California Public Employees' Retirement System (CalPERS) - Definition & Meaning

The California Public Employees' Retirement System (CalPERS) is one of the largest public pension systems in the United States. It is a retirement and pension fund that provides retirement, health, and related benefits to public employees, retirees, and their beneficiaries in the state of California.
CalPERS serves a wide range of public employees, including state government workers, teachers, local government employees, and public safety personnel.
CalPERS is funded through contributions from both employees and employers, as well as investment returns on the assets held in the pension fund.
The system plays a critical role in supporting the financial security and retirement planning of public employees in California.