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Saturday, 25 June 2016

Calpers gets real, sort of, on pension returns

Get real, dude

The $233 bln California pension fund finally cut its long-term return assumption by 0.25 percentage point to 7.5 pct - the first move in 10 years. The figure should probably be lower still, but even that tweak opens a $303 mln annual gap that the Golden State has to plug.

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