1993   2016
A. Accrued liability   $75.9B   $436.7B
B. Actual value of assets   $75.9B   $298.1B
C. Value of assets based on ?.??% return   $75.9B   $261.6B
D. Actual funded status (B ÷ A)   100%   68.3%
E. Funded status based on ?.??% return (C ÷ A)   100%   69.8%

Detailed spreadsheet (opens in new window).

Choose fixed return (%):

This tool displays the actual funded status of the CalPERS PERF fund during the 23-year period of 1993 to 2016. It compares the actual funded status to what it would have been had investments yielded a fixed return in each of those 23 years.

In 1993 the funded status was 100%, but by 2016 it had dropped to 68.3%, a shortfall of $138.6B. The shortfall is often blamed on investment return being less than hoped for. This tool allows you to explore if this is actually true or not.

Select a value for the fixed return using the form above. Hover your mouse cursor over the plots to see numerical values. Here are some example returns you might want to try: