Another tough year for CalPERS as retirement fund loses billions

[TexasTowelie]

Public workers are pumping more money into retirement funds. Public agencies are pumping more money into retirement funds.

Yet the market seems distinctly unimpressed.

The California Public Employees Retirement System – the nation’s largest – lost about 2 percent of its market value in the fiscal year that just ended, according to unofficial numbers published last week on the CalPERS website. This came despite doubled-down efforts to beef up its bottom line.

The value of CalPERS investments was $293.7 billion on June 30, down from $301.9 billion one year earlier, according to CalPERS’ daily valuation report. That number accounts for daily movement of some assets but not others, which are updated quarterly.

Read more: http://www.ocregister.com/taxdollars/calpers-722198-year-percent.html

[6chars]

1. This is really about markets, not CalPERS

US market basically flat over that year. World index down something like 5-10% June 30-June 30. So their result is not surprising. Bet they had a few good years previously and no one complained.

[SunSeeker]

2. A 2% loss over the last year is not that bad--it's been a crappy stock year.

I wish there was a way to open up CalPERS for contributions by all Californians, so everyone can have a defined benefit retirement check.