The investment returns for the California Public Employees’ Retirement System (CalPERS) are in the red so far for the 12-month fiscal year that began on July 1, as slumping returns are occurring across asset classes, says acting Chief Investment Officer Eric Baggesen.
The results for the $345.6 billion pension plan, the largest in the United States by assets, are considered a bellwether for other public plans, almost all of which work on a July 1 to June 30 fiscal year. With many plans unfunded, if the investment returns don’t reverse, the 2018-2019 fiscal year could be the worst for pubic pension plans since the great financial crisis, adding to unfunded liabilities that total almost $2 trillion.
Baggesen didn’t given exact investment returns in detailing the low investment numbers to the CalPERS Investment Committee on Dec. 17, but CalPERS data from July 1 through Nov. 30 shows that the system lost overall a 1.9% during the five-month period.
The data does not include major price drops that have hit equities particularly hard since mid-November. The S&P 500 dropped 2.8% on Monday and declined more than 5% in the last 30 days.
The Dems will declare a global warming emergency and raise taxes to cover the price of pensions. Total losses will be close to 3%.
I often notice, the Illinois economy being destroyed and people evacuating, yet not a single kanosian offers a way out, not even worth a discussion by these so called economists.
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