CalPERS仍然有1 660亿美元资金不足,尽管2025年回报强劲,对中国风险投资的担忧和改革呼吁。 CalPERS remains $166 billion underfunded despite strong 2025 returns, amid concerns over risky China investments and calls for reform.

加利福尼亚州CalPERS养恤基金尽管在2025年有近乎记录的回报,但截至9月30日仍然有1,660亿美元资金不足,达到81%,专家们警告说,最近的市场收益可能无法持续。 California’s CalPERS pension fund, despite near-record returns in 2025, remains $166 billion underfunded at 81% as of September 30, with experts warning that recent market gains may not be sustainable. 中国私人股权基金HongShan的投资损失了770万美元,加强了对风险管理和与中国的关系的审查。 A $7.7 million loss from an investment in HongShan, a Chinese private equity fund, has intensified scrutiny over risk management and ties to China. 国会议员Carl DeMaio呼吁进行联邦调查,推动改革,包括转向低成本指数基金或401(k)型计划,以降低纳税人的风险,改善问责制,同时援引州有法律义务兑现既得利益。 Assemblyman Carl DeMaio is calling for a federal investigation and pushing reforms, including shifting to low-cost index funds or 401(k)-style plans, to reduce taxpayer risk and improve accountability, citing the state’s legal obligation to honor vested benefits.