Here is something that Daniel Borenstein of the Contra Costa Times or the Contra Costa Taxpayers Association won’t like to hear as it provides proof that neither has a clue of what they are talking about. All we hear for the last year from Kris Hunt (CoCo Tax) was how CALPERS would not hit its 7.5 percent projection and how pensions are bad.
Maybe in 2013, people will actually look at the facts and figures before blinding following the Contra Costa Times and this phony taxpayer association. The truth is, the annual number doesn’t matter, it’s the long term profits that matter for the retirees.
According to the Sacramento Bee, the big pension fund said Monday it earned a 13.3 percent profit on its portfolio in calendar 2012.
That’s significantly higher than the California Public Employees’ Retirement System’s official investment forecast of 7.5 percent.
It’s also a major improvement on the fiscal year that ended last June 30, when CalPERS earned just 1 percent.