California’s public pension debt grows

In Politics by Michael Rae

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