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The chief investment officer of the $303 billion California Public Employees’ Retirement System (Calpers) just recommended that it lower its annual assumed rate of return to 7 percent from 7.5 percent, which will require workers to contribute more money to the plan.

This is a good sign because it finally shows some grasp of reality. Unfortunately it points to a substantial amount of pain ahead for workers, who will inevitably have to pay more into their pensions in the very near future. And that pain could be even worse because expectation of a 7 percent annualized return is still too high. 

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