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MORE PENSION MATH:
Funded Status, Benets, and Spending Trends or Caliornia’sLargest Independent Public Employee Pension Systems
Evan Storms
Stanord University & Caliornia Common Senseand
Joe Nation, Ph.D.
Stanord Institute or Economic Policy Research (SIEPR)
February 21, 2012
 
PREFACE
 
| i
Preace
Caliornia’s public employee pension problems are welldocumented. Even under the most optimistic assumptions,the unded ratios or statewide systems such as the CaliorniaPublic Employees’ Retirement System (CalPERS) and theCaliornia State Teachers’ Retirement System (CalSTRS)all well below accepted standards.Yet little research has been done on Caliornia’sindependent pension systems. These include systems in20 counties that operate systems permitted by the CountyEmployees Retirement Law o 1937 (CERL), as well as citiesand special districts that operate their own pension unds.This report examines the current state o Caliornia’sindependent public employee pension systems. It examinessystem assets and unded levels, membership, benet levels,employee and employer contribution rates, and overallpension costs. It compares the potential impacts o pensioncosts on non-pension expenditures and oers conclusionson the nancial condition o systems, benet levels, andindependent system reporting standards.This project was supported in part through undingrom The James Irvine Foundation and Caliornia Forward.The authors are wholly responsible or its content.
Comments may be directed to the authors:
Evan StormsCaliornia Common Sense/Stanord University
estorms
@
stanord.edu
 Joe Nation, PhDStanord Institute or Economic Policy Research (SIEPR)366 Galvez StreetRoom 109, Gunn BuildingStanord, CA 94305-6050
 jnation
@
stanord.edu
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