A panel at Calpers voted yesterday to lower its investment target to 7.5% from 7.75%, less than...

|By:, SA News Editor

A panel at Calpers voted yesterday to lower its investment target to 7.5% from 7.75%, less than the 50 bps reduction recommended by a senior actuary. If its board approves the change today, it will be the first time Calpers has lowered its target return in nine years, and could lead to higher retirement-plan costs or more job cuts in California.