Policy makers at the California Public Employees’ Retirement System voted this week to disregard the advice of their chief actuary and keep the retirement system’s assumed annual rate of investment return at 7.75%.

Chief actuary Alan Milligan had recommended that the pension fund adopt a lower discount rate at 7.5%. However, according to a CalPERS news release, he told the system’s benefits and program administration committee Monday that they can justify keeping the 7.75% discount rate as prudent before the panel voted to leave the rate unchanged.

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