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The reforms, which led to a strike this week and street protests outside the capitol, increased employee contributions to the retirement system to 10 percent of salary from 9 percent.

The state may see its relative borrowing costs double within two years and its credit grade weaken without a fix, said Adam Mackey, head of munis at PNC Capital Advisors.

The Orange County city with a median home value of $1.5 million according to Zillow.com, is weighing bids from other governments and private companies for lifeguard services at Corona del Mar State Beach, which the municipality patrols,

The proposal comes shortly after machinists for Boeing agreed to move from a defined benefits plan to a defined contributions retirement system in exchange for a cash bonus of $10,000.

Obamacare and an aging U.S. population are spurring purchases of medical office buildings, with investors sending prices to a record on bets that Americans demand for health services will increase.

The $281 billion fund earned 25.6 percent on its publicly traded equity holdings while private equity, which lags three months, gained 19 percent through the end of September.

U.S. pensions, which control $16 trillion, shifted out of equities and into bonds in the third quarter at the fastest rate since 2008,

Ted Eliopoulos, current senior investment officer for real estate, will serve as acting CIO of the more than $277 billion pension plan, also known as Calpers.