California’s state and local pension plans have over $265 billion in debt

California’s public pension plans are taking on more risk than other pension systems while generating relatively poor investment return results, a new Reason Foundation report finds. The California Public Employees’ Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) are the nation’s two largest government-run pension funds, overseeing $558 billion and $382 billion in assets, respectively.

As it stands, California’s state and local governments have the most public pension debt in the country, with total unfunded pension liabilities of more than $265 billion, according to a new report from the Reason Foundation. That’s over $6,000 in pension debt for every state resident. CalPERS has $166 billion in debt, and CalSTRS has $39 billion in unfunded liabilitie