in California accounted for $20.7 billion, or approximately 8.9 percent, of the CalPERS portfolio. The CalPERS investment portfolio, which included public and private equities, real estate, fixed income, and infrastructure, supported 1.5 million jobs. CalPERS touted the studies as demonstrating the value of the agency with news releases such as "CalPERS and CalSTRS Pensions Power Up State and Local Economies". The studies and their use by CalPERS were criticized as follows: A reporter summarized the opinion of the lead author of the first study as "his study was never intended as any sort of implied commentary on the wisdom of CalPERS' policies". If the money that CalPERS paid in benefits were returned to taxpayers, the money would be spent and would therefore still cause "ripple effects". The economic impact "might be the same if a private investment firm managed the fund's portfolio". Employee recognition program Among other "offerings to ensure [its] workers are happy as well as healthy," CalPERS has an onsite Montessori method child care facility, conducts employee surveys every two years, offers a training and wellness program, and administers a nationally known employee recognition program. The employee recognition program has several components: An informal day-to-day employee-to-employee program with a "You are the Rock" theme. The program includes a river rock that is passed around to employees who are "rock solid," rock-shaped notes with appreciative sentiments written on them, and rock-themed e-cards. The quarterly ACE (Achieving Communication Excellence) award, consisting of a lapel pin and an informal celebration. A formal annual recognition called APEX (Achieving Performance Excellence), with a crystal trophy, a cash award, and a luncheon. Managers are "encouraged to thank workers more often" and "are graded for the amount of ongoing feedback they gave employees". Two CalPERS employees received 2000 National Association for Employee Recognition (NAER) Recognition Champion Awards for the employee recognition program. In addition, CalPERS itself won a 2002 Best Practices award from NAER. The employee recognition program was reported to contribute to high employee satisfaction and a low employee turnover rate at CalPERS. Contributions Member contributions CalPERS members contribute a percentage of their salary throughout their active membership. Member contribution rates are set by statute and can vary by membership category (miscellaneous or safety) and by benefit formula. Member contribution rates can change based on legislative law changes. However, the rise and fall of the contribution percentages does not affect member-accrued retirement benefits, which