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CalPERS Funding Level: How Low Can It Go?
Calpensions 
Mar. 22, 2012
"The worry is that if the funding level of the big pension fund drops too far, it may not be practical to raise annual employer payments enough to regain proper funding. The rough estimate (final figures are not in yet) is that CalPERS funding as of last June averaged 74 percent, up from 65 percent the previous year."
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