California Insider

I'm deeply skeptical of this CalPERS policy change to reduce pension obligations in the short term by lengthening the time it takes to account for recent investment losses. Seems like a shell game to me. The losses are still there, but we're not going to acknowledge them. I guess if the market bounces back and the investment recovers, the fund is ok. But what happens if, after papering over these losses, they get hit with new ones?