And what's happens to the Union's pension funds?
Public Pensions in California.
Nearly one in nine Californians is a member of a public pension program.
More than 4.6 million Californians are members of state and local pension plans, according to the State Controller’s Office. Most members (76%) belong to the state systems: the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and the University of California pension system. The remaining members belong to more than 100 local, special district, and other pension plans.
California’s largest public pensions have significant unfunded liabilities.
The largest funds at CalPERS and CalSTRS have reported gaps of more than $138.9 billion and $107.3 billion, respectively, between their estimated obligations to retirees and the current value of their assets. Since 2008, these unfunded liabilities have grown by more than $103 billion for CalPERS and $84 billion for CalSTRS. In 2016, 70% of California’s public pension liabilities were covered by assets, ranking 26th in the nation. Among other large states, New York ranked 4th (91%), Florida ranked 13th (79%), and Texas ranked 19th (73%).
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What are the 4.6 million Californians with their public pensions in the stock market going to think about this? --:--