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CalPERS beneficiaries were apparently swayed away from social activism at least in part by a consultant in 2016 who found that the fund’s beneficiaries missed up to $3B in investment gains from 2001–14 in the wake of divestiture from tobacco holdings. (Photo: AP)

The California Public Employees’ Retirement System will face a June lawsuit over rate hikes on its long-term care insurance plan, under a new board president.

Marlene Satter

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