SACRAMENTO, Calif. — California’s two giant pension systems lost a couple billion dollars more than was previously reported in the volatile markets of the first half of this year.
The Public Employees’ Retirement System and the State Teachers’ Retirement System recently published more complete financial figures for the fiscal year that ended June 30, incorporating updated private equity and real asset returns along with other factors. The adjustments happen every year.
CalPERS reported a -6.1% return for the fiscal year, but, with the updated results factored in, the return was -7.5%. The adjustment means the system closed out the fiscal year with a portfolio value of $439.4 billion, rather than $440.2 billion.
