California cities facing growing pension costs in new year
After two years of minuscule investment returns, the nation’s largest state pension fund—the California Public Employees’ Retirement System—has once again lowered its expected rates of return. Even some CalPERS officials and consultants argue the lowered financial expectations don’t go far enough to shore up the fund’s financial position, as it now only has 68 percent of the assets needed to pay all its future retirement promises.
