CalPERS pension funds stung by stock market decline - lost $18 billion since July 1

[The Straight Story]

CalPERS pension funds stung by stock market decline

SACRAMENTO, CA (AP) - The turmoil on Wall Street has hit the nation's largest public pension fund, which has lost about $18 billion off the value of its stock portfolio since July 1.

The losses for the California Public Employees' Retirement System come just three weeks after it and California's teacher pension fund each reported annual investment gains of more than 20 percent in the recently concluded fiscal year.

CalPERS officials said Tuesday they are viewing the stock market turmoil as a chance to hunt for stocks at bargain prices and are maintaining a long-term investment view.

A spokesman for the California Teachers Retirement System said that fund had sustained losses but declined to say how large they were.

http://www.news10.net/news/article/149561/2/CalPERS-pension-funds-stung-by-stock-market-decline

[louis-t]

1. Jeez, we must do this to Social Security right away.

I mean, it works so well for CalPERS. :sarcasm:

[mike_c]

2. actually, I'm MUCH more likely to see my CalPERS retirement pension...

...than my Social Security IMO, and besides, CalPERS is a defined benefit pension, at least mine is, one of the best pension deals in the country, IMO. Being a member of CalPERS is something I treasure, one of the absolute best benefits of my job. And the gang of twelve in congress can't touch it!

--Mike "Grateful Union Member!" C.