Pensions
Are the big retirement promises funded on their own assumptions?
CalPERS and CalSTRS. Funded ratios use assumed returns. A higher ratio can still leave a large unfunded liability.
Every chart on this desk · click to zoom
R01PensionsNot fucked
Pension funded ratios: CalPERS (PERF) and CalSTRS (Defined Benefit Program)
85pct · 2026↗ improving
R02PensionsNot fucked
Unfunded pension liabilities: CalPERS and CalSTRS
153usd_bn · 2025↗ improving
R03PensionsNot fucked
Pension investment returns vs assumed return
14.8pct · 2026↗ improving
State readings · level beside direction
Featured · R01
Pension funded ratios: CalPERS (PERF) and CalSTRS (Defined Benefit Program)
Funded ratios depend on the plans’ assumed returns. Better than 2017–19 is a comparison with that range, not a statement that the promise is fully paid for.
Dashed = preliminary or estimateFull page, sources & data →