Managing the retirement assets of public employees is no easy task. Just consider the situation here in San Diego.
Funding these accounts and administering them properly is just one challenge. Investing these billions of dollars and adhering to strict fiduciary guidelines is yet another. Add to that the importance of corporate governance and the task only gets more complicated.
California's two largest public retirement systems have recently reported the results of their investing efforts, and they have been rewarded by the benefits of diversification.
The California State Teachers' Retirement System -- representing more than 755,000 educators and their families -- reported its $129 billion portfolio posted an 11.1 percent return on investments in the 2004-2005 fiscal year that ended in July.
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