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.
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Must be nice to gamble with OPM.
5 comments:
Willing to negotiate a Murst for a week in jail for Snowflake?
Just put it all in hy junk bonds. Problem solved.
"There was a 40% chance we could invest our way out of it"
There was slightly less than a 50% chance they could have gambled their way out of it. Support your local casino as they support you, teachers.
OT:
But how's this for indoctrination?
From CalSTRS website:
"The most recent legislation allows the Teachers' Retirement Board to offer a Home Loan Program for Loan-To-Value ratios of up to 100%.
Over the past 18 years, CalSTRS has purchased 32,300 loans in the amount of $4 billion."
Oy
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