California Teachers’ Pension Trims Investment Forecast to 7.5%
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The California State Teachers’ Retirement System, the second-largest U.S. public pension, cut its assumed annual rate of return to 7.5 percent from 7.75 percent, the second reduction since 2010.
The board of the $144.8 billion fund voted yesterday to adopt an actuary’s recommendation to lower its investment forecast because of what a staff report called “dramatic market declines” beginning in 2008.