CalPERS beats earnings target for first time in three years
California’s main public pension fund beat its official investment forecast over the past 12 months, ending a two-year stretch of disappointing earnings.
The California Public Employees’ Retirement System rode a strong year in the stock market and private equity investments to earn a return rate of 11.2 percent for the fiscal year that ended June 30, the pension fund announced Friday morning.
That’s about double what CalPERS expected to earn this year.
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CalPERS, which manages about $323 billion in assets, now has about 68 percent of the funds it would need if it had to pay all of the benefits it owes to retirees and public workers.
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