Unfunded liabilities huge and growing; officials seek solutions
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NORTH BAY – Local, state and federal governments have unfunded pensions coming due in the trillions dollars, said Joe Nation, former state Assemblyman and Director of Graduate Public Policy Practicum at Stanford University at the annual Sonoma State University Economic Outlook conference.
“CalPERS is $102 billion in the red,” he told the Feb. 24 conference attended by about 250 people.
In fact, even if things go exactly to current plans, there is only 25 percent chance that CalPERS will meet its obligations to retirees, Mr. Nation’s studies have found.
“It is not a Marin problem, a Sonoma problem, a CalPERS problem, a California problem, it is a problem across the country. If you total up these unfunded liabilities across the country they probably add up between $3 trillion and $5 trillion.”