At CalPERS, we are proud to have a positive impact on the California economy. In counties large and small, our investments and pension benefit payments to members are stimulating local economies. You can learn more in our recently released Economic Impacts of CalPERS Pensions in California report, which details how our pension benefit payments supported California communities during fiscal year 2017-18.
Of the 694,570 CalPERS retirees and beneficiaries, 84 percent reside in California with an average pension benefit of $33,408 per year.
As CalPERS retirees spent their monthly pension benefit payments, they generated $23.5 billion in economic activity that supported jobs and increased business and tax revenue.
This report details how CalPERS pension benefit spending supports California’s economy:
- Generated $23.5 billion in economic activity
- Generated $994 million in tax revenue
- Supported 136,968 jobs
The $23.5 billion economic contribution to California’s economy from CalPERS pension benefits is equivalent to each Californian receiving $600 a year.
This money provides a steady stream of income for California residents, taxpayers, and local governments regardless of the economic conditions.
As a matter of fact, the impact of pension benefit payments is largest in smaller counties where CalPERS pension benefit payments represent a larger share of the county’s overall economy.
For more information about how CalPERS pension benefit payments supply additional income into California economies, read the online report Economic Impacts of CalPERS Pensions in California.