Sacramento, California - Governor Edmund G. Brown Jr. issued the following statement regarding today's vote by the California Public Employees’ Retirement System (CalPERS) Board to reduce the pension fund’s current 7.5% expected annual rate of return on investments to 7% over the next three years:

“Today’s action by the CalPERS Board is more reflective of the financial returns they can expect in the future. This will make for a more sustainable system.”