By William Belhado
Source: Sacramento Bee
Researchers recently found former state and local government employees contributed $28 billion in wages and salaries over the span of a year across California through pension spending.
Those receiving benefits from CalPERS and other California pension plans in 2022 supported nearly 400,000 jobs in various industries such as healthcare and restaurants, researchers found.
From casual eateries to sit-down restaurants, the service industry was the largest beneficiary of pension spending. Hospitals were a close second. Pension payments made to California resident retirees contributed $17 billion in local, state and federal taxes.