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We are proud of our 200-year heritage. And today, Vallejo continues to be a friendly, active waterfront community that attracts innovative and hardworking people. The City of Vallejo's story begins in 1844 when General Mariano G. Vallejo saw the promise of the area. Named after him and twice the site of the state capitol in the 1850s, Vallejo grew into an important shipping and naval center. Legend has it that Mare Island got its name after Gen. Vallejo drove a herd of horses across the Carquinez Strait. Established in 1854, Mare Island Naval Shipyard was the West Coast's first shipyard. Closed in 1996, Mare Island now stands poised to become an industrial, commercial and residential centerpiece for the city into the next millennium. A strong economy and affordable housing has meant new prosperity for Vallejo, as new businesses and new residents come to the city. Some are attracted by the beautifully restored Victorian homes and business fronts; others by the newer homes in the Northgate and Hiddenbrooke developments. The city recently earned Main Street designation, and as a result our downtown area will receive a host of benefits ranging from on-site training in effective commercial district revitalization, technical assistance, consulting services, networking activities, and site assessments from California Main Street. These benefits will help with our revitalization efforts. Waterfront and Mare Island redevelopment have become a community effort, with input from residents helping shape the future of what could become the most important economic generator of the city. The city's Ferry Terminal and ferry service have served as a model for the rest of the Bay Area, helping make Vallejo a transportation and commuter hub for the North Bay. Six Flags Marine World, restaurants and the Downtown Farmer's Market help make Vallejo the vibrant community it is today.
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For more than eight decades, CalPERS has built retirement and health security for state, school, and public agency members who invest their lifework in public service. Our pension fund serves more than 1.7 million members in the CalPERS retirement system and administers benefits for nearly 1.4 million members and their families in our health program, making us the largest defined-benefit public pension in the U.S. CalPERS` total fund market value currently stands at approximately $308 billion.