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Scott Adams

CalPERS: a looming disaster?

CalPERS: a looming disaster?

Today's topic: How much of a fiscal hazard to California does the state's pension system present? Won't CalPERS recover most of the money it has lost this year once the economy recovers? Without reform, get ready for fiscal disaster Point: Marcia Fritz Market losses, higher pensions and a mass of new retirements expected within the next few years are hitting the California Public Employees Retirement System (CalPERS) all at once. The fund value today is $191 billion. If you subtract the portion needed for current retirees and survivors, just $50,000 remains for each active worker. It's not enough. Warn your members, Scott, not to expect CalPERS to recover most of the...

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