An umbrella for 1.6 million

Started in 1932, the California Public Employees’ Retirement System is the country’s largest public pension fund, covering about 1.6 million state and local government workers, their families and retirees. The fund provides health benefits for 1.3 million people.

CalPERS directly employees 2,300 people, who work in two large downtown Sacramento office buildings.

Retirement benefits paid by CalPERS are funded by contributions from employees, the government agencies they work for and investment earnings. Investments include foreign and domestic stocks and bonds, corporate bonds, real estate, private equity and commodities.

CalPERS is governed by a 13-member board dominated by government employees unions.

The state treasurer, controller, director of state personnel and a representative of the State Personnel Board are designated members by law. Six members are elected by state workers and three are appointed, two by the governor and one jointly by the two top leaders of the Legislature.

-- Marc Lifsher