The California Public Employees’ Retirement System, the largest pension in the U.S., reduced bonuses 12 percent for investment officers after stocks dragged down returns. Most also went without pay raises.
The California Public Employees’ Retirement System is selling its interests in 28 housing developments, about one-fifth of its residential real-estate portfolio, as the $226.5 billion fund reduces its property holdings, a spokesman said.
The California Public Employees’ Retirement System, the largest U.S. public pension, paid its investment officers $4.4 million in performance bonuses last year, a 33 percent increase from the previous year.
Standard & Poor’s, Moody’s Investors Service and Fitch Ratings must face the California Public Employees Retirement System’s lawsuit claiming their faulty risk assessments on structured investment vehicles caused $1 billion in losses.