CalPERS may need higher contributions to the pension fund from public employees and taxpayers.(Photo: Getty)

(Bloomberg) — The California Public Employees’ Retirement System, the largest U.S. public pension fund, faces a widening funding gap for the foreseeable future as its returns lag behind obligations to retirees, Chief Investment Officer Ted Eliopoulos said Monday.

“The gap grows over time,” Eliopoulos said during a presentation to the CalPERS board. “If we return less than 7.5 percent along this path, it gets wider and sooner.”

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