The officers that run the largest U.S. pension fund are proposing to lower their investment goals for the first time in four years, a move that could lead to higher contributions for government workers as well as cities and counties across California.Mmmmm-hmmmmm.... So you're coming off one of the biggest stock market rallies in history, stocks and bonds are both near all-time high prices, but you're not going to do anything unless your balanced portfolio goes up another 11.5% in a year.
The plan from the California Public Employees’ Retirement System, which will be considered by its board next week, would trigger a reduction in the fund’s current 7.5% return assumption following profitable years when it earns more than expected.
The new proposal outlines a range of scenarios where Calpers would lower its return assumptions in years when investing profits top internal goals by 4% or more.
CalPERS to lower return targets -- but only if it has a really big year first
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