FILE - In this Monday, Dec. 19, 2016, file photo, members of the California Public Employees' Retirement System, CalPERS listen to discussion about reinvesting in tobacco stocks in Sacramento, Calif. The board decided Monday to sell off its last $550 million worth of tobacco-related investments nearly two decades after trading away the bulk of them. California's largest pension system is downgrading its expectations for investment earnings, meaning government agencies will likely have to contribute more tax dollars to retirement benefits for public employees. The decision Wednesday, Dec. 21. 2016, by the CalPERS' board responds to long-term financial pressures and projections of lower returns on global investments over the next decade. (AP Photo/Jonathan J. Cooper, File)
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