The California School Employees Association ( CSEA ) is the largest classified school employees labor union in the United States. CSEA represents a quarter million classified public school employees in California .
63-474: CSEA may refer to: California School Employees Association California State Employees Association Civil Service Employees Association (AFSCME Local 1000) Computer Science and Engineering Association , IIT Guwahati Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title CSEA . If an internal link led you here, you may wish to change
126-543: A "Focus List". The list was also referred to as a "name and shame" list. Beginning in 2010, CalPERS stopped publicly naming companies on the list and instead began dealing with such companies privately. In 2012, CalPERS initiated a program to monetize the Focus List. Each year, after the Board approves staff recommendations for Focus List companies, CalPERS increases investments in those companies. New Focus List companies are added to
189-779: A "document of collegiality" in October 2001). Other controversies have affected the Board, such as: CalPERS employees perform under the direction of the chief executive officer (CEO) of CalPERS. Past CEOs have been: Earl W. Chapman (1932–1956); Edward K. Coombs (acting, 1956); William E. Payne (1956–1974); Carl J. Blechinger (1975–1983); Sidney C. McCausland (1984–1986); Kenneth G. Thomason (acting or interim, 1987); Dale M. Hanson (1987–1994); Richard H. Koppes (interim, 1994); James E. Burton (1994–2002); Robert D. Walton (interim, 2002); Fred R. Buenrostro, Jr. (2002–2008); Kenneth W. Marzion (interim, 2008–2009); Anne Stausboll (2009–June 2016); and Marcie Frost (October 2016 – Present). Reporting to
252-598: A 3,000% increase from before the 1999 benefits expansion. Promised benefits exceeded funds available by $ 241.3 billion. Unfunded retiree healthcare costs add an additional $ 125 billion to California's public retirement debt. During Gavin Newsom 's tenure, activists have increasingly called for CalPERS to more broadly divest from fossil fuels . On February 17, 2022, State Senator Lena Gonzalez introduced legislation that would require CalPERS and CalSTRS divest. The CalPERS board has opposed proposals to divest. The bill passed
315-547: A close relationship with SERS that continues to this day. In 1939, the state Legislature passed a bill that allowed local public agencies (such as cities, counties, and school districts) to participate in SERS. Initially, SERS could invest only in bonds, but in 1953 a new state law allowed SERS to invest in real estate. SERS then built a 670,000-square-foot (62,000 m ), 16-story building in Sacramento which opened in 1965; part of
378-489: A determined group of Oakland custodians who saw the need to gain protections for themselves and other classified employees . The CSEA has experienced longevity as a union and is an affiliated member of the AFL–CIO . CSEA consists of ten geographic Areas with each Area represented by an Area Director elected by members in that Area. The Area Directors serve on the Board of Directors, along with five additional executive members of
441-492: A matter of how much your boss liked you. Just 5.7 percent of CSEA members surveyed in 1971 felt satisfied with their level of job security compared to 89 percent surveyed in 2000. When signed into law in 1975, the Rodda Act ended the days of "meet and beg bargaining". Collective bargaining was a coming of age for CSEA, then 70,000 strong. It gave the union power to negotiate at the bargaining table and to represent employees under
504-800: A member of the State Assembly) and newcomer Dana Hunt (a county sheriff and union member). Their election was pivotal in settling a strike that gained a contract with wage increases that exceeded the State cost-of-living-adjustment, redressed imbalances in the male-female hourly rate inequities and provided lay-off protections for summer workers. No other public sector workers have ever had to strike for so long, before or since. For decades, California had enjoyed full funding for its schools and unique educational programs. Then in 1978, California voters approved Proposition 13 in an attempt to cut property taxes. The state's public school system and its employees would never be
567-828: A number of subsequent papers, including: CalPERS commissioned three studies that were released in 2007-2008 about the economic impacts of the following: Key findings of the CalPERS Economic Impacts in California Report for the fiscal year ending June 30, 2012 included: CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies". The studies and their use by CalPERS were criticized as follows: Among other "offerings to ensure [its] workers are happy as well as healthy," CalPERS has an onsite Montessori method child care facility, conducts employee surveys every two years, offers
630-426: A professional Labor Relations staff. The Labor Relations Representatives perform a range of professional services, working out of ten field offices across California to better serve local membership. CSEA also maintains a professional Governmental Relations staff. The Governmental Relations office is responsible for passing legislation favorable to the interests of classified employees. The Governmental Relations office
693-572: A shape reminiscent of a tree which is made of steel covered with glass. The project was awarded a Gold Leadership in Energy and Environmental Design (LEED) rating. In 2012, Governor Jerry Brown signed legislation that reduced benefits for all new state employees and sought to combat pension spiking . Legislators rejected Governor Brown's proposals to include a 401(k) type defined contribution plan and to require CalPERS Board members to be independent, not themselves pensioners. Governor Brown promoted
SECTION 10
#1732884796974756-423: A training and wellness program, and administers a nationally known employee recognition program. The employee recognition program has several components: Two CalPERS employees received 2000 National Association for Employee Recognition (NAER) Recognition Champion Awards for the employee recognition program. In addition, CalPERS itself won a 2002 Best Practices award from NAER. The employee recognition program
819-521: A week with wages as low as taxpayers could get them. At the union's 1933 conference, Frank Hart addressed the delegates. "Better trained custodians would save districts far more than their cost", he explained. "Custodians themselves would have to raise their standards if they ever hoped to raise their pay." Since then, CSEA has prided itself on creating job training opportunities for its members. A member survey in 2000 found that 67 percent of CSEA members believe that improving professional growth opportunities
882-767: A year on an investment portfolio of 261 billion in October 2007 and down to 186 billion in October 2008. This is a 2.5% return on investment over the 11-year period. Income or loss from investments fluctuates from year to year; between 1998–99 and 2007–08, the highest income was $ 40.7 billion in 2006-07 and the greatest loss was $ 12.5 billion in 2007–08. As of October 2008, CalPERS had a total of $ 186.7 billion in assets invested as follows: $ 104.9 billion (56.2%) in equities, $ 41.0 billion (21.9%) in fixed income, $ 20.9 billion (11.2%) in real estate, $ 16.2 billion (8.7%) in cash equivalents, and $ 3.7 billion (2.0%) in inflation linked assets. In 2010 CalPERS revised its strategic asset allocation mix using its Asset Liability Management process. By
945-487: A year. With the stock market decline in 2008, during the financial crisis of 2007–2008 , there were large investment income losses. There was a 12 billion dollar investment income loss in 2008 and 55 billion in 2009. The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 2008 and 2009. This totals to 57 billion dollars of investment income during this 11-year period, or about 5.1 billion
1008-691: Is budgeted in 2014-2015 for administrative functions in CalPERS, such as paying the salaries of 2,700 CalPERS employees. CalPERS current fund balance value as of June 2021 is 466.66 Billion. CalPERS derives its income from investments, from member contributions, and from employer contributions. Investment Income has fluctuated in the last 15 years, 1999–2013, with five years of losses and 10 years of gains. There were investment income gains of $ 17 billion in 1999, $ 16 billion in 2000 and $ 5 billion in 2003. The stock market declines in 2001 led to investment income losses of 12 billion in 2001 and 10 billion in 2002. Thus,
1071-768: Is democratically controlled, with members in more than 750 local chapters. Chapters elect officers, bargain collectively with their employer and implement CSEA programs locally. Chapters also send delegates to the annual CSEA conference to discuss and democratically decide resolutions and policies concerning the future direction for CSEA. Executive Director Keith Pace heads the professional staff at Headquarters in San Jose , California. Other services housed in San Jose Headquarters are Accounting, Communications, Executive, Field Operations, Human Resources, Information Systems, Legal, Member Benefits, and Office Services. CSEA maintains
1134-412: Is located adjacent to the state Capitol in Sacramento . On August 9, 1927, a group of nine men and one woman from Oakland assembled for CSEA's first conference. During the three-day meeting, they established a framework for the union and set an agenda of progress that continued to elevate the status of classified employees for the next three-quarters of a century. In 1928, just a year after CSEA formed,
1197-529: Is very important. CSEA is working to meet the needs of its members by negotiating career ladders and incentive programs and by offering scholarships and career grants. In the years following World War II , CSEA established itself as an important part of the education community. In just ten years, membership shot up from 1,400 members to nearly 10,000. After this growth, the union demanded that basic rights and benefits, which had been enjoyed by teachers for years, should finally be extended to classified employees from
1260-469: The AFL–CIO . Under the charter, CSEA retained its constitution and bylaws, without outside control by the AFL–CIO. Members gained access to new discounts and benefits through the AFL–CIO's Union Plus program. More significantly, the independent charter gave CSEA members the power and clout that comes from combining CSEA's strength with that of more than 13 million other AFL–CIO members. Three years after joining
1323-543: The California Department of Education found that nearly half of the state's school facilities contained friable (easily crumbled) asbestos in gyms, hallways, boiler rooms, and classrooms. Maintenance workers, custodians and all school employees felt at risk. CSEA successfully lobbied the Legislature to issue safety guidelines for school employees dealing with asbestos and its removal from school buildings. Since 1982,
SECTION 20
#17328847969741386-695: The California Public Employees’ Retirement System (CalPERS), the largest public pension fund in the United States. In 1929, when California and the rest of the country plunged into the Great Depression , poor school districts began trimming budgets and classified jobs. For classified employees (known at the time simply as "non-certificated" workers), the Depression meant an increase in their workday to 12 hours per day, six days
1449-576: The dot-com bubble burst, and CalPERS did not grow, instead losing value in the stock market downturn of 2002 . In 2001–2002, CalPERS provided technical assistance for the Sarbanes-Oxley Act because it had sustained financial losses from the Enron and WorldCom bankruptcies. After the Great Recession , in 2009 CalPERS investments lost 24%, dropping $ 67 billion in value. Chairman Crist retired from
1512-408: The "Public Employees' Retirement System" (PERS). With the passage of a ballot proposition and a state law in 1966–1967, PERS was allowed to invest 25% of its portfolio in stocks; in 1984, Proposition 21 removed the 25% limitation. State Treasurer Jesse M. Unruh was a PERS Board member in the mid-1980s. He began PERS' emphasis on corporate governance ; in addition, he was instrumental in creating
1575-735: The 1980s, and especially in the early 1990s under the pioneering leadership of CEO Dale Hanson, CalPERS has used its influence as one of the largest shareholders in the world to change the way certain things are done in business. It is especially known for its shareholder activism concerning corporate governance , in which it has been described as the most influential pension fund and as "a leader among activist institutions". Among other examples of its shareholder activism, CalPERS has: CalPERS has received some criticism for its shareholder activism: Beginning in 1987, CalPERS placed certain companies, with which it had "concerns about stock and financial underperformance and corporate governance practices" on
1638-536: The Board each elected at the annual CSEA conference. The current CSEA President is Adam Weinberger. The ten statewide Areas contain 100 Regions with each Region represented by a Regional Representative appointed by the Association President. The Regional Representatives serve the Association President for one year. Regional Representatives also serve on many important committees at the President's request. CSEA
1701-543: The CEO, the executive officers of CalPERS are: deputy executive officers for customer services and support, health benefit programs, policy and planning, operations and technology, and external affairs; a general counsel ; a chief actuary ; and a chief financial officer ; a chief information officer ; a chief risk officer ; and a chief investment officer . Under the executive officers, CalPERS employees work in 23 major branches, divisions, and offices. Approximately $ 415.1 million
1764-645: The Council of Institutional Investors, an organization of pension funds and other institutions that opposed " greenmail and other corporate practices that benefited only management". In 1986, the headquarters building of PERS, now called "Lincoln Plaza North", was completed in Sacramento at a cost of $ 81 million. The building, which has 492,900 square feet (45,790 m ), is known for its six-story-high atrium and landscaped terraces. In 1990, fund value reached $ 49.8 billion. In July 1991, Governor Pete Wilson addressed
1827-516: The State Department of Education has been required to distribute information to all districts regarding the safe handling, storage, clean-up and disposal of any toxic substances found on school grounds. By 1984, cash-strapped districts had already spent $ 160 million on asbestos clean up, and they had only begun to address the problem. Though the worst sites have been taken care of, asbestos removal in our public schools continues to this day. There
1890-439: The agency has $ 360 billion in assets, and is underfunded by an estimated $ 150 billion, with current assets below 70% of necessary to provide for liabilities. In an effort to reduce this shortfall, at the end of 2016 the board lowered their expected annual rate of return on investments from 7.5% to 7.0%, increasing the costs California cities must pay toward their workers' pensions. For comparison: Discussion about providing for
1953-533: The benefits would require no increase in the State's contributions by projecting an average annual return of 8.25% over the next decade. When Board member Phil Angelides ’ aide questioned whether the stock market could grow that long, Board Chairman William Crist, a former union president, replied that they “could make all sorts of different assumptions and make predictions, but that’s really more than I think we can expect our staff to do.” CalPERS' chief actuary, objected, finding that it would be “fairly catastrophic” if
CSEA - Misplaced Pages Continue
2016-421: The board and it was later revealed he had accepted more than $ 800,000 from a firm to ensure hundreds of millions of investment from CalPERS. In November 2005, CalPERS expanded its headquarters with the 560,000-square-foot (52,000 m ) "Lincoln Plaza East & West" buildings which cost $ 265 million. The architecture of the buildings, which received praise, includes an entry tower 90 feet (27 m) high in
2079-411: The building housed SERS employees, and part of the building was leased to other state agencies. The "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law that was later amended to become the "Public Employees' Medical and Hospital Care Act". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to
2142-580: The companies engaged by CalPERS significantly outperformed the Russell 1000 . In 1994, Nesbitt published a study that found that companies on the Focus List trailed the S&;P 500 prior to being put on the list, but outperformed the S&;P 500 after being put on the list, and named this phenomenon the "CalPERS effect". The term has been used in the newsmedia. Whether a "CalPERS effect" actually exists has been studied in
2205-415: The current Board members are Rob Feckner (President), Priya Sara Mathur, Michael Bilbrey, John Chiang , Richard Costigan, Richard Gillihan, JJ Jelincic , Henry Jones (Vice President), Ron Lind, Betty Yee, Bill Slaton, Teresa Taylor and Dana Hollinger. Between 1999 and 2001, several conflicts among Board members were notable: In response to such conflicts, the Board took various measures (e.g., it adopted
2268-464: The end of the fiscal year ended June 30, 2013, CalPERS had a total of $ 257.9 billion in assets invested as follows: $ 166.3 billion (64 percent) in equities, $ 40.2 billion (16 percent) in fixed income, $ 25.8 billion (10 percent) in real assets, $ 10.6 billion (4 percent) in cash equivalents, $ 9.2 billion (4 percent) in inflation-linked assets, $ 5.2 billion (2 percent) in hedge funds, and $ 0.5 billion (0.0 percent) in multi-asset class and other. Beginning in
2331-421: The five-year period 1999 to 2003 period had a cumulative income of $ 16 billion, or about three billion a year on an investment portfolio of over $ 200 billion. The next four years were a period of investment income stability; a 24 billion investment income in 2004, 22 billion in 2005, 21 billion in 2006, and 41 billion in 2007. This four-year period had a cumulative investment income of $ 108 billion, or $ 27 billion
2394-615: The full strength of the new labor laws. Today, CSEA employs nearly 300 full-time staff members to help its member-run chapters negotiate top-notch contracts with good pay and benefits for classified employees. The longest public employee's strike in California's history took place in Pittsburg. From 30 September to 30 October 1981, almost 300 classified employees at Pittsburg Unified School District, in West Contra Costa County walked
2457-559: The fund only grew at 4.4%. The benefits expansion bill, SB 400, passed with unanimous backing by California State Assembly Democrats and was signed into law by Governor Gray Davis . CalPERS then produced a video promoting the legislation with Chairman Crist promising greater benefits “without imposing any additional cost on the taxpayers” and the California State Employees Association president praising it as “the biggest thing since sliced bread”. The next year
2520-477: The largest public pension fund in the United States, with more than $ 469 billion in assets under management as of June 30, 2021. CalPERS is known for its shareholder activism ; stocks placed on its "Focus List" may perform better than other stocks, which has given rise to the term "CalPERS effect". Outside the U.S., CalPERS has been called "a recognized global leader in the investment industry", and "one of America's most powerful shareholder bodies". As of 2018,
2583-470: The late 1980s, schools, parents and even some of the voters who passed Prop.13, were tired of the funding shortfalls. The California Teachers Association (CTA), along with CSEA and other members of the education community, led the charge for a second ballot initiative. In 1988, Prop. 98 was passed to guarantee a minimum level of state funding for public schools. It is a complicated formula, at times politicians have manipulated it, but it stabilized revenue for
CSEA - Misplaced Pages Continue
2646-411: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=CSEA&oldid=932778509 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages California School Employees Association CSEA was formed in 1927 by
2709-642: The national AFL–CIO, CSEA joined the statewide California Labor Federation (CLF) in 2004. The CLF represents 2.1 million workers in more than 1,300 affiliated unions. CalPERS The California Public Employees' Retirement System ( CalPERS ) is an agency in the California executive branch that "manages pension and health benefits for more than 1.5 million California public employees, retirees, and their families". In fiscal year 2020–21, CalPERS paid over $ 27.4 billion in retirement benefits, and over $ 9.74 billion in health benefits. CalPERS manages
2772-453: The organization's name was changed to "CalPERS" in 1992. By 1996, the CalPERS portfolio was worth $ 100 billion, and the number of members exceeded 1 million. In 1999, fund value reached $ 159.1 billion, requiring $ 159 million in state tax dollar contributions. In 1999, the CalPERS board proposed a benefits expansion that would allow public employees to retire at age 55 and collect more than half their highest salary for life. CalPERS predicted
2835-457: The picket lines. Led by Local President Rosemary DiMaggio and Chief Steward Rose Greenup, the members of California School Employees Association (CSEA) Chapter 44 walked out when negotiations for a new contract broke down. The previous year, their counterparts in Chapter #85, at neighboring Antioch School District had gone out for 9 days, and tensions had been brewing in Pittsburg for some time, so it
2898-480: The portfolio each year, and the portfolio is rebalanced so that holdings remain equally weighted. The purpose of monetizing the Focus List is to replicate the Wilshire studies—using actual funds to demonstrate and measure the “CalPERS Effect.” Monetizing the Focus List also allows CalPERS to realize a return on the increased value that typically occurs following an engagement. In 2014, a study by Wilshire Associates showed
2961-550: The provision of benefits to “take precedence over any other duty.” The initiative, known as Proposition 162, passed by a single percent at the November California elections, 1992 . Proposition 162, also known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS. To avoid confusion with public employees' retirement systems in other states,
3024-666: The reform as the “biggest rollback to public pension benefits in the history of California”, but it only resulted in a 1% to 5% reduction in contribution increases. Total savings from the reform are estimated to be $ 28 to $ 38 billion. In the fall of 2014, CalPERS named Ted Eliopoulos as chief investment officer. He won the #2 ranking in the Public Investor 100 for 2016. Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $ 3 billion. In 2015, Kevin de León , who
3087-486: The retirement of California state employees began in 1921, but only in 1930 did California voters approve an amendment to the State Constitution to allow pensions to be paid to state workers, and only in 1931 was state law passed to establish a state worker retirement plan. In 1932, the "State Employees' Retirement System" (SERS) began operation. The California State Employees Association , established in 1931, began
3150-431: The right to unemployment insurance, collective bargaining rights, workplace safety measures, and improved pension benefits. CSEA members also worked to defeat many harmful proposals including school vouchers , pension raids, and cuts in education funding. By the 1960s, CSEA had established itself as an important organization in the education community. However, for all of its strength in representing classified employees at
3213-459: The rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which are guaranteed by law. The percentage contributed above the monthly compensation breakpoint depends upon the benefit formula as shown in the “employee contributions” subsection of the summary of Plan Provisions in Appendix B of each public agency, state and schools annual valuation report. With
SECTION 50
#17328847969743276-418: The same. By 1995, California plummeted from fifth in the country to 40th in school spending. Classified employees, who had finally gotten a piece of the pie through collective bargaining, found that there just wasn't much to go around. Many school programs such as music, art, and athletics simply vanished, and school districts either transferred classified employees working in those programs or laid them off. By
3339-496: The state government. Among the bills that passed were the 40-hour work week, sick leave, vacation and bereavement leave and laws prohibiting age discrimination. This historic achievement for CSEA later became known as “The Classified Bill of Rights.” Once CSEA passed the Classified Bill of Rights, the union pressed on to secure paid holidays, salary increases for reclassified positions, salary protections for instructional aides,
3402-454: The state level, the union still lacked the teeth it needed at the local level—namely at the bargaining table. Collective bargaining was still a decade away, and workers were at the mercy of their employer. Under the Winton Act, employees would "meet and confer" with district officials to discuss salaries and benefits. Classified employees simply referred to it as "meet and beg." Job security was
3465-628: The state senate on May 25 but was halted in the assembly by Jim Cooper . The legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including: CalPERS is overseen by a 13-member Board of Administration whose members are elected, appointed, or ex officio: Notable past Board members have included Caspar Weinberger (1967–1969), Jesse Unruh (1983–1987), Gray Davis (1986–1994), Matt Fong (1995–1998), Kathleen Connell (1995–2003), Phil Angelides (1999–2006), Willie Brown (2000–2005), and Steve Westly (2003–2006). As of 2017,
3528-573: The state's $ 14.3 billion budget deficit by removing $ 1.6 billion from the pension fund. Wilson further sought to give the governor's office control of the PERS’ actuarial projections and the appointment of a majority of its board of directors. Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board's independence, remove the fund's duty to minimize contributions or administrative costs, and require
3591-568: The state's public schools. Safety has also been a long-standing priority among classified employees, but it had never been the large-scale concern that it became during the 1980s asbestos scare. Asbestos , a flaky white mineral, had been widely used in school construction between 1945 and 1973 on ceilings and as an insulator for pipes and boilers. Then in 1982, the Environmental Protection Agency ordered schools to be inspected for this cancer-causing substance. An initial survey by
3654-538: The students more often. Library technicians, instructional assistants, and other classified professionals have stayed at the forefront of technology and are teaching students and co-workers on how to use new technology. Whether they work in a large district with state-of-the-art equipment or a small district with one computer lab, staying on top of technology has become essential to keeping our schools and colleges running smoothly. At CSEA's annual conference in 2001, delegates voted to become an independently chartered union of
3717-449: The union helped push through SB 551, which allowed school districts to establish retirement benefits for all school employees, not just teachers. More importantly, it became the first law on the books recognizing school employees other than teachers and administrators. In 1999, CSEA helped pass SB 400, landmark legislation that dramatically increased classified employees’ retirement income. Today, members' pensions and benefits are managed by
3780-402: Was a time when it was all done by hand: attendance, bookkeeping, filing and everything else. By the 1980s and 1990s, new technology was here to stay. New technology has impacted classified employees from custodians to secretaries. For many classified employees, computers have given their job more variety. Computers have freed them from paper filing and given them the opportunity to interact with
3843-541: Was no surprise when the bus drivers, custodians, teacher's aides, food service workers, clerical staff and library assistants hit the bricks. The District had been battling its staff annually over summer lay-offs and this, coupled with the pay equity concept in vogue at the time ("Comparable Worth") came to a boil when their contract expired in summer, '81. Right in the middle of the strike, an election for three new School Board members occurred. As well as walking picket lines daily, members endorsed incumbent Joe Canciamilla (now
SECTION 60
#17328847969743906-408: Was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS. CalPERS members contribute a percentage of their salary throughout their active membership. Member contribution rates are set by statute and can vary by membership category (miscellaneous or safety) and by benefit formula. Member contribution rates can change based on legislative law changes. However,
3969-669: Was the California State Senate majority leader at the time, introduced legislation to require CalPERS and CalSTRS divest from coal and the California Democratic Party passed a resolution in support of fossil fuel divestment . The bill was passed and, effective June 1, 2017, CalPERS was prohibited from maintaining holdings in companies that receive at least half of their revenue from thermal coal. In 2016, CalPERS fund value reached $ 295.1 billion. State tax dollar contributions have had to increase to $ 45 billion,
#973026