Salient to Investors:

Calpers is 26 percent short of meeting its long-term commitments. The state and cities contributed $7.8 billion in the last fiscal year, almost 4 times more than a decade earlier.

California taxpayers may see their municipal pension contributions rise as much as 50 percent under a plan to fill $87 billion in unfunded obligations.

The median funded status of state pensions fell to 72 percent in 2011 from 83 percent in 2007.

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