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    Forget Me Not, Purple & Clear CZ

Forget Me Not, Purple & Clear CZ


CalPERS takes one costly step back toward reality One year ago, the California Public Employees' Retirement System board cautiously moved to shore up its $300 billion pension fund in the face of dwindling returns on its investments.

It agreed to lower the amount it expected those investments to earn, which in turn would force the employers in CalPERS more than 3,000 state and local agencies and school districts and jewelry show many of their workers to pay more into the fund each year. But the board decided those adjustments would be made only in pandora promotions australia 2013 years when CalPERS recorded prodigious returns, spreading the potential pain out over two decades. That policy allowed the board to cling to its projection of 7.5% growth in its investments and hold down employer charms pandora sale and worker contributions until the market boomed again. But then, another year of lousy returns less than 1% in 2015 16, on the heels of only 2.4% the prior year pushed the fund more deeply into the hole, and the CalPERS board woke up to the failings of last year's plan. It agreed Wednesday to lower expected investment earnings to 7% over the next three pandora charm warranty years. It's about time.

Magical thinking about investment earnings only delays the inevitable demand by CalPERS for higher contributions from governments and workers, and in doing so, makes the fix more expensive. Like a savings account in reverse, the shortfalls grow each year the fund doesn't out perform its expectations enough to compensate for the prior loss in anticipated earnings. The higher those expectations are, the harder it is for the fund to catch up and the more governments and employees eventually will have to pay to shore up public employee pensions.

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