The CalPERS headquarters in Sacramento. (Photo: Kit Leong, via Shutterstock)Once CalPERS could shrug off low funding and rising employer costs as just another downturn, staying the course in the long-term strategy of getting most of its money from market investments that go up and down. This time is different.
The California Supreme Court. Standing, from left: Justice Mariano-Florentino Cuéllar, Justice Carol A. Corrigan, Justice Goodwin H. Liu, and Justice Leondra R. Kruger. Seated, from left: Justice Kathryn M. Werdegar (Retired August 31, 2017), Chief Justice Tani G. Cantil-Sakauye, and Justice Ming W. Chin. (Photo: State Supreme Court)The state Supreme Court, with four similar cases on the backburner, gave few signs during recent oral arguments on a labor-union challenge to Gov. Brown’s pension reform that it’s ready to take on the “California Rule” preventing pension cuts.