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CALPERS Off $81 Billion

calpers2.jpgLike every other pension fund or endowment, we knew it was off big, but still, the numbers are pretty staggering:



What they mean by "guaranteed" is that any pain from the decline won't be borne by the retirees... No, they get to spread the pain around to non-state employee taxpayers, who will foot the difference. This comes at a time when California faces a regular budget deficit of $28 billion.

(via Pension Tsunami)

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