California Teachers’ Fund Misses Goal With 4.5% Investment Gain
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The California State Teachers’ Retirement System, the second-largest U.S. pension, earned 4.5 percent last fiscal year, missing its target as market volatility reduced returns, according to its chief investment officer.
It was the weakest gain for the $191.4 billion fund, known as Calstrs, since a 1.8 percent return in 2012. It falls short of the fund’s 7.5 percent annual target, which it needs to earn to avoid falling further behind in its obligations to 879,000 current and retired teachers and their families. The pension reported it earned 18.6 percent a year earlier.