"CalPERS' desperate search for yield led to riskier investments, which led to cash flow problems, which in turn led to the sale of assets that could have yielded gains if they hadn't needed to be shed due to lack of liquidity.... States that wish to continue providing defined benefit pensions should make the costs of such plans clear to taxpayers by focusing on low-risk conservative investments that reflect the obligatory nature of pension obligations. In many cases, that would require states to increase their contributions."