"Moody's and GASB: Unlikely sparks to fire a revolution.... Using the data from a March 20, 2012 report from the California State Controller ... [the] study revalued the official unfunded pension fund liability -- for all state and local government pension funds -- exactly according to Moody's proposed guidelines. The result was dramatic. Instead of California's total public employee pension plans being underfunded by $128.3 billion, which is the state controller's official estimate, the amount of underfunding nearly tripled, to 328.6 billion."