California's massive CALPERS system has been accused of avoiding emerging money managers. No matter who's in charge, they've been losing money, the system notes.

Companion legislation signed by Gov. Jerry Brown requires another vote in the Legislature before the program can be implemented and participants enrolled

The Florida Retirement System home to some 900,000 active and retired public employees is now underfunded by 13.1 percent, up $1.2 billion over last year.

For the 100 largest public employee-retirement systems in the country, total holdings and investments totaled $2.7 trillion in the second quarter of 2012, a decrease of 1.7 percent from $2.8 trillion last quarter, according to new data by the U.S. Census Bureau.