CalPERS' CERBT Program Reaches Milestone

SACRAMENTO, CA - The California Public Employees' Retirement System (CalPERS) has reached a major milestone in its post-employment benefits prefunding trust with the signing of its 500th public agency. The City of Pico Rivera joined the California Employers' Retiree Benefit Trust (CERBT) to secure health benefits for the city's future retirees. The CalPERS CERBT Fund provides a way for local eligible California public agencies to prefund the liabilities associated with their Other Post-Employment Benefits (OPEB). This includes retiree benefits such as health, vision, dental, and life insurance. "This is a great achievement and highlights our partnership with public agencies across the state. Even agencies that aren’t contracted with CalPERS for health and retirement benefits can join the CERBT Fund," said Chief Financial Officer Cheryl Eason, who oversees the fund. "Having our 500th participant underscores the confidence public agencies have in our excellent investment management, administration, and compliance with government accounting standards."