Sucks to be a California taxpayer:
The nation's largest public pension fund collected a dismal 1 percent annual return on its investments, a figure far short of projections that will likely bring pressure on California's state and local governments to contribute more money, officials said Monday.(Full story here).
The return reported by the California Public Employees' Retirement System was well below its projected return of 7.5 percent for the fiscal year that ended June 30 and is prompting administrators to consider changes to investment strategies.
The investment returns are critical because taxpayers are on the hook for the difference if the pension funds fail to meet their performance targets.
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