CalPERS backs health care reform legislation

The California Public Employees’ Retirement System, which will spend more than $5.8 billion this year on health care for 1.6 million members and their families, said the newly passed federal health care reform bill contains critical cost controls.

“This legislation represents genuine cost containment and puts people before profits. Most of all, it provides health care coverage for Americans – a moral imperative,” said CalPERS President Rob Feckner.

“While we fully understand that all of the improvements included in this bill won’t happen overnight, we look forward to working with the Federal government, our health care partners in California, and our members to help realize the full potential of this landmark legislation,” he added.

CalPERS has supported national health care reform with a focus on three essential priorities, including:
–Making health care more affordable;

–Containing costs, increasing value, and improving quality and efficiency in the health care system.

–Restraining the growing cost of prescription drugs.

“This legislation has been a long time coming,” said Anne Stausboll, Chief Executive Officer of CalPERS. “We believe the measures outlined in this legislation will fundamentally improve the health care delivery for our members and all Americans. I urge the Senate to now act quickly to consider and pass the reconciliation bill that is another important piece of health care reform,” she added.

CalPERS has more than $200 billion in assets and is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million active and retired state, public school, and local public agency employees.