California Pension Fund Down Almost 5% as Year End Looms
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The California Public Employees’ Retirement System, the largest U.S. pension, has seen its market value decline 4.8 percent this year after stocks fell amid the brewing fiscal crisis in Europe and slowing of the U.S. economic recovery.
The fund’s value declined to $226.1 billion as of June 8, down from $237.5 billion at the start of its fiscal year July 1. As recently as March 31, the fund was up 1.9 percent for the first nine months. Since May 1, the Standard & Poor’s 500 index of stocks declined 5.8 percent. Half of Calpers’s money is invested in equities.