- The California State Pension system lost more than $100 Billion dollars in the 2008 financial crisis and has still not fully recovered
- The League of California Cities released a report claiming that pension costs are expected to rise more than 50% by 2024-2025. This would mean that 16 percent of the annual budget for the state of California would be devoted to paying the pensions of public servants.
- CalPERS, or the California Public Employee Retirement System, has reported a funding percentage of 65%.
- Unfunded liabilities for the CalPERS account total more than $62 billion.
- CalSTRS, or the California State Teachers Retirement System, has reported a funding percentage of 65%.
- Unfunded liabilities for the CalSTRS account total more than $74 billion.
- The unfunded liabilities of CalPERS and CalSTRS have grown by $63 and $65 billion in the past twenty years, respectively.
Resources:
Mercatus Center
CalPERS Annual Report 2017
CalSTRS Annual Report 2017