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After the financial crisis of 2008, many cities in California came under financial stress due to a combination of factors, which led to three high-profile municipal bankruptcy filings by Vallejo, Stockton and San Bernardino that received nationwide attention.During the proceedings some creditors accused Cal PERS's increased post-crisis employer payments and future unfunded liabilities as a cause of insolvency and sought to have Cal PERS employer contributions reduced.The 124 billion dollars of income in the nine-year period 1999-2007 was reduced by half as a consequence of the combined losses of 67 billion in 20.
The purpose of monetizing the Focus List is to replicate the Wilshire studies—using actual funds to demon—strate and measure the “Cal PERS Effect.” Monetizing the Focus List also allows Cal PERS to realize a return on the increased value that typically occurs following an engagement.
however, the rates can increase if Cal PERS' investments perform unfavorably and decrease if Cal PERS' investments perform favorably.
According to Cal PERS, "The School Pool contribution rate is affected by the investment return of a given fiscal year in the second year that follows" Nevertheless, in 2008 "Cal PERS warned that it might ask for more money from the state starting in July 2010 and from local-government employers starting in July 2011" if Cal PERS' investments are performing poorly as of June 30, 2009.
As of October 2008, Cal PERS had a total of 6.7 billion in assets invested as follows: 4.9 billion (56.2%) in equities, .0 billion (21.9%) in fixed income, .9 billion (11.2%) in real estate, .2 billion (8.7%) in cash equivalents, and .7 billion (2.0%) in inflation linked assets.
In 2010 Cal PERS revised its strategic asset allocation mix using its Asset Liability Management process.