The California Public Employees’ Retirement System, the retirement system for California’s state, school, and public agency workers, suffered investment losses of almost $30 billion in 2022. For the nation’s largest public pension system, this is an additional $1 billion in losses from its results reported in July.
CalPERS announced that its investment losses were -7.5% for its fiscal year, a further downgrade from the -6.1% returns reported a few months ago. These losses were in stark contrast to last year’s outstanding investment results when CalPERS posted 21.3% gains, which were mistakenly taken by many as a sign of stabilization.
Currently, the retirement