Posted on 07/18/2016 8:56:52 PM PDT by bkopto
California’s largest public pension fund made a return of less than 1% in its most recent fiscal year, the fund’s worst performance since 2009.
The California Public Employees’ Retirement System said Monday that its rate of return for the year ended June 30 was just 0.61%. What’s more, Ted Eliopoulos, the pension fund’s chief investment officer, said the poor year has pushed CalPERS’ long-term returns below expected levels.
“We have some challenges to confront,” Eliopoulos said during a conference call. “We’re moving into a much more challenging, low-return environment.”
CalPERS assumes that, in the long-term, it will earn investment returns averaging 7.5% a year. If the fund fails to meet that goal, the state’s taxpayers could be forced to make up any shortfall in pension funding.
(Excerpt) Read more at latimes.com ...
For decades the taxpayers have been taxed into steep decline. Now you want them to pay more?
Either ante up the taxes or cut the pension benefits immediately or eliminate the pension plan altogether.
Those are the three honest alternatives—and none of them will be chosen by the Moonbeam man.
I would radically cut the CA pensions and immediately start to abolish government unions at all levels.
By the way, the governor is mentally ill.
Btw, no one ever comes along and bails out the private sector. They’ve been beat like a drum for many years. They make bad choices or things go bad for them they have to deal with it and be smarter. They’ve taken hit long enough. It’s about time everyone else feel the pain.
They know Uncle Sugar will bail them out.
Yep, and the Courts have given Constitutional protections that the Pensions will continue unabated......suck it it up California tax payers, gulp I'm one of them.
Indeed Low-return environment for seven years they need to look at other options stocks seem almost flat for that time.
OK, you two, stop with your PDS (Public Display of Sanity) - you are spoiling a perfectly good bashing party...
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