CalPERS argument is that it uses its investment clout to force climate change issues at the companies it invests in.

Source: http://capoliticalreview.com/capoliticalnewsandviews/two-largest-pension-funds-in-the-u-s-could-be-forced-into-15b-oil-gas-divestment/

However, last spring CalPERS pulled out because too many individual plaintiffs rejected the deal and a new trial is scheduled later this year.

Source: https://www.bakersfield.com/opinion/dan-walters-add-another-to-list-of-california-s-botched-projects/article_3cd28b9a-9dc5-11ed-b5f5-43dc842a4886.html

Most local governments participate in the major state-run pension funds, CalPERS and CalSTRS, though some local governments run their own.

Source: https://www.city-journal.org/california-public-unions-power-over-municipalities

While the majority of Local 1000’s contracts will remain in effect until a new agreement is reached, members enrolled in CalPERS health insurance plans lost their monthly $260 health care stipend on June 30.

Source: https://sacobserver.com/2023/08/wage-war-four-california-state-employee-unions-are-demanding-pay-increases/