"The CalPERS board voted Monday to select a portfolio with a return of 6.8% and an expected volatility rate of 12.1%. This expected rate of return is two-tenths of a percentage point lower than last year's target of 7%.... [CalPERS estimates that] employees hired after the implementation of the Public Employees' Pension Reform Act (PEPRA) in January 2013 ... will contribute an average of 1.2% to 1.5% more toward their pensions."