December 21, 2016 / 5:50 PM / 9 months ago

CalPERS votes to lower expected investment return rate to 7 pct by 2020

SAN FRANCISCO, Dec 21 (Reuters) - The California Public Employees’ Retirement System board voted on Wednesday to lower the pension plan’s expected rate of investment returns to 7 percent by 2020, a decision that comes after the fund failed to meet its 7.5 percent target the past two years.

The move by the nation’s largest public pension fund will place a greater financial burden on the state’s cities and counties as well as their public workers. (Reporting by Rory Carroll)

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