Fact:Our Chief Actuary has said the costs for employers are not affordable due to the market downturn, and unless markets come back, he is concerned about the ability of employers to pay. That is why he recommended the special smoothing policy this year. It allows time for the economy to bounce back before employers have to pay full fare. (He did not say CalPERS is unable to meet its present obligations to pensioners. We have a long-term investment horizon. Our goal is to ensure that we have enough money to pay benefits when workers retire.)
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