CalSTRS, still trying to recover from the market crash of 2008, earned a 20 percent profit on its investments in the just-ended fiscal year.$56 billion, with a "b". Just so you know, that's over half the entire state budget right now, and that number will only continue to climb.
But the staff of the teachers' pension fund warned that it will be tough to duplicate these latest results.
Complete results on fiscal 2010-11, which ended June 30, will likely be released next week. But in a report earlier this week to its governing board, the CalSTRS investment staff said it recorded a gain of around 20 percent, which was "the second or third highest of all time."
But it's far from certain that the investment gains will be enough to completely restore CalSTRS to financial health. While it has done well the past couple of years, California State Teachers' Retirement System has insisted for some time that it eventually will need more money from taxpayers.
The pension fund had unfunded liabilities – the gap between assets and future obligations to retirees – of $56 billion as of June 2010.
Tuesday, July 19, 2011
My Retirement Is Saved!
Probably not, but it was a nice little thought: