SACRAMENTO, Calif. (AP) - The California State Teachers’ Retirement System announced that it earned a hefty 19.1 percent return on its investments in 2013 even as it repeated a plea for funding assistance from the State Legislature.
CalSTRS officials have said the gains were bolstered by 28 percent returns on its stock portfolio. The pension fund earned 19 percent from private equity and 14 percent from real estate holdings.
The Sacramento Bee reports (https://bit.ly/1gSN4Db ) that CalSTRS officials have warned for years that they need higher contributions from the state, school districts and teachers to maintain the pension system’s long-term viability.
Though it has lots of money to meet obligations in the near future, the Bee reports, CalSTRS faces a long-term shortfall of about $70 billion and will run out of cash in about 30 years.
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Information from: The Sacramento Bee, https://www.sacbee.com
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