Yet I see they're still requiring employees and local government "Hangers On" to continue making contribs which had been suspended in the last half of "The Gay Nineties II !!!"
CalPERS climbs back up
By Gilbert Chan Published 2:15 am PST Thursday, November 18, 2004
After the stock market downturn squeezed billions out of the California Public Employees' Retirement System in recent years, the pension fund has soared to record heights again.
Chief Investment Officer Mark Anson told trustees on Wednesday that assets reached $177.8 billion this week, finally surpassing the previous high of $176 billion in 2000.
The bear market later wrung roughly $30 billion in value out of the assets. But last fiscal year, CalPERS reversed a string of losses to post a strong 16.7 percent gain and add $22.7 billion to its portfolio.
In the past two months, Cal-PERS earned $10 billion, fueled by gains in corporate and high-yield bonds, stocks and real estate. The fund provides retirement benefits to 1.4 million local and state government workers.
"We knew we would get back there. It was always a question of when," said CalPERS President Sean Harrigan.
He said the gains will help improve the system's funding level. Since the market losses, Cal-PERS is funded at 84 percent for its state pension plans and 92 percent for its program for non-teaching employees. To help reduce the shortfall, contribution rates for most of its state pension plans have gone up.
The Board's responsibilities include setting employer contribution rates, determining investment asset allocations, providing actuarial valuations, and much more.
However, the Board does not have the authority to add, change, or delete benefits without the concurrence of the Legislature.
Sean Harrigan
President
Rob Feckner
Vice President
Board members
Sidney L. Abrams
Philip Angelides
Willie Brown, Jr.
Robert F. Carlson
George Diehr
Priya Sara Mathur
Michael T. Navarro
Mike Quevedo, Jr.
Kurato Shimada
Charles P. Valdes
Steve Westly
Dated: 05-07-2004