Governor Brown Issues Statement on CalPERS Vote


SACRAMENTO – Governor Edmund G. Brown Jr. issued the following statement in response to the California Public Employees’ Retirement System (CalPERS) Board of Administration action this morning to adopt a new policy regarding its assumed rate of investment returns:

“I am deeply disappointed that the CalPERS Board reversed course and adopted an irresponsible plan that 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.”