For Whom CalPERS’s Funded Status Tolls

A recent news article incorrectly describes the funded status of the California Public Employees Retirement System (CalPERS) as follows:

“Today, CalPERS . . . has about 68 percent of the assets it would need to pay all of the benefits it owes immediately.”

That is not correct. CalPERS does not have 68 percent of the assets it would need to pay all of the benefits it owes immediately. For that purpose it has only 38 percent.