The report says that assuming a 5.5 percent annual return would add $200 billion to state and local unfunded pension liabilities and lowering it to 4.5 percent would add $321 billion. Plugging in those numbers and adjusting for more recent budget deficits, short-term borrowing and additional retiree health care could push total debt over $1.1 trillion.
Tuesday, April 30, 2013
Report: California governments could be $1.1 trillion in debt
Sounds like a lot of money.