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CalPERS--$525 billion in unfunded liabilities
CalSTRS (teachers) $52 billion in unfunded liabilities
LADWP $11 billion in unfunded liabilities
State Health Care $51 billion in unfunded liabilities
UC System $21 billion in unfunded liabilities
The above does not mention the city, county or special districts unfunded liability levels
"The pension funds have resorted to various measures to hide their debt levels to reduce the publics alarm, but the truth seeps out. The foundations report quotes the head of the California State Teachers Retirement System: In order to fully fund the [defined-benefit] program in 30 years, investment returns for the next five years would have to exceed 20 percent per year, a rate of return that is 2 1/2 times the assumed investment return. CalSTRS debunks the idea that the fund can invest its way out of the problem.
Yet the unions are fighting even the most modest reforms. And the new state budget approved Friday any wagers on how long before we learn that the state is once again deeply in the red? includes pension reform, but its so modest that it doesnt hope to close the unfunded liability gap."
Looks like the politicians really do not want to solve the pension crisis--time for a complete regime change! Now, it is them or us.
More...
CalSTRS (teachers) $52 billion in unfunded liabilities
LADWP $11 billion in unfunded liabilities
State Health Care $51 billion in unfunded liabilities
UC System $21 billion in unfunded liabilities
The above does not mention the city, county or special districts unfunded liability levels
"The pension funds have resorted to various measures to hide their debt levels to reduce the publics alarm, but the truth seeps out. The foundations report quotes the head of the California State Teachers Retirement System: In order to fully fund the [defined-benefit] program in 30 years, investment returns for the next five years would have to exceed 20 percent per year, a rate of return that is 2 1/2 times the assumed investment return. CalSTRS debunks the idea that the fund can invest its way out of the problem.
Yet the unions are fighting even the most modest reforms. And the new state budget approved Friday any wagers on how long before we learn that the state is once again deeply in the red? includes pension reform, but its so modest that it doesnt hope to close the unfunded liability gap."
Looks like the politicians really do not want to solve the pension crisis--time for a complete regime change! Now, it is them or us.
More...