CalPERS and CalSTRS investment activities continued today but at reduced levels because of a two-day-per-month furlough ordered by Gov. Arnold Schwarzenegger.
The $173.9 billion California Public Employees Retirement System and the $126.4 billion California State Teachers Retirement System, both in Sacramento, had reduced investment office staffs working. Both we and CalPERS have about 20% of our investment staff in to manage the portfolios, said Christopher J. Ailman, CalSTRS CIO.
The furlough was imposed by Mr. Schwarzenegger to save money during a continuing budget stalemate in the state Legislature. The furlough is expected to reduce state employee salaries by about 9% and was estimated by the Schwarzenegger administration to save the state an estimated $1.3 billion over the next 18 months.