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A little bit of good news.
"California, of course, has fiscal problems that are among the worst of any state. But a glimmer of good news on the retirement front emerged this week when the state's two largest pension funds reported investment returns of more than 12 percent last year — an unusually strong performance that mostly erased the losses incurred during the stock market collapse of 2008, The Sacramento Bee reports.
The California Public Employees' Retirement System (CalPERS) said it earned nearly 12.5 percent in 2010. The California State Teachers' Retirement System (CalSTRS) earned 12.7 percent."
That does not mean reform is not needed. Without reform the current system collapses in a very few years. Somebody needs to tell Brown he could be the Governor when pension checks fail to go out.
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"California, of course, has fiscal problems that are among the worst of any state. But a glimmer of good news on the retirement front emerged this week when the state's two largest pension funds reported investment returns of more than 12 percent last year — an unusually strong performance that mostly erased the losses incurred during the stock market collapse of 2008, The Sacramento Bee reports.
The California Public Employees' Retirement System (CalPERS) said it earned nearly 12.5 percent in 2010. The California State Teachers' Retirement System (CalSTRS) earned 12.7 percent."
That does not mean reform is not needed. Without reform the current system collapses in a very few years. Somebody needs to tell Brown he could be the Governor when pension checks fail to go out.
More...