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California Public Employees' Retirement System

CalPERS likely to fall short of annual investment goals

CalPERS likely to fall short of annual investment goals

The nation's biggest public pension fund is falling far short of its annual investment goals, a setback for a system already straining to keep up with looming obligations. The California Public Employees' Retirement System earned only 3% in the 10 months that ended April 30 and is likely to fall short of its 7.5% annual target when the fiscal year ends Tuesday, the pension giant's investment chief said. Absent a "remarkable rally in the global stock market," said Ted Eliopoulos, CalPERS' chief investment officer, the ground to make up in two months is too great to avoid a likely shortfall. "We don't like to get too excited about any one-year...

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