Our story in today's Bee about why a CalPERS accounting change will cost state and local governments billions of dollars references a report about the fund's risk of extreme, even fatal, losses over the next 30 years. We've embedded the report below.
The story also mentions that the actuarial rule of thumb has long been that healthy pension funds' assets equal at least 80 cents of every dollar promised to members. What we didn't mention is that notion was challenged last year by the American Academy of Actuaries in a brief, "The 80% Pension Funding Standard Myth."
The academy said the origin of that standard has no clear origin and that "most plans should have the objective of accumulating assets equal to 100% of a relevant pension obligation."