Tuesday, March 16, 2010
LATimes: CalSTRS' $130-billion investment portfolio lost more than a quarter of its value in the recent recession. The projected shortfall at the state's second-largest public pension fund ballooned to $43 billion by last June.
"There's no doubt about it -- we need to come up with a new financial plan," Ehnes said.
The 97-year-old pension plan must ask the state Legislature, the governor and taxpayers for billions of dollars. Getting that money -- even with an expected massive lobbying campaign and a bruising political battle -- is no sure thing.
Must be nice to gamble with OPM.