The California Public Employees' Retirement System, known as CalPERS, reported a lousy one percent return on its investments for the latest fiscal year.
Although the expected return was 7.5 percent, a CalPERS spokesman tells our "Saving the California Dream" producer Heidi Cuda a tough market is to blame and that last year the return was 20.7 percent.
H.D. Palmer in the Department of Finance says there will be no immediate impact on the state's budget, pension reformer Aaron McLear says taxpayers could be on the hook for the shortfall.
FOX 11 News and Studio 11 L.A. special: 'Saving the California Dream'... a comprehensive look at the state of our state with series producer Heidi Cuda.
Watch the 'Saving The California Dream' Video Report
KTTV FOX 111999 S. Bundy Dr.Los Angeles CA 90025Main: (310) 584-2000News Tips? (310) 584-2025