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BUSINESS
January 24, 2012 | By Marc Lifsher
Battered by a volatile market, the California State Teachers' Retirement System posted a 2.3% return on its investments last year. The performance, though extremely modest, was more than twice as large as that reported by CalSTRS' bigger sister agency, the California Public Employees' Retirement System. CalPERS had a return of just 1.1% on its $229.5-billion portfolio last year. The $144.8-billion CalSTRS fund had a rough year in 2011. It got a return of 0.9% on its U.S. stocks, 7.2% on bonds, 9.9% on private equity and 15% on real estate.
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CALIFORNIA | LOCAL
January 8, 2012 | By Britney Barnes, Los Angeles Times
Whether he is acquitted or convicted of criminal charges, former Beverly Hills Unified School District Supt. Jeffrey Hubbard is unlikely to lose his retirement plan, according to state pension officials. A conviction for Hubbard on any of the three felonies he faces for alleged misappropriation of public funds could result in prison time or probation and lead to the loss of his credentials, but nothing in current law would affect his pension with the California State Teachers' Retirement System, according to a CalSTRS spokesman.
BUSINESS
July 19, 2011 | By Nathaniel Popper, Los Angeles Times
California's biggest pension funds reported that a booming stock market and private-equity gains helped them post their largest returns in over a decade. The California Public Employees' Retirement System pension fund grew 20.7% in the fiscal year ending June 30, its best return in 14 years. The California State Teachers' Retirement System fund, known as CalSTRS, increased 23.1%, the best it has done in a quarter century. Both pension funds, which rank as the two largest in the nation, have been in a period of recovery since massive losses during the financial crisis.
BUSINESS
January 21, 2011 | By Marc Lifsher, Los Angeles Times
Investment returns at the nation's two largest public pension systems are back on track after suffering steep losses during the Great Recession. The California Public Employees' Retirement System reported Thursday that its investments grew 12.5% in the calendar year ended Dec. 31. That's in line with a 12.1% gain posted for calendar year 2009. The smaller California State Teachers' Retirement System ended the year with a 12.7% return. Both funds' total performance bested their selected market benchmarks.
BUSINESS
August 3, 2010 | By Marc Lifsher, Los Angeles Times
The state's second-largest public pension fund and a private equity investment partner will try to unseat four directors of Occidental Petroleum Corp. over concerns about the Los Angeles oil company's high executive pay and lack of a management succession plan. The California State Teachers' Retirement System and activist investor group Relational Investors of San Diego told Occidental in a letter that they would seek shareholder votes for their slate of candidates at the oil company's annual meeting next May. The two investors control about 1% of Occidental's shares.
BUSINESS
July 20, 2010 | By Marc Lifsher, Los Angeles Times
For the first time in three years, California's second-largest public pension fund reported positive annual earnings. The $130-billion California State Teachers' Retirement System posted a 12.3% return Monday for the fiscal year that ended June 30, a step toward recovering from steep losses during the recession. The CalSTRS portfolio lost 25% of its value in its previous fiscal year and dropped 3% for the 2008 fiscal year. "We've taken steps to position the portfolio for long-term growth, but we're not out of the woods yet," said Christopher J. Ailman, CalSTRS' chief investment officer.
BUSINESS
March 16, 2010 | By Marc Lifsher
Four years ago, as the California State Teachers' Retirement System still was recovering from the dot-com bust at the turn of the decade, its leaders learned some troubling news. The pension fund was $20 billion short on money needed to pay retirees over the next 30 years. But rather than hike contributions from teachers and school districts, CalSTRS officials decided, in the words of Chief Executive Jack Ehnes, to "roll the dice" and bet that a flourishing bull market would make their woes disappear.
BUSINESS
February 25, 2010 | By Marc Lifsher
More than two years after California required the sale of investments in foreign companies operating in Iran's defense and energy industries, the state's biggest public pension fund still hasn't sold any of its $900 million in holdings in those firms. On Wednesday, legislators heard criticism from Jewish groups and an Iranian torture victim contending that the California Public Employees' Retirement System and to a lesser extent the State Teachers' Retirement System are flouting a 2007 law designed to bring pressure on the Islamic Republic.
BUSINESS
January 29, 2010 | By Marc Lifsher
Another pension alarm bell is ringing in Sacramento, this time at the teachers retirement system, where the nation's second-largest public pension fund is reporting a $43-billion shortfall. The California State Teachers' Retirement System said that as of June 30, 2009, it could meet only an estimated 77% of its future pension obligations -- far less than the 100% recommended by actuaries. Known as CalSTRS, the fund took a big hit during the 2008-09 fiscal year, losing a quarter of its value.
BUSINESS
December 11, 2009 | By Marc Lifsher
Hurt by big investment losses, California's two biggest state-run pension funds lost top long-term credit ratings from Moody's Investors Service on the insurance they sell to municipal governments to make it easier for them to sell bonds. Moody's blamed the downgrade on steep losses suffered by the funds, which could affect their future ability to meet obligations to retirees. "Today's rating action reflects our expectation that the cumulative back-to-back market value declines in the investment portfolios of both CalPERS and CalSTRS for the fiscal years ended June 2008 and 2009 will exacerbate long-term projected actuarial funding shortfalls, recent market gains notwithstanding," said Martin Duffy, Moody's vice president and senior credit officer.
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