“Last week’s announcements about 2013 earnings by California’s largest public pension funds suggest the agencies may be making significant progress in shaking off the lingering after-effects of the 2008 stock market crash.
The California Public Employees’ Retirement System (CalPERS) said it rode a 25 percent run-up in stock prices to post a 16.2 percent gain for its 2013 portfolio — its best showing in a decade. For its part, the California State Teachers’ Retirement System (CalSTRS)reported an impressive 19.1 percent return on its 2013 investments, led by a 28 percent return on its stock holdings.
The announcements undoubtedly came as welcome news to the roughly 1.6 million California government workers and 860,000 public school teachers represented by the systems. Ever since the 2008 global financial meltdown, their pensions have been in the crosshairs of fiscal conservatives and anti-public pension activists who wish to see the employees’ traditional defined benefits plans replaced by 401(k)-type packages.” -Huffington Post