
CalPERS: $5 Billion Shortfall as Risk Shifts to Taxpayers
CalPERS, the Golden State’s public employee retirement system, is seeking to shift the cost and risk of pensions to taxpayers after a $5 billion shortfall in 2014.

CalPERS, the Golden State’s public employee retirement system, is seeking to shift the cost and risk of pensions to taxpayers after a $5 billion shortfall in 2014.

California’s pension funds moved one step closer to divesting from coal on Wednesday, with an Assembly committee approving SB 185 bill by a 5-1 vote. The bill, which has passed the state Senate, moves to the floor for a vote. It is likely to pass, and Gov.Jerry Brown is likely to sign it into law, though he has opposed measures to ban fracking for oil in the state.