This commentary in the Sacramento Bee from Rob Feckner, President of the CalPERS board of administration, was a response to a column from long time legislative reporter Dan Walters and a guest opinion from former San Jose Mayor Chuck Reed. Both Walters and Reed forecast a bleak fiscal future for CalPERS, citing the meager 0.61% investment return number it announced for 2015, which is well below CalPERS’ assumed rate of 7.5%. Both public pension detractors say California pension systems are woefully underfunded and getting worse. Feckner, on the other hand, argues that everyone had a bad year in a down market, and that CalPERS invests for the long term and has taken steps to mitigate volatility and make sure it meets its obligations to millions of state and local retirees. Read Rob Feckner’s commentary in the Sacramento Bee: http://www.sacbee.com/opinion/op-ed/soapbox/article92664472.html
