Drilling Down on CalPERS Stellar Fiscal Year Results
William Melhado of the Sacramento Bee reports CalPERS reports one of the strongest years of investment returns over the last decade: California's largest public pension system reported on Monday a net investment return of 14.8% over the last 12 months, one of the strongest years in the last decade. Bolstered by a particularly successful year in the stock market, the California Public Employees' Retirement System now has 85% of the money to cover its future pension benefits, CEO Marcie Frost announced Monday morning at the board of administration's offsite meeting in Monterrey. The reported returns are still preliminary and will be finalized in the coming months. The massive pension fund's assets totaled more than $637 billion as of June 30, the end of the fiscal year. The strong returns, which were led by public and private equity, were higher than last year's returns of 11.6% and the assumed rate of return of 6.8%. The retirement system...