According to Bloomberg News, the California Public Employees Retirement System (CalPERS) has lost almost $67 billion in 12 months, more than 25 percent of its value, as stock and bond markets tumbled. The California State Teachers' Retirement System (CalSTRS) has also lost 25 percent of its value. This is not good news for taxpayers, who are already on the hook for several hundred billion dollars in unfunded liability for public employee pensions and retiree health care plans.  Read more >>