1993   2013
A. Accrued liability   $75.9B   $375.0B
B. Actual value of assets   $75.9B   $261.6B
C. Value of assets based on 7.79% return   $75.9B   $261.6B
D. Actual funded status (B ÷ A)   100%   69.8%
E. Funded status based on 7.79% 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 twenty-year period of 1993 to 2013. It compares the actual funded status to what it would have been had investments yielded a fixed return in each of those twenty years.

In 1993 the funded status was 100%, but by 2013 it had dropped to 69.8%, a shortfall of $103.4B. 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: