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.READ MORE: Many Californians May Be Underinsured For Upcoming Storm
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.READ MORE: Parts Of Nevada County May Be Evacuated Due To Storms
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.MORE NEWS: Sacramento Police Put Out Traffic Alert Ahead of Ironman
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