Stanford University estimates that California’s state and local public pension systems are underfunded by $700 billion, the equivalent of seven state budgets. These unfunded liabilities threaten future benefit payments to retirees, divert resources needed to support essential government services and burden future generations with huge debt. California Foundation for Fiscal Responsibility has created this Web site to inform the public about California’s pension crisis and engage taxpayers, stakeholders and experts in the search for a solution.