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California’s biggest government pension funds lose almost $100 billion

Marc Lifsher
LA Times [1]
Thursday, July 23, 2009

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.

Marc Lifsher Reporting From Sacramento — With a state budget agreement at hand, look for Gov. Arnold Schwarzenegger to tackle the state’s troubled retirement system.

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.

“No long-term fix is more important to our state’s solvency,” Schwarzenegger wrote in an opinion column in The Times this month. The governor plans to ask the Legislature to approve changes in the system.

Full article here [1]