US - The California Public Employees' Retirement System (CalPERS), the largest US public pension, is now worth just as much as when Lehman Brothers Holdings went bankrupt in 2008 and wiped out $6.8trn in US stock-market value in six months.
Even with the gain, CalPERS today has only about 70% of the money it needs to cover benefits promised to government workers. The pension fund, which lost almost a third of its value in the crash, h...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date