Editing CalPERS (section)

===Governor Jerry Brown===
In 2012, Governor [[Jerry Brown]] signed legislation that reduced benefits for all new state employees and sought to combat [[pension spiking]].<ref name="lat1028">{{cite news|last1=Lin|first1=Judy|title=Jerry Brown touted his pension reforms as a game-changer. But they've done little to rein in costs|url=http://www.latimes.com/projects/la-me-pension-crisis-brown/|access-date=7 November 2016|work=[[Los Angeles Times]]|date=28 October 2016|archive-date=7 November 2016|archive-url=https://web.archive.org/web/20161107092433/http://www.latimes.com/projects/la-me-pension-crisis-brown/|url-status=live}}</ref> 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.<ref name=lat1028/> Governor Brown promoted 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.<ref name=lat1028/> Total savings from the reform are estimated to be $28 to $38 billion.<ref name=lat1028/>

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.<ref>{{Cite web|title = Ted Eliopoulos|url = https://www.swfinstitute.org/news/48432/ted-eliopoulos-takes-2-on-public-investor-100-2016/|website = www.swfinstitute.org.|access-date = 2016-10-23}}</ref> Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $3 billion.<ref>{{Cite news | title=Blackstone to buy about $3 billion in property fund stakes from Calpers | url=https://www.reuters.com/article/us-blackstone-group-calpers/blackstone-to-buy-about-3-billion-in-property-fund-stakes-from-calpers-idUSKCN0T12MG20151112 | first=Koh Gui | last=Qing | work=[[Reuters]] | date=November 12, 2015 | access-date=February 3, 2019 | archive-date=February 4, 2019 | archive-url=https://web.archive.org/web/20190204014453/https://www.reuters.com/article/us-blackstone-group-calpers/blackstone-to-buy-about-3-billion-in-property-fund-stakes-from-calpers-idUSKCN0T12MG20151112 | url-status=live }}</ref>

In 2015, [[Kevin de León]], who 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]].<ref>{{Cite web |date=2015-02-11 |title=California calls on pension funds to divest from coal in climate change push |url=http://www.theguardian.com/us-news/2015/feb/10/california-pension-funds-coal-divestment-call-climate-change |access-date=2022-05-27 |website=the Guardian |language=en}}</ref><ref>{{Cite web |last=Hirji |first=Zahra |date=2015-05-22 |title=California Democrats Approve Sweeping Fossil Fuel Divestment Resolution |url=https://insideclimatenews.org/news/22052015/california-democrats-approve-sweeping-fossil-fuel-divestment-resolution/ |access-date=2022-05-27 |website=Inside Climate News |language=en-US}}</ref> 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.<ref>{{Cite web |last=Starkman |first=Dean |date=2015-10-19 |title=CalPERS set to divest from thermal-coal companies |url=https://www.latimes.com/business/la-fi-calpers-divest-20151019-story.html |access-date=2022-05-31 |website=Los Angeles Times |language=en-US}}</ref>

In 2016, CalPERS fund value reached $295.1 billion.<ref name=LAT918/> State tax dollar contributions have had to increase to $45 billion, a 3,000% increase from before the 1999 benefits expansion.<ref name=LAT918/> Promised benefits exceeded funds available by $241.3 billion.<ref name="LATlin">{{cite news|last1=Lin|first1=Judy|title=Understanding California's Public Pension Debt|url=http://www.latimes.com/projects/la-me-pension-unfunded/|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/20160918174130/http://www.latimes.com/projects/la-me-pension-unfunded/|url-status=live}}</ref> Unfunded retiree healthcare costs add an additional $125 billion to California's public retirement debt.<ref name=LATlin/>