California public pension fund pays billions while face shortfall

Retired public servants in California are receiving 6.3 billion dollars a year from the California Public Employees Retirement System, according to the New York Post. More than 63,000 pensioners are receiving at least 100,000 dollars annually, with maximum individual payouts reaching 462,000 dollars a year. [1]

The high payout totals come as the pension shortfall for the state public service reaches at least 153 billion dollars, the New York Post reported. Local elected officials who benefit from the system have criticized recent attempts to expand pension payments, citing the financial burden placed on local government budgets. [1]

The California Public Employees Retirement System serves as the largest public pension fund in the United States. California became the 31st state in September 1850 and maintains an economy with a gross domestic product of 4.1 trillion dollars as of 2025. [1][3]