Orange County retirement plan lowers projection for investment earnings (OC Register)

December 10, 2012 – In a move praised by pension reformers, the $9.7 billion Orange County Employees Retirement System has lowered the projection for its annual investment returns from 7.75 percent to 7.25 percent. Reducing that assumption means that Orange County will have to pay millions of dollars in extra pension contributions starting July 2014to help make up for the lowered investment rate.  John Moorlach, chairman of the Board of Supervisors, estimated that the change would cost the county an additional $60 million a year. The county is the largest participant in the 37,693-member retirement system.

Link to Full Article: http://taxdollars.ocregister.com/2012/12/10/county-retirement-plan-lowers-projection-for-investment-earnings/164514/

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