Pension liabilities in California

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Public employee pension liabilities in California include:

  • Unfunded retiree health costs of $52 billion
  • Unfunded pension liabilities of $104 billion.[1]

The unfunded pension liabilities figure of $104 billion assumes that CalPERS will have an average annual return of 7.75% on its investments over the period of 2011-2031. If the average annual return is less than 7.75%, the amount of the unfunded liability will exceed $104 billion.[1]