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California Public Employees Retirement System Board Member George Diehr, left, confers with board Vice President Priya Mathur during a meeting in Sacramento, Calif., Tuesday, Feb. 18, 2014. The board of the nations largest public pension is expected to vote, Tuesday, on how California cities and government agencies should absorb the mounting costs of retirees living longer. (AP Photo/Rich Pedroncelli)

California Public Employees Retirement System Board Member George Diehr, left, confers with board Vice President Priya Mathur during a meeting in Sacramento, Calif., Tuesday, Feb. 18, 2014. The board of the nations largest public pension is expected to vote, Tuesday, on how California cities and government agencies should absorb the mounting costs of retirees living longer. (AP Photo/Rich Pedroncelli)

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