Pension Problems...Here's A Look At California
California has two of the largest pension funds: CALPERS and CALSTRS-these two funds provide benefits to thousands of California retiree's.
California Governor Jerry Brown said he will propose changes to the most-populous U.S. state’s underfunded public-employee retirement plans.
The California Public Employees Retirement System, which covers state and local government workers, has no more than 70 percent of the assets it needs to pay for benefits over several decades, according to fund staff. The California State Teachers Retirement System as of June 30 could pay 78 percent of promised benefits, with an unfunded liability of $40.5 billion.
Wise Owl
2010 Returns For These Plans Just Announced
The California Public Employees' Retirement System reported Thursday that its investments grew 12.5% in the calendar year ended Dec. 31. That's in line with a 12.1% gain posted for calendar year 2009.
The smaller California State Teachers' Retirement System ended the year with a 12.7% return.