News article in SF Chron about UC Pension Fund Losing 1/3rd of Its Value

The San Francisco Chronicle published an article that discusses the health of the UC Retirement Plan. An excerpt follows:

UC pension fund lost third of its value in 2008
by Jim Doyle, Chronicle Staff Writer
Thursday, April 16, 2009

According to an Investment Performance Summary prepared for UC’s
governing Board of Regents, which oversees the pension plan, the
retirement fund shrank from $47.85 billion at the end of 2007 to about
$31.7 billion at the end of 2008.

The losses come at a time when the university’s employee groups are
demanding joint governance of the pension fund, insisting on public
disclosure of how the fund’s assets are being managed and questioning
the plan’s long-term viability.

The performance of the UC Retirement Plan during the first quarter of
this year has not yet been made public, but market conditions suggest it
probably wasn’t good.

Read the full article at: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/04/16/BAE6173738.DTL