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CalPERS Begins Applying Lower Earnings Assumption for Country's Largest Pension Plan
The Sacramento Bee 
May 17, 2012
"The disagreement was over the pace at which [the California Public Employees' Retirement System, or 'CalPERS'] is lowering its assumptions about future investment returns from 7.75 percent to 7.5 percent, called the discount rate.... When the rate of return assumption goes down, governments must contribute more. The [CalPERS] board agreed to phase in the change over two years at a onetime $137 million savings ($78 million general fund), but [Governor Brown] had wanted the board to drop the discount rate immediately."
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