California's $600 billion zero-coupon pension hole

California got some good news recently when Assembly Speaker John Perez called upon lawmakers to act this year to find a solution to the states largest fiscal issue -- the $80 billion unfunded liability of the teacher pension system.

By David Crane | Updated on March 03, 2014

March 3 (Bloomberg) — California’s next generation got some good news recently when Assembly Speaker John Perez called upon lawmakers to act this year to find a solution to the state’s largest fiscal issue — the $80 billion unfunded liability of the teacher pension system.

Perez’s urgency was in contrast to the timeline proposed by Governor Jerry Brown, who in January acknowledged the severity of the crisis but suggested a solution be put off until next year.

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