The California Public Employees' Retirement System (CalPERS) provies pension fund, healthcare and other retirement services for approximately 1.5 million California public employees. As of October 2007, it owns $254.8 billion worth of stock, bonds, funds, private equity and real estate. It is the largest pension fund in the United States. CalPERS provides benefits to all state government employees and, by contract, to local agency and school employees. Many California counties and large cities have their own retirement system. California teachers are covered under CalSTRS (California State Teacher Retirement System), with funds in excess of $179.6 billion.