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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.

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1 Comment to California pension funds lose $100 billion in a year

[...] Imagine their already-underfinanced pension fund made bad investments that resulted in losses of 25%. [...]

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