Les Jones

California pension funds lose $100 billion in a year

Friday, July 24th, 2009 | Economics |

LA Times - California’s biggest government pension funds lose almost $100 billion:

CalPERS’ preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers’ Retirement System lost $43.4 billion.

On Tuesday, the country’s two biggest public pension funds reported losing almost $100 billion in the fiscal year that ended June 30. And the governor is expected to highlight the new numbers as he renews a campaign to trim the cost of providing lifetime, fixed benefits to hundreds of thousands of government retirees.

Previously:

• Californians are getting the best government IOUs can buy
• More underfunded public pensions
• Pension Benefit Guaranty Corporation lost its shirt in stocks
• Knox County sheriff’s pension fund in trouble already
• “If you did not know it before, you do now. California is bankrupt.”
• CA pension loses 25% of assets since July 1 due to real estate investments

Tags: california, pensions, unions

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