Cal pension funds a half-trillion dollars short, study says. . .
A team of graduate students at Stanford University, overseen by former Assemblyman Joe Nation, has calculated that California’s three major public pension funds are collectively more than a half-trillion-dollars underfunded if their underlying assumptions are adjusted downward to a “risk-free rate.”
The report, conducted under the aegis of Stanford’s Institute for Economic Policy Research, bolsters the case by Gov. Arnold Schwarzenegger and other pension reformers for an overhaul of the state’s pension systems.
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