一年前，加州州长杰瑞·布朗在养老金计划的贴现率上与加州公共雇员退休制度委员会成员的公共吐满丛刊。养老金计划委员会搬迁到降低利率 - 当他们计算其资金地位和投资需求时，金钱资金可以折扣，因为他们认为他们将在市场上进行资本 - 从目前的7.5％到6.5％，使用一个复杂的策略，将在20年内削减。棕色的正在推动为了计划立即将带助剂拉出并立即降低速率。致命监督卡波斯3000亿美元养老金制度的12人董事会两名成员的总督，当董事会为其20年的降低策略投票时失去了这场战斗。现在他看起来很可能会得到一点。
在11月15日的紧张会议of the CalPERS Finance and Administration committee, CalPERS’s own staff, as well as two of the fund’s long-time investment consultants, told the board that the assumed rate of return — the rate of return CalPERS expects to make from its investment portfolio over the long term — that the pension system is using for the next ten-year time horizon is too high. Andrew Junkin, president of Wilshire Consulting, CalPERS’s general consultant, told the board his firm was estimating annual pension returns at around 6.2 percent over the next decade, down from a previous 2013 estimate of 7.1 percent. Allan Emkin, a co-founder of Pension Consulting Alliance, also a CalPERS consultant, agreed with Wilshire’s prognosis.
Calpers Cio Ted Eliopoulos告诉董事会当前的投资环境导致回报期内降低，引用低通货膨胀（尽管全球总量的宽松），适度的全球增长和低利率。Eliopoulos还没有满足于让他的话语，Eliopoulos还推出了一款行业泰坦的短片，包括Blackrock Ceo Larry Fink和Berkshire H亚慱体育appathaway Ceo Warren Buffett，讨论了慢速增长环境以及投资者应该有什么样的退货期望。
假定收益率加州公务员退休基金使用破碎nt because, as a public pension plan, it uses the same rate for the discount rate. A lower discount rate means a lower funding status and would likely require larger contributions from employers and employees. Some stakeholders at CalPERS and other pension plans have been resistant to lower discount rates — arguing that the current low-return climate is an anomaly — because of the repercussions for the plan and its beneficiaries. Governor Brown’s point in 2015 was that the state had, or could budget for, the extra funds. A lower discount rate could also help the governor negotiate with unions in the event that labor wanted to push for more generous retirement benefits.
在11月17日委员会的听证会上，特里萨·泰勒当选的加州公务员退休基金的董事会成员谁也作为地方SEIU 1000的副总裁兼秘书财务，指责Eliopoulos寻求出售在黑板上的“恐慌和权宜之计。”她认为，以前的变化 - 包括降低折扣率和降低20多年风险的计划 - 尚未生效。其他工会代表也提出了反对意见，无论是降低利率的速度，都需要降低它。
工作人员并没有提出准确的建议，以降低利率，但Eliopoulos建议他们可以在12月份尽快回到委员会。在会议结束时，委员会主席Richard Costigan被加利福尼亚州的国家人事委员会任命为Calpers委员会，要求员工回到委员会，并在12月会议上提出讲习班的提案。全卡尔斯委员会一旦2月就可以批准较低的速度。