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|California Governor's Aides Urge CalPERS to Speed Up Rate Hike|
Aug. 24, 2015
"Retirees are beginning to outnumber active workers. Pension payments to retirees are no longer covered by employer-employee contributions and investment income.... After a loss of $100 billion in the recent recession, the CalPERS funding level dropped from 100 percent in 2007 to 61 percent in 2009. It has not recovered ... Under the proposed 'risk mitigation' strategy CalPERS would consider lowering the earnings forecast in good years when the annual investment return is well above the current earnings target of 7.5 percent."
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