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More Pain for Pension Funds

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"The California Public Employees' Retirement System on Wednesday pulled out of an $800 million Boston condo and hotel complex, called the Columbus Center, which, as reported last week, was on the verge of default." According to the SF Gate, CalPERS lost $91.2 million on the deal, while a project that was backed by the California State Teachers' Retirement System is facing "imminent default" on a $325 million debt." [SF Gate]