CalPERS Investments Up 12.5% In Latest 12 Months
HERE, that the California Public Employees' Retirement System (CalPERS), the biggest U.S. public pension fund, reported a 12.5% return on assets over the 12 months ending June 30th.
GOOD NEWS, FOR SURE
This is great news for most California municipalities, including Costa Mesa, since the pension burden has driven several cities to declare bankruptcy in recent months. In fact, Costa Mesa's Pension Oversight Committee recently had a two-part Municipal Bankruptcy primer presented by member Rick Kapko to familiarize that group with the process.
LOOKING FOR FISCAL LEADERSHIP, NOT RHETORIC
Hopefully, our elected leaders will ramp down the rhetoric about our unfunded liability just a little and move forward with fiscally sound and prudent policies to manage our city finances.
HOW WILL THIS BE SPUN?
I suspect this announcement might get some play at the Costa Mesa City Council meeting tonight.. we'll see.