Our sister blog, Capitol Alert, sums up the findings of a new report from The Stanford Institute for Economic Policy and Research, which bills itself as "an independent, non-partisan research institute at Stanford University."
The bottom line: CalPERS, CalSTRS and the University of California Retirement System are underfunded by a combined $500 billion.
Worth noting, according to this press advisory: "The client for this project was the Office of Governor Arnold Schwarzenegger."
Click here for the Capitol Alert post with a link to today's report brief. A Stanford spokeswoman said that the full report will be released later this week.