SHORTFALL AWAITS CALIFORNIA'S BIG PENSION FUNDS

Subject: txt cali mny crpt -
California's three largest state-operated, public-employee pension funds -- the California Public Employees' Retirement System, California State Teachers' Retirement System and the University of California Retirement System -- currently face a total shortfall of more than $500 billion, according to a study released Monday by Stanford University.

Gov. Schwarzenegger warned Monday that pension fund shortfalls could lead California, which faces a $20 billion budget gap in the coming fiscal year, to divert more funds from other state programs to cover pension costs...

[Because they're guaranteed by tax payers - how nice.]

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