Continuing to claw their way back from the 2008 market crash, California’s two giant public pension funds said Monday they each earned more than 18 percent on their investments in the just-ended fiscal year.

Fred Buenrostro, who ran the nation’s largest public pension fund from 2002 to 2008, pleaded guilty in U.S. District Court to a charge of conspiracy to commit bribery and fraud. He has agreed to cooperate with federal prosecutors as they pursue charges against his longtime friend, Nevada businessman Alfred Villalobos, a former CalPERS board member.
CalPERS’ governing board Wednesday approved new health-care premiums for 2015.
GED1B82C7.3Multimedia Photojournalist
The cost of public pensions is going up again in California, this time to rescue the state’s troubled teachers’ retirement system.
The headquarters of the California State Teachers’ Retirement System in West Sacramento earns an “Outstanding Building of the Year” award.
The letter that landed in Bill Carnahan’s mailbox this week demanded he pay a six-figure debt he thought had been settled. “Please send a personal check or money order, in the amount of $508,985.44,” the letter said, “made payable to CalPERS to satisfy the overpayment.”
CalPERS approved nearly a half-billion dollars in pension contribution rate increases Wednesday. The big pension fund approved a $459 million rate increase for the state.
CalSTRS said Thursday that its long-term funding shortfall has risen to $73.7 billion, a stark reminder of the financial issues facing the teachers’ pension fund.
Joseph Dear, overseer of $283 billion portfolio, dies after bout with prostate cancer.
The state’s annual contribution to its massive pension fund is about to go up substantially, and much sooner than expected.

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