not themselves pensioners. Governor Brown promoted the reform as the “biggest rollback to public pension benefits in the history of California”, but it only resulted in a 1% to 5% reduction in contribution increases. Total savings from the reform are estimated to be $28 to $38 billion. In the fall of 2014, CalPERS named Ted Eliopoulos as chief investment officer. He won the #2 ranking in the Public Investor 100 for 2016. Blackstone Group LP announced in November 2015 that it would acquire 43 international and domestic real estate funds from CalPERS for $3 billion. In 2015, Kevin de León, who was the California State Senate majority leader at the time, introduced legislation to require CalPERS and CalSTRS divest from coal and the California Democratic Party passed a resolution in support of fossil fuel divestment. The bill was passed and, effective June 1, 2017, CalPERS was prohibited from maintaining holdings in companies that receive at least half of their revenue from thermal coal. In 2016, CalPERS fund value reached $295.1 billion. State tax dollar contributions have had to increase to $45 billion, a 3,000% increase from before the 1999 benefits expansion. Promised benefits exceeded funds available by $241.3 billion. Unfunded retiree healthcare costs add an additional $125 billion to California's public retirement debt. Governor Gavin Newsom During Gavin Newsom's tenure, activists have increasingly called for CalPERS to more broadly divest from fossil fuels. On February 17, 2022, State Senator Lena Gonzalez introduced legislation that would require CalPERS and CalSTRS divest. The CalPERS board has opposed proposals to divest. The bill passed the state senate on May 25 but was halted in the assembly by Jim Cooper. Governance Law The legal authority for the activities of CalPERS can be found in the constitution, laws, and regulations of the state of California, including: California Constitution, Article XVI, Section 17, under which (as amended by Proposition 162) "the retirement board of a public pension or retirement system shall have plenary authority and fiduciary responsibility for investment of moneys and administration of the system". California Government Code, Title 2, Division 5, Parts 3-8 (i.e., Sections 20000–22970.89). Among other parts, Part 3 covers the administration of the retirement system including membership, contributions, and benefits; and Part 5 covers the Public Employees' Medical and Hospital Care Act on health benefits. California Code of Regulations, Title 2, Division 1, Chapter 2, Sections 550–559.554. Board of Administration CalPERS