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America's Largest Pension Fund: A 7.5% Annual Return Is No Longer Realistic
The Wall Street Journal; subscription may be required 
Dec. 15, 2016
"Top officers of [CalPERS] want to lower their investment targets, a move that would trigger more pain for cash-strapped cities across California and set an increasingly cautious tone for those who manage retirement assets around the country.... The last time the California system lowered its investment expectation was in 2012, when the rate was dropped to 7.5% from 7.75%."
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