California's push for a pension overhaul took on a new urgency when the California Public Employees' Retirement System and a sister agency, the California State Teachers' Retirement System, separately announced that they'd lost about a quarter of the value of their investment portfolios. CalPERS' preliminary losses were $56.2 billion, while the teachers' retirement system lost $43.4 billion.

Schwarzenegger told reporters last week that the big pension funds could face an estimated $300-billion shortfall in covering the cost of pensions to current and future retirees.

I can't believe these staggering numbers, what casino did they go to?....Wise Owl