2015年养老金40：TED Eliopoulos

11月，董事会董事会的2940亿美元的公共雇员的退休制度投票，以降低基金的目标率从7.5％的每年返回6.5％。该决定是CALPERS首席投资官提议的计划的一部分TED Eliopoulos.，51和基金的高级员工，随着时间的推移，减少卡波斯的投资风险和负债。卡波斯正在响应这一事实，因为它的受益者年龄增长，它的福利就会更多地支付贡献。董事会认识到，降低风险将要求国家和市政当局进入基金，但他们希望减少其基于市场的波动性。In fact, after several high-performing years, CalPERS returned only 2.5 percent for the 2015 fiscal year, ended June 30. (Fiscal 2016 so far has been worse: down 4.9 percent through September.) CalPERS’s decision to embrace risk mitigation, which included exiting hedge fund investing, was a major turnabout for a plan that was once in the market-risk vanguard of public pensions. Lowering the assumed rate, however, won’t happen overnight. CalPERS will drop the rate a few basis points and rebalance into less risky assets every year it performs above a set bogey. Currently, to reach 6.5 percent, CalPERS has to return 11.5 percent or more; when that doesn’t occur, the fund will not be able to ratchet down its discount rate. Immediately after the November decision, California Governor Jerry Brown criticized the plan as “irresponsible,” saying the push to lower the rate “will only keep the system dependent on unrealistic investment returns. This approach will expose the fund to an unacceptable level of risk in the coming years.” CalPERS board president Rob Feckner disagrees, but the political storm clearly puts the onus on Eliopoulos, a former real estate attorney who took over as head of the fund’s real estate assets in 2007 and became acting CIO in 2013 and CIO in 2014, to deliver big returns.