Reuters reports the board of California's $255 billion public pension fund on Wednesday approved accounting changes requiring state agencies, cities and counties to pay rate increases of up to 50 percent in a plan to fully fund the pension system's obligations in 30 years.

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Reuters reports Pacific Grove city council voted last week to "fully explore" ways in which it believes Calpers has "artificially inflated the City's liabilities." It hired an actuary as well as Karol Denniston, a San Francisco lawyer at Schiff Hardin who helped draft California's bankruptcy process law.

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Orange County Register reports the California Public Employee Retirement System board voted this month to hit up state taxpayers for more money for its troubled $237 billion pension fund.

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Despite coming clean about uncovered evidence of corruption and bribery amongst its ranks, according to the Orange County Register, CalPERS still shows no interest in dealing with an even bigger problem: the unsustainable pension deals for state workers that leave Californians on the hook for hundreds of billions of dollars of pension debt.

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The Los Angeles Times reports that a 17-month investigation has revealed shocking evidence of bribery and corruption amongst CalPERS board members, including former chief executive Federico Buenrostro Jr.

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