[quote=sdduuuude]Nobody is entitled to a 15% return and certainly the taxpayers shouldn’t be making up for the shortfall.[/quote]

Just to add fuel, no 15% return assumptions were ever made. (As an aside, I don’t think
“entitled” belongs in that sentence anywhere, it doesn’t really fit.) I believe over most of the few years preceding the crash it was like 8%. And returns met or exceeded those assumptions. Except that one time when they didn’t. Before the crash, most public pensions were very close to fully funded (albeit with what in hindsight were faulty return assumptions). My recollection is that in 2007, CalPers was like 96% funded. I believe both CalPERS and CalSTRS, the two largest CA public retirement plans, are both now using 7.5% return assumptions.