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Public Pension Funds Roll Back Return Targets
The Wall Street Journal; subscription may be requiredLink to more items from this source
Sept. 7, 2015
"New upheavals in global markets and a sustained period of low interest rates are forcing officials who manage retirements for nearly 20 million U.S. beneficiaries to abandon a long-held belief that stocks, bonds and other holdings would earn 8% each year, as well as expectations that those gains would fund hundreds of billions of dollars in liabilities.... More than two-thirds of state retirement systems have trimmed assumptions since 2008 ... On [September 4], the New York State Common Retirement Fund, the third-largest public pension by assets, said it plans to drop its assumed returns to 7% from 7.5% after cutting a half-percentage point five years ago."

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