"have earned an annual total-fund net return of 9.6% since the plan's founding in 1990" 9.6% sounds pretty stellar to me. This is much better than many funds.

"have earned an annual total-fund net return of 9.6% since the plan's founding in 1990" 9.6% sounds pretty stellar to me. This is much better than many funds. Calpers' 30 year return is 7.7% annualized.