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by bartart
2984 days ago
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Yeah it is pretty bad. For a long time they were even projecting an 8.25% return according to the LA Times article I linked above. They used this number to justify the large benefit increases enacted when the stock market was doing well in the late 90s. They made nowhere close to that and now state and local governments in California contribute over $50bn annually to CalPERS alone. |
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