Posted by:
Steve Dubb
CalPERS investments helped support over 124,000 jobs in 2006
A study by the Applied Research Center at California State University Sacramento found that in-state investments by CalPERS, (or the California Public Employees’ Retirement System), the state’s leading public pension fund, contributed nearly $8.5 billion in economic value to the state economy in 2006, making CalPERS a larger player in the California economy than the machinery manufacturing; oil and gas extraction; or amusements, gambling and recreation industries.
The study is part of a larger two-day conference cosponsored by the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and three LA-based public pensions funds (the Los Angeles County Employees Retirement Association (LACERA), the Los Angeles City Employees’ Retirement System (LACERS), and the Los Angeles Police and Firefighters Pension Investment Partners.
Held in Los Angeles this past September, the conference was attended by over 400 pension fund, endowment, and foundation trustees. As of August 31, 2007, 10.7 percent or $26.3 billion of CalPERS’ $247 billion portfolio was investment in one form or another in California-based investments. An article in the Sacramento Bee reports the teachers fund also has $19.7 billion in California investments or 13.7% of its nearly $144 billion portfolio.
In addition to featuring the new study, the conference website also includes a wide variety of video and PowerPoint presentations from investors in California-based urban and rural redevelopment efforts.