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As yields on risk-free Treasuries fell, private pension plans lowered their investment return assumptions but public plans did not. Instead, public pensions invested in risky assets.  REUTERS/Graphics It made more than $9.2 billion in net equity sales in September and October, according to fund documents. In December, the กระเป๋า MANGO pantip board reduced the discount rate to reflect the new portfolio allocation. The new expectations still did not reflect investment advisers short-term forecasts. Wilshire estimated only a 17 percent probability that CalPERS would earn its new 7 percent discount rate over the next decade. At the time, CalPERS board member J.J. Jelincic proposed reducing expectations further to align the discount rate more closely with advisers forecasts. 6.25 is the reality, Jelincic said at a December meeting. But the board worried that the costs of such a move would require even higher contributions from California governments and workers. Cities are already warning of the impending strain. Scotts Valley, a small city outside of Santa Cruz, expects its annual pension costs to jump by nearly 75 percent over three years under CalPERS new discount rate.

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