• $87 billion in unfunded liabilities for the California Public Employees’ Retirement System. The $87 billion would be far higher if not for the rosy investment assumptions used by CalPERS.
• $73 billion in unfunded liabilities for the California State Teachers’ Retirement System, a sum that increases a staggering $6 billion a year. The $73 billion would be far higher if not for the rosy investment assumptions by CalSTRS.
• $64 billion in unfunded liabilities for health insurance coverage guaranteed to retired employees.
• $8.2 billion in money borrowed from the federal government to replenish the state’s broke unemployment compensation fund. California only pays the interest on the debt.
Sunday, June 2, 2013
The truth about California’s finances
Not out of the woods yet. But if the State shows no fear and makes the right decisions, it could happen.