NEWS: California’s pension hole: Once modest, now monstrous

Since 2003, California’s unfunded pension liabilities have increased greatly, from $6.3 billion then to $198.2 billion in 2013 according to figures from the state controller’s office.  The Orange County Register reports the large expansion in pension liabilities was caused by a political decision to grant more generous benefits, reductions in employee contributions and poor stock market performance.  However, pension funds have failed to meet their own optimistic projections even with more recent improvements in the stock market.

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