By Justin Spittler
Taxpayers take note…you could get a much bigger tax bill than you expect.
The California State Teachers’ Retirement System (CalSTRS) recently announced that it may move 12% of its assets, or $20 billion, out of stocks and bonds.
CalSTRS is the second-largest public pension fund in the U.S. It manages roughly $191 billion for 868,000 teachers in California.
CalSTRS made this announcement immediately after the U.S. stock market’s sharp selloff last month. Casey readers know the S&P 500 plunged 11% in six days, its worst selloff in more than four years.