Public pension expenditures in California continue to rise, with some retired public servants receiving annual pensions reaching hundreds of thousands of dollars. According to a report by The California Post, 63,107 retirees in the California Public Employees’ Retirement System (CalPERS) receive annual pensions of at least $100,000, totaling $6.3 billion; the highest-paid recipient received $462,784 last year—”while doing absolutely nothing.”
The report notes that CalPERS is the largest public pension system in the United States. The pensions operate under a defined-benefit plan funded by a combination of employee contributions, investment returns, and employer contributions from the government; consequently, both government finances and taxpayers are affected by fluctuations in pension costs.
The top pension recipient is Curtis Ishii, the former head of CalPERS’ fixed-income investment division, who served in the public sector for over 40 years before retiring in 2018. Ishii received a pension of $462,784. His final salary in 2017 was $688,000. Public pensions are typically calculated based on factors such as salary and years of service, and investment executives are among the highest-paid government employees in California.
Ranking second is Michael D. Johnson, the former chief administrative officer of Solano County, who received a pension of $426,028 last year. Johnson assumed the role of county administrator in 1992 at the age of 43, bringing with him 19 years of public sector experience. His final salary in 2010 was $354,197. His pension has increased annually alongside CalPERS’ cost-of-living adjustments. Ranking third is Steve Maguin, the former general manager and chief engineer of the Los Angeles County Sanitation Districts, who received a pension of $418,614 last year; he worked in solid waste management for 23 years before retiring in 2012. Data shows that the number of retirees in California receiving annual pensions exceeding $100,000 rose from 1,841 in 2005 to 26,000 in 2018, and further increased to 63,107 by 2025. The number of those receiving over $300,000 annually also grew, rising from 21 in 2023 to 36 in 2025.
Rising pension expenditures have sparked concerns among local governments regarding fiscal strain. Santa Barbara County Supervisor Bob Nelson has informed state lawmakers that the county must pay an additional $100 million annually to cover escalating pension costs. He noted that these expenses have impacted resources for public safety staffing, mental health services, homelessness programs, and criminal justice reform. Zachary Christensen, head of the pension project at the Reason Foundation, stated that CalPERS faces an unfunded liability of approximately $153 billion in meeting its promised retirement benefits—the largest single pension debt in the United States. He believes that the continuing rise in the number of individuals receiving high public pensions could further increase the burden on taxpayers.