Calpers Cuts Investment Targets, Increasing Strain on Municipalities
By
Officials with the California Public Employees’ Retirement System, Calpers, at a meeting on Monday. The pension system’s board voted Wednesday to cut projections for future investment returns.CreditJonathan J. Cooper/Associated Press
The board of California’s state public pension system, Calpers, voted Wednesday to lower expectations for future investment returns, a step that will increase pressure on the budgets of towns and cities across the state.
Calpers, a giant with roughly $300 billion in assets, has long been a bellwether among America’s thousands of public pension funds because of its sheer size and influence in the investment industry. It manages the investments for more than 1.7 million current and future retirees, making it the nation’s largest public fund outside the federal government. Calpers’ move to lower its investment expectations is likely to prompt pension systems in other states to do the same…
Calpers Cuts Investment Targets, Increasing Strain on Municipalities
