(Bloomberg) — The California Public Employees’ Retirement System, the largest U.S. state pension, saw its funding level rise 7 percentage points last year as investment returns beat assumptions.
The $293 billion system, known as Calpers, said its estimated funding level rose to 77 percent of assets needed to cover promised benefits as the fiscal year ended June 30. That’s up from 69.8 percent a year earlier.
Pensions across the U.S. are short more than an estimated $915 billion needed to cover benefits promised to government workers, according to the Pew Charitable Trust. Taxpayers have been asked to make up the shortfall.