
California is a state located on the West Coast of the United States. Nicknamed "The Golden State," it is the most populous and third-largest state by land area, after Alaska and Texas. Read more at Wikipedia




Michelle Rhee, founder and CEO of StudentsFirst, works on a computer at her office in Sacramento, California



Facebook CEO Mark Zuckerberg delivers a keynote during the Facebook f8 Developer Conference at the San Francisco Design Center in San Francisco on September 22, 2011 in California.




Nick Stahl poses at the premiere of the film "Burning Palms" at the Arclight theatre in Hollywood, California, January 12, 2011.




Nicollette Sheridan arrives at County Courthouse on March 1, 2012 in Los Angeles, California. (Toby Canham, Getty Images)



Nicollette Sheridan arrives at County Courthouse on March 1, 2012 in Los Angeles, California. (Toby Canham, Getty Images)
Given the outlook for long-term investment performance, the system may well choose to lower its return assumption again in the near term ... Whether Calpers implements a phase in or not, its is my intent that the state fully pay for the change in investment return assumptions this year....
In essence, phasing in the change would be the equivalent of the state taking a 20-year loan at 7.5 percent interest --not a prudent decision...
Your decision today to institute a phase-in period reinforces the same practice of prior years -- to not pay our pension bills when due...