Earlier today, reality slapped California's public sector across the face. Here's the report, fresh off the AP wire. Note the bolded section and its dire implications for state finances:
The nation's largest public pension fund reported a dismal 1 percent return on its investments, a figure far short of projections that will likely add pressure on California's state and local governments to contribute more, officials said Monday.
The California Public Employees' Retirement System reported its returns for the fiscal year that ended June 30. The 1 percent return is well below its projected annual return of 7.5 percent.
