Jan 14, 2015 12:10 PM by News Staff
LOS ANGELES (AP) - California's pension fund for state workers exceeded expectations by posting an overall 18.4 percent return on investments for the 2014 fiscal year.
The Los Angeles Times says the rate of return was far above the official 7.5 percent goal set by the board of the $300 billion California Public Employees' Retirement System.
Chief Executive Anne Stausboll hailed the performance for being "the fourth double-digit return" in the last five years.
CalPERS said in a report Tuesday that strong financial results including bullish stock markets helped boost its funding level to 77 percent for the year that ended June 30. That's up from about 70 percent a year earlier.
Still, critics said that at less than 80 percent funding, CalPERS could lack money it needs to meet all its obligations.
Information from: Los Angeles Times
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