Commentary A recent Pew Charitable Trusts study found the rising stock market has improved the fortunes of state pension funds, including that of California, but cautions “uncertainty remains.” “The State Pension Funding Gap: Plans Have Stabilized in Wake of Pandemic” (pdf) calculated state pension systems are in the best fiscal shape since before not only…
California’s Public Pension Plans Boast 20 Percent Returns
July 29, 2021
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Commentary Both of California’s large public pension plans posted returns of more than 20 percent during the 2020-2021 fiscal year, which ended June 30. CalSTRS, which invests money to be used to support post-retirement benefits for teachers, had a 27.2 percent net return for the fiscal year. CalPERS—which invests for state employees, non-teacher education workers and…
Unfunded Pension Liabilities Have Increased by More Than $900 Billion
Article by Cristian Bustos According to a report by the American Legislative Exchange Council (ALEC), unfunded state pension liabilities in the United States total $5.82 trillion, equivalent to more than $17,000 for every person in the United States. This represents a $900 billion increase from the council’s last year report. Q1 2021 hedge fund letters, conferences…
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Despite Alleged Surplus, California Budget Is Late and Unbalanced
Commentary California’s state budget is supposed to be crafted by the June 15 constitutional deadline. For fiscal year 2021-22, which began July 1, it wasn’t. Instead, the legislature passed a “placeholder” budget—that is, a fake budget. Proposition 25 from 2010 mandates legislators’ pay be cut off if they miss the deadline. Then-Controller John Chiang actually…