$50 billion?  Do I hear $100?  The number put out by the PERS board was $24 billion, but that is based on the $22 billion estimate that was put out more than a year ago.  There are reports back to the beginning of 2016 with this number.  When are we going to get an updated estimate?  Since the beginning of 2016, the S&P 500 is up 21%!  Now the PERS number would be lower because it likely can't reach the index return.  More importantly it would likely be a little more conservative in its investments, yielding lower returns.  Finally greater payouts might negatively affect the shortfall.  Anyway, I have to wonder why we are not getting better information from PERS.  Makes me wonder what agenda is at work here.