CalPERS Announce 18.4% Investment Gain During Last Fiscal Year
The California Public Employees' Retirement System banked a double-digit investment gain during the last fiscal year, the organization announced Monday morning.
CalPERS said the 18.4 percent gain was its fourth double-digit return in the past five years. The fiscal 2014 year ended June 30.
In a statement, CalPERS board president Rob Feckner said the investment performance was something to be proud of.
“I commend our staff for their continued hard work and commitment to our members, as well as our Board Members for supporting our professional staff during the difficult months following the global financial crisis and throughout the recession," he said.
The large institutional pension fund is not considered completely healthy, however. CalPERS said the assets meet 76 percent of the fund's retirement obligations. An 80 percent funding level widely is accepted as the minimum mark to be considered adequately funded.
According to The Sacramento Bee:
CalPERS is still trying to claw its way back from the crippling multibillion-dollar losses of 2008-09, when the housing bubble burst and the financial markets crashed.
But the state's biggest public pension system reported in January its biggest investment gain in 10 years.