More bad news for California’s future retirees: Their pension fund is not growing fast enough to honor its future obligations. And who will make up for the low growth? The Californian tax payer.

The return for the 12 months through June 30 marks the third time in the past five years that it has failed to reach the 7.5 percent threshold needed to meet projected obligations. When Calpers underperforms, the state and its municipalities must make up make up the difference. The state will see its costs rise next year and local governments the following year, the fund said in statement.

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