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The California Public Employees’ Retirement System returned 1% on its investments in the fiscal year ending June 30, a substantial miss for the largest U.S. pension fund. CALPERS, which had assets of $233 billion as of June 30, has an annual investment return target of 7.5%, which it had lowered from 7.75% recently. The data is a bad sign for public pension funds nationally, many of which are under pressure as governments face large budget defici...
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