California PERF Basics

  • Established 1932
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, agent plan

Assets, Participants, and Benefits

Assets at Year-End, California PERF, 2001-2019

Fiscal Year Net Assets (billions)
2001 156.27
2002 142.79
2003 144.76
2004 167.58
2005 189.63
2006 211.19
2007 251.12
2008 237.92
2009 178.90
2010 201.62
2011 241.76
2012 236.98
2013 261.99
2014 301.76
2015 302.76
2016 298.70
2017 326.50
2018 354.00
2019 372.61

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2019

Fiscal Year California PERF US State and Local Pensions
2001 2.0 2.5
2002 2.1 2.4
2003 2.0 2.3
2004 1.9 2.2
2005 1.9 2.1
2006 1.8 2.1
2007 1.8 2.0
2008 1.8 2.0
2009 1.7 1.9
2010 1.6 1.8
2011 1.5 1.7
2012 1.4 1.6
2013 1.3 1.5
2014 1.3 1.5
2015 1.4 1.5
2016 1.3 1.4
2017 1.3 1.4
2018 1.2 1.3
2019 1.2 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for California PERF, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 1.0 0.0 5.0 1.0
2002 2.4 0.0 4.8 2.4
2003 5.5 0.0 5.7 5.5
2004 12.1 0.0 7.3 12.1
2005 16.0 0.0 9.0 16.0
2006 16.0 0.0 9.3 16.0
2007 15.8 0.0 10.0 15.8
2008 16.4 0.0 10.4 16.4
2009 15.3 0.0 10.2 15.3
2010 15.5 0.0 10.5 15.5
2011 17.0 0.0 12.5 17.0
2012 18.2 0.0 12.9 18.2
2013 19.1 0.0 13.9 18.8
2014 19.5 0.0 14.5 19.5
2015 21.2 0.0 14.9 21.2
2016 21.9 0.0 14.8 21.9
2017 23.7 0.0 15.1 23.7
2018 37.0 0.0 18.1 37.0
2019 37.0 0.0 18.8 37.0

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for California PERF, 2001-2019

Fiscal Year California PERF National Data
2001 111.9 106.5
2002 95.2 101.1
2003 87.7 94.2
2004 87.3 93.1
2005 87.3 91.1
2006 87.2 90.5
2007 87.2 91.2
2008 86.9 90.2
2009 83.3 83.2
2010 83.4 81.5
2011 82.6 80.4
2012 83.1 78.9
2013 75.2 78.7
2014 76.3 79.0
2015 73.1 78.2
2016 68.3 76.3
2017 70.1 76.4
2018 70.2 76.5
2019 70.2 76.1

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for California PERF, 2019

Category Percent
Equities 50.2
Fixed Income 28.7
Private Equity 7.1
Real Estate 11.0
Cash 1.0
Other 0.0
Commodities 0.0
Hedge Fund 2.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.2
Fixed Income 22.9
Private Equity 9.0
Real Estate 9.0
Cash 1.8
Other 0.0
Commodities 1.9
Hedge Fund 6.7
Misc. Alternatives 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for California PERF, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 58.2 26.9 4.6 8.1 2.2 0.0 0.0 0.0 0.0
2002 56.6 28.3 4.7 8.6 1.9 0.0 0.0 0.0 0.0
2003 59.7 26.3 5.1 8.0 0.9 0.0 0.0 0.0 0.0
2004 61.6 25.8 4.7 7.3 0.7 0.0 0.0 0.0 0.0
2005 60.8 28.8 5.2 5.1 0.2 0.0 0.0 0.0 0.0
2006 61.9 24.8 5.7 7.3 0.3 0.0 0.0 0.0 0.0
2007 60.0 24.5 6.7 8.0 0.7 0.0 0.0 0.0 0.0
2008 51.7 25.3 10.1 9.2 1.7 0.0 0.0 2.0 0.0
2009 43.7 28.2 11.9 7.4 6.5 0.0 0.0 2.4 0.0
2010 45.1 26.2 14.1 7.4 4.7 0.0 0.0 2.5 0.0
2011 48.8 22.2 14.4 8.0 3.3 0.0 0.0 3.4 0.0
2012 48.6 21.4 14.6 10.5 1.9 0.0 0.0 3.0 0.0
2013 51.4 15.5 12.4 10.4 4.0 0.0 0.0 6.3 0.0
2014 53.1 15.6 10.5 10.0 3.0 0.0 0.0 7.8 0.0
2015 53.8 17.6 9.6 10.5 2.5 0.0 0.0 6.0 0.0
2016 51.9 20.3 9.0 10.8 1.5 0.0 0.0 6.5 0.0
2017 48.3 19.4 8.0 11.2 4.8 0.0 0.0 8.3 0.0
2018 48.9 22.5 7.7 10.8 3.3 0.0 0.0 6.8 0.0
2019 50.2 28.7 7.1 11.0 1.0 0.0 0.0 2.0 0.0

Source: Public Plans Database

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Annual Return as of June 30 for California PERF, 2001-2019

Fiscal Year California PERF Assumed return
2001 -7.20 8.25
2002 -6.10 8.25
2003 3.70 7.75
2004 16.60 7.75
2005 12.30 7.75
2006 11.80 7.75
2007 19.10 7.75
2008 -5.10 7.75
2009 -24.00 7.75
2010 13.30 7.75
2011 21.70 7.50
2012 0.10 7.50
2013 13.20 7.50
2014 18.40 7.50
2015 2.40 7.50
2016 0.60 7.50
2017 11.20 7.50
2018 8.60 7.50
2019 6.70 7.50

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
California PERF
2001-2019

Fiscal Year Cash Flow Assets
2001 -4,017.8 156,274.4
2002 -3,787.4 142,787.2
2003 -3,507.2 144,762.7
2004 -1,451.2 167,584.1
2005 152.6 189,630.9
2006 -481.3 211,190.8
2007 -825.5 251,122.7
2008 -714.3 237,915.5
2009 -1,651.7 178,899.9
2010 -3,099.0 201,616.1
2011 -3,761.7 241,761.8
2012 -4,583.8 236,981.9
2013 -5,284.0 261,989.9
2014 -5,826.4 301,761.5
2015 -6,169.7 302,764.5
2016 -5,658.8 298,704.0
2017 -5,469.7 326,499.0
2018 769.4 353,995.5
2019 -4,632.4 372,611.4

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
California PERF
2001-2019

Fiscal Year California PERF National Average
2001 -2.6 -2.3
2002 -2.7 -2.3
2003 -2.4 -2.6
2004 -0.9 -1.7
2005 0.1 -1.9
2006 -0.2 -1.9
2007 -0.3 -1.7
2008 -0.3 -1.9
2009 -0.9 -2.7
2010 -1.5 -2.9
2011 -1.6 -2.8
2012 -1.9 -3.1
2013 -2.0 -3.0
2014 -1.9 -2.7
2015 -2.0 -2.8
2016 -1.9 -3.0
2017 -1.7 -2.9
2018 0.2 -2.4
2019 -1.2 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

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2019 Financial Reports

Benefits

Website for California PERF benefit descriptions.