The Funding Status of Independent Public Employee Pension Systems in California
Stanford Institute for Economic Policy Research / Joe Nation (November 2010)

“The unfunded liability for all (local) independent systems is $175 billion. At a 4 percent risk-free discount rate the total increases to $195.2 billion. When including market performance over the past 2 years it is estimated these systems have roughly $200 billion in unfunded liabilities. “

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