1993   2015
A. Accrued liability   $75.9B   $413.7B
B. Actual value of assets   $75.9B   $302.4B
C. Value of assets based on ?.??% return   $75.9B   $261.6B
D. Actual funded status (B ÷ A)   100%   73.1%
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 22-year period of 1993 to 2015. It compares the actual funded status to what it would have been had investments yielded a fixed return in each of those 22 years.

In 1993 the funded status was 100%, but by 2015 it had dropped to 73.1%, a shortfall of $111.3B. 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: