"California’s state employees’ pension fund (CalPERS) manages close to $330 billion, making it the largest public pension fund in the nation. Unfortunately, it’s only funded at 65 percent of the amount needed for its commitments to retirees. And this is with the stock market at historic highs. If there is a downturn CalPERS could find itself with a much larger shortfall.
We’re already seeing pension liabilities crowd out other spending. General fund revenues have grown 28 percent over the past six years, but the share available for discretionary spending outside of public safety has declined from 21 percent of the budget to 12 percent. Over the same time frame, spending on pensions increased 99 percent."
https://www.mercurynews.com/2017/07/30/steve-westly-california-pensions-are-its-206-billion-elephant-in-the-room/
We’re already seeing pension liabilities crowd out other spending. General fund revenues have grown 28 percent over the past six years, but the share available for discretionary spending outside of public safety has declined from 21 percent of the budget to 12 percent. Over the same time frame, spending on pensions increased 99 percent."
https://www.mercurynews.com/2017/07/30/steve-westly-california-pensions-are-its-206-billion-elephant-in-the-room/