Pension Funds Stung By Stock Market Decline
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SACRAMENTO, Calif. (AP) — The turmoil on Wall Street has hit the nation’s largest public pension fund, which has lost about $18 billion off the value of its stock portfolio since July 1.
The losses for the California Public Employees’ Retirement System come just three weeks after it and California’s teacher pension fund each reported annual investment gains of more than 20 percent in the recently concluded fiscal year.
CalPERS officials said Tuesday they are viewing the stock market turmoil as a chance to hunt for stocks at bargain prices and are maintaining a long-term investment view.
A spokesman for the California Teachers Retirement System said that fund had sustained losses but declined to say how large they were.
Both funds saw huge asset declines during the recession but had begun to recover.
(Copyright 2011 by The Associated Press. All Rights Reserved.)