The California Public Employees’ Retirement System (CalPERS) today applauded Congress for passing landmark national health care reform legislation that constitutes the biggest expansion of health care since the enactment of Medicare and Medicaid over four decades ago.
“In my opinion, this is a historic action for our nation and for all Americans,” said Rob Feckner, President of the CalPERS Board of Administration. “This legislation represents genuine cost containment and puts people before profits. Most of all, it provides health care coverage for Americans – a moral imperative.
“I want to commend the members of the California Congressional Delegation who support health care reform, especially the outstanding and unwavering leadership of Speaker Nancy Pelosi and Chairmen Henry Waxman, George Miller and Pete Stark.”
“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 will spend more than $5.8 billion this year on health benefits for more than 1.3 million active and retired State and local government employees and their family members.
The Pension Fund has supported national health care reform with a focus on three essential priorities, including:
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Making health care more affordable for all Americans;
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Reforms that include innovative proposals to constrain costs, increase value, and improve quality and efficiency in the health care system; and
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Restrain 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 been a leader in taking actions to moderate health care costs. Since 2002, the Fund has worked on a series of efforts, including stronger negotiations with health plans and member education on better health care practices, to achieve its lowest overall premium increase in 14 years – 2.9 percent in 2010.
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. For more information on CalPERS, visit www.calpers.ca.gov.