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BUSINESS
February 14, 2013 | By Marc Lifsher
SACRAMENTO -- The country's second-largest public pension fund is opposing the reelection of Walt Disney Co. Chairman and Chief Executive Robert Iger to the entertainment and theme-park giant's board of directors. Citing concerns about the company's corporate governance, the $158-billion California State Teachers' Retirement System, known as CalSTRS, announced Thursday that it will vote its 5.3 million shares of Disney stock against Iger and five other board members who are up for election at an annual meeting March 6. CalSTRS' holdings in Disney are worth $263 million and represent 0.3% of the company's outstanding shares.
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BUSINESS
February 8, 2013 | By Marc Lifsher
SACRAMENTO -- The California State Teachers' Retirement System, the second-biggest public pension fund in the nation, reported a return on investments of 13.5% for the just-ended calendar year. The $158-billion fund, known as CalSTRS, said it missed an overall target of 15.4% in asset growth. But it posted strong results of 16% for U.S. stocks, 17.2% for international equities, 14.6% for private equity, 6.1% for bonds and 13.5% for real estate. CalSTRS' returns were in line with last month's report of 13.3% growth during 2012 at its larger sibling, the California Public Employees' Retirement System.
CALIFORNIA | LOCAL
January 21, 2013 | By Wesley Lowery, Los Angeles Times
Los Angeles Mayor Antonio Villaraigosa said that he has asked the city's three pension funds to review all investments and work to end those in companies that manufacture assault weapons. Invoking the Sandy Hook Elementary School shooting that left 27 dead in Newtown, Conn., last month, Villaraigosa on Wednesday said it was inappropriate for the city to make money off of weapons manufacturers. "It's a moral and financial imperative to end our relationship with these companies," said the mayor, who added that it was unclear how much pension money was invested in weapons makers.
BUSINESS
January 9, 2013 | By Marc Lifsher
SACRAMENTO -- Acting on a request from the state treasurer, the board of the state teachers pension fund has begun the process of selling its holdings in some gun and ammunition-clip manufacturers. Treasurer Bill Lockyer's motion was approved unanimously Wednesday by the Investment Committee of the $154-billion California State Teachers' Retirement System. Lockyer brought the issue to the board in response to December's mass shooting of 20 students and six adults at Sandy Hook Elementary School in Newton, Conn.
BUSINESS
December 17, 2012 | By Tiffany Hsu and Marc Lifsher, Los Angeles Times
California Treasurer Bill Lockyer may order two giant state pension funds to strip their portfolios of any investments in gun makers after the shooting rampage at an elementary school in Connecticut. He has asked that both the California State Teachers' Retirement System and the California Public Employees' Retirement System, the nation's two biggest pension funds, provide an accounting of all such holdings. Lockyer is particularly concerned about investments in the makers of certain military-style assault weapons, which are banned in the state.
BUSINESS
September 1, 2012 | Andrew Tangel
Wall Street investors aren't the only ones feeling the sting of Facebook Inc.'s falling stock: So are some of the country's troubled government pension funds. Public employee retirement funds from around the country took part in the Menlo Park, Calif., social networking juggernaut's May 18 initial public offering and plowed millions of dollars into Facebook stock before its value plunged. Facebook shares continued their decline Friday, falling $1.03, or 5.4%, to a record low of $18.06, or less than half their $38 offering price.
BUSINESS
July 17, 2012 | By Marc Lifsher
SACRAMENTO -- Corporate and public pension funds across the country are seriously underfunded, threatening the retirement security of workers and straining the already tapped finances of state and local governments, according to a pair of independent studies. A report released by the S&P Dow Jones Indices on Tuesday spotlighted record high shortfalls in corporate funds needed to pay for pensions and related post-employment benefits. Companies were underfunded by an estimated $578 billion, meaning they had only 70.5% of the money needed to meet retirement obligations, the report said.
BUSINESS
July 17, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO - Corporate and public pension funds across the country are seriously underfunded, threatening the retirement security of workers and straining the financial health of state and local governments, according to a pair of independent studies. In 2011, company pensions and related benefits were underfunded by an estimated $578 billion, meaning they only had 70.5% of the money needed to meet retirement obligations, according to a report by S&P Dow Jones Indices. Funds generally don't need to have all the money needed pay future pensions because returns on investments vary over the years and people retire at different ages and with different levels of benefits, experts said.
BUSINESS
June 28, 2012 | By Chad Terhune, Los Angeles Times
California's biggest healthcare buyer isn't happy about its $7-billion annual medical bill climbing almost 10% next year, and the state's big insurers may be feeling the heat. The California Public Employees' Retirement System is preparing to rebid its health insurance business this fall for 1.3 million members, and two of its current plans, Anthem Blue Cross and Blue Shield of California, are likely to face intense competition as the giant pension fund considers its options. Perhaps the boldest move under consideration for 2014 would be to bypass insurers altogether in some areas of the state and begin contracting for medical services directly with large physician groups.
BUSINESS
May 23, 2012 | By Marc Lifsher, Los Angeles Times
SACRAMENTO — The California State Teachers' Retirement System will cast its 5.3 million shares of Wal-Mart Stores Inc. against the reelection of the company's board after allegations of bribery in the retailer's Mexican operations. Citing "a breakdown of corporate governance and lack of oversight," Jack Ehnes, chief executive of CalSTRS, made the announcement Tuesday "CalSTRS believes former and current Wal-Mart executives and board members breached their fiduciary responsibilities," Ehnes said.
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