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The surplus is an illusion, California has over $1T in unfunded pension liabilities. $74k per taxpayer.
by dahdum 4y ago
The surplus is an illusion, California has over $1T in unfunded pension liabilities. $74k per taxpayer.
- danans 4y ago$1T is the debt if you assume a discount rate of 3%, which is lower than the rate of return on long term government bonds, and far lower than the rate of return on what the state pension programs actually invest in. A far more standard discount rate of 7% results in a debt of $310B. https://www.pensiontracker.org/ https://www.pensiontracker.org/