California's public-sector retirees already have a place in the sun; CalPERS gives them the money to enjoy it. CalPERS is the California Public Employees' Retirement System, the largest public pension system in the US. It manages retirement and health plans for some 1.6 million beneficiaries (employees, retirees, and their dependents) from more than 3,000 public state employers. Most of CalPERS' revenue comes from its enormous investment program: It has interests in US and foreign securities, oil and energy, real estate, and even hedge funds and venture capital. Even though its beneficiaries are current or former employees of the Golden State, CalPERS brings its influence to bear in all 50 states and beyond.