CalPERS beats tar­get earn­ings last year

Lodi News-Sentinel - - Page Two -

SACRA­MENTO — The na­tion’s largest pub­lic em­ployee pen­sion sys­tem says it beat its in­vest­ment earn­ings tar­get last year af­ter sev­eral years of lack­lus­ter re­turns.

The Cal­i­for­nia Pub­lic Em­ploy­ees Re­tire­ment Sys­tem on Fri­day re­ported a pre­lim­i­nary re­turn of 11.2 per­cent for the fis­cal year that ended June 30. Fund man­agers seek a 7 per­cent av­er­age an­nual re­turn.

CalPERS says the pen­sion fund has $323 bil­lion in as­sets, enough to cover 68 per­cent of pay­ments owed to its 1.8 mil­lion mem­bers.

The strong in­vest­ment per­for­mance was driven by strong per­for­mance of pub­lic and pri­vate eq­uity mar­kets.

Ro­bust in­vest­ment per­for­mance helps pub­lic em­ploy­ers in­clud­ing the state, school dis­tricts and lo­cal gov­ern­ments that are fac­ing steep in­creases in their pen­sion costs to fill the gap be­tween as­sets and promised ben­e­fits.

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