Tags: US | California | Pension | Fund

Calif. Pension Fund Wants State to Give $600M More

Tuesday, 18 May 2010 03:17 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The board of California's giant pension fund is asking the state to increase its contributions to employee retirement benefits by $600 million in the next fiscal year to help counter massive investment losses.

The board made the request during a meeting Tuesday. It comes as California grapples with a $19 billion budget deficit and a threat by Gov. Arnold Schwarzenegger to eliminate its welfare program.

It is driven mainly by large investment losses by the California Public Employees Retirement System, which is the nation's largest public pension fund. The fund lost a quarter of its value during the 2008-2009 fiscal year that ended last July.

The governor says the pension system is unsustainable and drains money from other state programs.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: NYPD Commissioner Bratton Forced his Deputy to Retire

Tuesday, 16 Sep 2014 13:13 PM

The president of the New York Police Department's Hispanic Society has slammed NYPD commissioner Bill Bratton for forcin . . .

Bezos and Musk Go Head-to-Head in Skies and in Court

Tuesday, 16 Sep 2014 12:43 PM

From cyberspace to outer space, the battle for supremacy between Amazon founder Jeff Bezos and PayPal founder Elon Musk  . . .

Obama Announces Coolant Phase-Out to Help in Global-Warming Fight

Tuesday, 16 Sep 2014 12:35 PM

President Barack Obama, whose administration is moving quickly to enhance his environmental legacy, wants a quicker phas . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved