California Public Employees’ Retirement System (CalPERS) saved $963 million in 2010 by boosting operational efficiency and reducing waste and redundancy, Global Pensions reports. The CalPERS Investment Office cut operational costs by $357 million by decreasing the management fees charged by investment partners and managers.

The CalPERS health benefits program generated about $600 million savings by removing high-cost hospitals and other initiatives. CalPERS expects to save about $287 million in 2011.

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