only in bonds, but in 1953 a new state law allowed SERS to invest in real estate. SERS then built a , 16-story building in Sacramento which opened in 1965; part of the building housed SERS employees, and part of the building was leased to other state agencies. The "first major new benefit for SERS members," health insurance, began in 1962 with the passage of a law that was later amended to become the "Public Employees' Medical and Hospital Care Act". Because by 1967 SERS was contracting with 585 local public agencies for retirement benefits, its name was changed to the "Public Employees' Retirement System" (PERS). With the passage of a ballot proposition and a state law in 1966–1967, PERS was allowed to invest 25% of its portfolio in stocks; in 1984, Proposition 21 removed the 25% limitation. State Treasurer Jesse M. Unruh was a PERS Board member in the mid-1980s. He began PERS' emphasis on corporate governance; in addition, he was instrumental in creating the Council of Institutional Investors, an organization of pension funds and other institutions that opposed "greenmail and other corporate practices that benefited only management". In 1986, the headquarters building of PERS, now called "Lincoln Plaza North", was completed in Sacramento at a cost of $81 million. The building, which has , is known for its six-story-high atrium and landscaped terraces. Governor Pete Wilson In 1990, fund value reached $49.8 billion. In July 1991, Governor Pete Wilson addressed the state's $14.3 billion budget deficit by removing $1.6 billion from the pension fund. Wilson further sought to give the governor's office control of the PERS’ actuarial projections and the appointment of a majority of its board of directors. Public employee unions responded by seeking an amendment to the Constitution of California that would guarantee the board's independence, remove the fund's duty to minimize contributions or administrative costs, and require the provision of benefits to “take precedence over any other duty.” The initiative, known as Proposition 162, passed by a single percent at the November California elections, 1992. Proposition 162, also known as the "California Pension Protection Act of 1992," gave the PERS board "the sole and exclusive fiduciary responsibility over the assets of" PERS. To avoid confusion with public employees' retirement systems in other states, the organization's name was changed to "CalPERS" in 1992. By 1996, the CalPERS portfolio was worth $100 billion, and the number of