Jan. 27 (Bloomberg) -- The California State Teachers Retirement System, the second biggest U.S. public pension, will need to ask taxpayers for more money after investment losses left it underfunded by $42.6 billion.
The pension’s unfunded liability, the difference between assets and anticipated future costs, almost doubled from $22.5 billion in June 2008, according to a report Chief Executive Officer Jack Ehnes will deliver to the board Feb. 5. The fund will ask lawmakers next year for an increase of as much as 14 percent to what the state and school districts already pay toward employee retirement benefits, said the report, which was posted on the fund’s Web site today.
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But they'll brag they only lost $100 million in Stuyvesant, whereas Calpers lost $500 million!
Oh--but I forgot. It was Blackrock that brought Calpers and CalSTRS to the table to invest in Stuyvesant. The same Blackrock that told Federal Reserve counsel that if a redacted schedule A was released, hedge funds would shoot against the government CDO portfolio.
Really??
What in the heck did PIMCO do with mortgages?
Oh--but I forgot. It was Blackrock that brought Calpers and CalSTRS to the table to invest in Stuyvesant. The same Blackrock that told Federal Reserve counsel that if a redacted schedule A was released, hedge funds would shoot against the government CDO portfolio.
Really??
What in the heck did PIMCO do with mortgages?
1 comment:
This is why I have a very big problem with taxpayers guaranteeing public pensions ,it's lunacy most people took a big hit last year ,why should taxpayers see to it that unions and teachers don't have a thing to care about in retirement ?
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