CalPERS clears $97 billion in investment losses, aims for full funding

The Sacramento Bee reports:

Slowly, sometimes painfully, America's largest public pension fund has erased the nearly $97 billion worth of investment losses it suffered in the market crash. Its portfolio swelled to a record $261.7 billion Friday, surpassing the pre-crash high in 2007. But the California Public Employees' Retirement System is nowhere near back to full financial health. Once fully funded, CalPERS is now about $100 billion in the hole, and it's putting increased pressure on state and local governments to pay more into the system.