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The Disaster of California's State Pensions
National Center for Policy Analysis [NCPA] 
Oct. 27, 2010
Excerpt: Re-estimating California's pension obligations using a discount rate approximating what private pensions are allowed to use, [a study] finds the gap between existing plan assets and the present value of benefits accrued by participants actually reaches $282.2 billion, a figure that rises to $326.6 billion when current market values are taken into account. On top of that, the California Controller estimates that retiree health benefits are currently underfunded by $51.8 billion. The total of these actuarial obligations thus reaches $378.8 billion.
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