US - The California Public Employees' Retirement System (CalPERS) will review forecasts of capital market returns in preparation for the adoption of a new three-year asset allocation policy in December.
The review will take place on May 17 in a workshop open to the public and will also set the stage for adoption in February 2011 of CalPERS' assumed rate of return, currently set at 7.75%.
"Our discussion of market trends will help us set realistic three-year investment targets and ranges for stocks, private equity, fixed income, real estate and inflation-linked assets," said CalPERS Investment Committee chair George Diehr.
"We'll make no immediate decisions but test assumptions for investment earnings. Are they too aggressive, too pessimistic or just about right? What adjustments might we need to make?"
The May 17 workshop panel includes Wilshire Associates managing directors Michael Schlachter and Andrew Junkin along with Pension Consulting Alliance (PCA) senior vice president John Linder, and Allan Emkin, PCA managing director.
CalPERS asset allocation portfolio manager Lorne Johnson, First Quadrant chief investment officer Max Darnell, and GMO partner Matt Kadar will also participate.
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