The country's two largest pension funds — both from California — reported preliminary results noting big annual gains thanks to real estate investments and rising stock prices.
This week, the California Public Retirement System announced an annual increase of 12.5 percent for the fiscal year ended June 30. The California Teachers State Retirement System reported annual gains of 13.8 percent.
CalPERS is the country's largest public pension fund, administering retirement benefits to 1.6 million current and retired employees of California state government, public schools, and local public agencies. CalSTRS is the second-largest pension fund in the U.S. and the nation's largest teacher fund, serving 860,000 public school employees and their families.
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