].<ref name=LATimes107/> 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.<ref name=Pichardo/><ref>[http://www.peoplesadvocate.org/prop162.html Proposition #162.] {{Webarchive|url=https://web.archive.org/web/20080509072413/http://www.peoplesadvocate.org/prop162.html |date=2008-05-09 }} People's Advocate. Retrieved December 24, 2008.</ref>

To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992.<ref name=CalPERSstory/> By 1996, the CalPERS portfolio was worth $100 billion, and the number of members exceeded 1 million.<ref name=CalPERSstory/>