CalPERS (California Public Employees' Retirement System)

CalPERS, or the California Public Employees' Retirement System, is the largest public pension fund in the U.S., providing retirement benefits, health coverage, and related services to California state and local government employees. It collects contributions from employees and employers, invests these funds to generate returns, and ultimately pays retirement benefits to eligible members. CalPERS aims to ensure financial stability and security for public employees after their careers, managing billions of dollars in assets through a diverse investment portfolio. Its operations are crucial for maintaining the retirement promises made to public workers in California.