BLOOMBERG -- The
The funds performance through April, announced yesterday by Theodore Eliopoulos, the senior investment officer for real assets, means the $261.6 billion fund is set to beat its assumed 7.5 percent rate of return for a second consecutive year. Its assets gained 13.3 percent in fiscal 2012, which ended June 30.
The increase so far this year reflects very strong performance of public equity over the last 10 months, Eliopoulos said at a meeting of the funds board in
The pension, known as Calpers, in May passed its pre-recession high of $260.6 billion in assets, five years after the global financial crisis wiped out more than a third of its value. Local governments and state agencies have been forced to help make up the loss to cover benefits promised to public employees. The system serves about 1.7 million members.
Separately, the board approved rate increases averaging about 3 percent for members health-care insurance in 2014.
Calpers, fully funded when the recession began in December 2007, had about 74 percent of the money needed to meet long-term commitments as of June 2011, the most recent figure available.
Eliopoulos, 49, took over day-to-day investment operations from Chief Investment Officer