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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.

Brown also said hell back a constitutional amendment to stockpile unpredictable capital-gains taxes and deal with looming shortfalls in public pensions.

An 87-basis-point surge in interest rates and an 11.2 percent investment gain in 2013 powered a historic year in corporate pension funded status improvement, gaining $318 billion for the year.

Medical benefits of retirees are not considered vested and thus can be changed, the court said.