The California Public Employees’ Retirement System issued a report that their rate of return for the 2015-16 fiscal years was just .61%. which means that taxpayers will be forced to make up the difference for government employee pensions.

Ted Eliopoulos, the pension fund’s chief investment officer, said the poor year has pushed CalPERS’ long-term returns below expected levels.

“We quite clearly have a lower return expectation than we had just two years ago,” Eliopoulos said. “That will be reflected in our next cycle. We are cognizant that this is a challenging environment for institutional investors.”