Judges' Retirement System of California

The Judges’ Retirement System of California (JRS) is a closed defined benefit pension plan providing retirement benefits to California state court judges who were appointed or elected before November 9, 1994. The system manages approximately $3 billion in assets and is administered by the California Public Employees’ Retirement System (CalPERS). JRS operates alongside the Judges’ Retirement System II, which covers judges appointed after 1994.

Investment Strategy

JRS assets are invested through CalPERS’ investment program, benefiting from the scale and institutional expertise of the largest public pension fund in the United States. The investment approach for JRS follows CalPERS’ overall diversified strategy across global equities, fixed income, real estate, private equity, and other asset classes. As a closed system with a declining membership base, JRS’s investment allocation reflects its maturing liability profile, with considerations for liquidity and benefit payment needs. CalPERS’ investment team manages the portfolio using a combination of internal and external management across asset classes.

Private Markets Approach

Through CalPERS’ investment platform, JRS participates in one of the most established private markets programs among US public pensions. CalPERS’ private equity program has been active since the 1990s and includes commitments to buyout, growth equity, venture capital, and credit-oriented funds. The real estate program spans direct investments, commingled funds, and separate accounts across core, value-add, and opportunistic strategies. However, given JRS’s closed status and maturing liability profile, the fund’s effective exposure to illiquid private market assets is managed conservatively relative to CalPERS’ open pension systems. The investment approach prioritizes liquidity management alongside return generation to ensure the system can meet its ongoing benefit payment obligations to retired judges and their beneficiaries.