Government
Mar. 16, 2012
Pension fund lowers rate of return
The country's largest pension fund has lowered its estimated rate of return on investments, forcing the state, local governments and school districts to pay more into the system in order to provide benefits to retirees.
Daily Journal Staff Writer
For the first time in nine years, the country's largest pension fund has lowered its estimated rate of return on investments, a move that will force the state, local governments and school districts to pay more into the system in order to provide promised retiree benefits.
On Wednesday, the board of the California Public Employees Retirement System, or CalPERS, voted to decrease the fund's estim...
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