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Calstrs Return

The document summarizes annual rates of return and unfunded liabilities for three pension funds - CalPERS, CalSTRS, and UCRS - over the last decade. It shows that the funds experienced similar patterns of market volatility in rates of return. However, even during periods of positive returns, the unfunded liabilities grew for CalPERS and CalSTRS from the start of the decade. The UCRS surplus also diminished and became a shortfall by 2009.

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34 views1 page

Calstrs Return

The document summarizes annual rates of return and unfunded liabilities for three pension funds - CalPERS, CalSTRS, and UCRS - over the last decade. It shows that the funds experienced similar patterns of market volatility in rates of return. However, even during periods of positive returns, the unfunded liabilities grew for CalPERS and CalSTRS from the start of the decade. The UCRS surplus also diminished and became a shortfall by 2009.

Uploaded by

goteditor
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Figure 2 documents the annual rate of return over the last decade for CalPERS, CalSTRS, and UCRS,

respectively. It
shows very similar patterns across all three funds, largely reflecting market volatility. Even before the recession hit
in 2008, however, it is interesting to note that multi-year positive investment returns did not seem to bring down
the pension funds’ unfunded liabilities, which started to accumulate at the beginning of the last decade for CalPERS
and CalSTRS, as shown in figure 3. The UCRS funding surplus also diminished over time, and eventually, in 2009, it
became a shortfall as well.

Figure 2. Rate of return for fund investments


FY 2000-2010*

Percent

30
CalPERS
CalSTRS
20
UCRS

10

-10

-20

-30
2 0 0 0 2 0 0 1 2002 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0
* The figures account for all funds administered by the three retirement systems.
The 2002 rate is gross of fees for CalPERS. The 2010 rate is unavailable for UCRS.
Sources: CalPERS, CalSTRS, and UCRS.

Figure 3. Actuarial unfunded accrued liabilities


FY 2000-2009*
US$ billions

50
CalPERS
CalSTRS
UCRS
30

10

-10

-30
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
* The 2002 figure is not available for CalSTRS. The 2009 figure is not available for CalPERS,
whose most recent actuarial valuation published was conducted on June 30, 2008.
Sources: CalPERS, CalSTRS, and UCRS.

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