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CalPERS Ignores Governor Brown, Rejects Immediate Application of Lowered Earnings Assumption
Calpensions 
May 17, 2012
"The power of CalPERS to give the governor and the Legislature an annual bill that must be paid can be a friction point. In the dispute over paying off part of the new rate increase over 20 years, board members said they were giving lawmakers an option. 'We voted for the phase-in option to make things less painful for all employers during these difficult economic times,' said ... the CalPERS board president. 'If the Governor feels the state can make the payment in full, then I'll be happy to have someone come pick up his check today.'"
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