The California Public Employees Retirement System (CalPERS) recently announced investment losses for its latest fiscal year, which will add to the state’s pension debt. CalPERS now has approximately $611 billion in pension debt and is 72% funded, meaning it only has 72 cents of every dollar in retirement benefits already promised to workers. As a result, California’s state and local governments can expect to face continuing budgetary pressure from public employee pension benefit costs for the next several years.
CalPERS reported a -6.1% return for its fiscal year ending June 30, 2022. Even though it lost billions, the -6% loss compares
