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CalPERS Cuts Assumed Rate of Return to 7.5%
Pension Pulse 
Mar. 15, 2012
"But the risks of stagflation (low growth, high inflation) are rising. Interestingly,the panel adopted the recommendation from CalPERS' chief actuary to adjust its long-term, assumed inflation rate to 2.75% from 3%. If stagflation takes hold, they'll have to adjust it once again."
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