Roll them all back

"The sharp CalPensions.com Web site this week detailed the “lost decade” of the California Public Employees' Retirement System. Once riding high after years of huge gains, CalPERS now only has 66 percent of funding necessary to cover promised benefits. Its 2007 investment portfolio loss of 27 percent was significantly worse than average for state pensions nationally; there is heavy turnover among top executives; and a key consultant is raising doubts about CalPERS' upbeat projections for coming years."