BY ADAM ASHTON
California’s main public pension fund beat its official investment forecast over the past 12 months, ending a two-year stretch of disappointing earnings.
The California Public Employees’ Retirement System rode a strong year in the stock market and private equity investments to earn a return rate of 11.2 percent for the fiscal year that ended June 30, the pension fund announced Friday morning.
That’s about double what CalPERS had expected to earn this year.
It’s also a marked improvement over the previous year, when CalPERS’ investment return rate was .61 percent. In the budget year that ended in June 2015, CalPERS’ investment return rate was 2.4 percent.
This year’s high returns were celebrated by lawmakers and labor groups who have been pressured to answer for CalPERS’ steep unfunded liability.