Changes at top as CalPERS faces biggest test yet

Chief Executive Officer Marcie Frost told the board investment returns were negative 3.9 percent last year but over the last 10 years averaged 7.9 percent, still above the current earnings target of 7 percent.

The new chief investment officer, Ben Meng, who began work this month, told the board the projected funding level was “around 65 to 66 percent,” down from the previous reported level of around 70 percent.

A decade after losing about $100 billion during the financial crisis and stock crash in 2008, CalPERS funding has not recovered, even though stock indexes tripled during a bull market of record length before dipping last year.

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