The California Public Employees' Retirement System (CalPERS) is an agency in the California executive branch that manages pension and health benefits for more than 1.6 million California public employees, retirees, and their families.

As of March 31, 2013, CalPERS managed the second largest public pension fund in the United States, second to the federal Civil Service Retirement and Disability Fund, with $257.4 billion in assets that represented a 1% decrease from the peak value of its assets of $260.6 billion in October 2007.