[sammyg2]

Worse that I thought. I was referring to calPERS, but there's more tuit.

As of June 30, 2009, the California Public Employees Retirement System (CalPERS) reported that its unfunded actuarial accrued liabilities in its main pension fund for state and local governments was over $49 billion-consisting of about $23 billion for the state and $26 billion for other public agencies.

Showing a bigger problem, a report by the bipartisan Little Hoover Commission found that the top 10 public employee pension systems in California - including plans for both state and local government workers - faced a combined $240 billion shortfall as of 2010.

A study by the Stanford Institute for Economic Policy Research more recently pegged the combined total unfunded pension liabilities of CalPERS, the California State Teachers Retirement System (CalSTRS) and the University of California retirement plan at $485 billion.

A growing problem for state and local governments
When pension costs rise, benefits are increased, or investments in pension portfolios perform below expectations, it is taxpayers that have to make up the difference as pensions are a legal obligation of state and local governments.

The current growing problem threatens General Fund support for K-12 education, higher education and law enforcement, and has put many local governments on the path the bankruptcy.

State pension General Fund costs for CalPERS has risen from $370 million in 2001-02 to $2.1 billion in 2011-12, a $1.7 billion increase. To put this in perspective, the state spends $2 billion annually to fund the 23 campus California State University System.

Adding in retiree health care costs makes the problem even worse. Combined General Fund costs for state retirement programs, including CalPERS retiree benefits and health care costs and State Teachers Retirement System (STRS) retiree benefits have grown over the years, and are projected to grow to nearly $7 billion by the 2014-15 budget year.

California Budget Fact Check