Joseph Dear
The California Public Employees’ Retirement System (CalPERS) received a 1.1% return on investment for 2011. It is far short than its 7.75% rate of return assumption. Pension investors have been greatly affected by capital market volatility. Many have been forced to reduce return assumptions, increase allocation to illiquid investments, and further exposure to emerging markets. The returns in the 2nd half of 2011, erased most of the gains in the first half. Public equity returns are in a difficult time and market conditions continue to not look so promising.
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24. Jan, 2012
