By Elizabeth Bauer, includes “… And the nature of public plan accounting — that they are doubly-dependent on a high return on assets because that expectation determines the valuation interest rate regardless of what actual returns look like from year to year — creates perverse incentives to take even greater levels of risk. … If their investments pay off, they’re lauded for their skill; if not, there’s no harm done in the unfunded level worsening or taxpayers paying the bill for funding improvements at some undefined time far in the future — taxpayers to whom Calpers and the entire public pension structure feels no accountability. …”