CalPERS Supports Governor Gray Davis' Plan to Reenergize Economy; Pension Fund Pledges to Use Its Housing Program Toward Effort.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 8, 2003 The California Public Employees' Retirement System (CalPERS) officials today voiced their support for Governor Gray Davis' efforts to stimulate the California economy and job growth, and pledged to continue the pension fund's successful single family housing program. "California faces a critical period of economic recovery and CalPERS is prepared to do its part," said Dr. William D. Crist, President of CalPERS Board of Administration. "The strength and success of our housing program is supportive of the Governor's efforts to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. California's economy through job growth and development. We have created thousands of jobs through the construction of more than 200 communities, while still investing responsibly on behalf of our members." CalPERS Housing Program, which recently celebrated its 10th Anniversary, was established in the early 1990's. At that time, CalPERS spearheaded the effort to build single family homes and lots in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of California's recessionary cycle to supplement the shortage of supply of financing for California builders. Building permits and funding for construction from the bank and savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. industry had dropped significantly. The program has grown to become the pension fund's single highest returning investment program in the last 10 years. It has earned CalPERS and its members more than $500 million and an overall return of approximately 23 percent since the program's start a decade ago. "This program has shown us that we can diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. and add value to our investment portfolio while supplying a need to California's real estate market and generating jobs and services for State and local economies," said Fred R. Buenrostro Jr., Chief Executive Officer for CalPERS. CalPERS has built approximately 8,000 homes in California last year. More than 75 percent of homes constructed target first and second time home buyers. CalPERS initial investment allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of $375 million has expanded annually. Today it stands at over $1.5 billion and the System has retained all its original real estate partners, including Hearthstone hearth·stone n. 1. Stone used in the construction of a hearth. 2. Family life; the home. 3. A soft stone or composition of pipe clay and pulverized stone used for scouring and whitening hearths or doorsteps. , Institutional Housing Partners, M/W M/W MicroWave Housing, Newland Capital Advisors, Resmark Equity Partners (formerly Olympic Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors), Residential Real Estate Partners and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Realty Advisors. Each partner co-invests 10 percent of its own capital alongside CalPERS, preserving strong alignment of interests between the pension fund and its real estate partners. CalPERS is the largest public pension fund in the nation with assets totaling more than $132 billion. The System provides retirement and health benefits to its State and local public agency members and their families. For further information about CalPERS, please visit the System's web site at www.calpers.ca.gov For additional information from CalPERS Housing Partners, contact: Jim Pugash, Hearthstone, 415/249-1505 Doug Neff, Institutional Housing Partners, 949/655-7003 |
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