"The San Mateo County Employees' Retirement Association (SamCERA), which handles the county's retirement program, told the grand jury that as of June 30, 2012, the unfunded liability figure was about $1.08 billion. But that assumes the association's assets will perform at a level which hasn't been reached in recent years, according to the civil grand jury.... [W]hen taking into account actual investment performance and current economic conditions, the grand jury projected a shortfall closer to $2 billion."  MORE >>