Because the state payment for CalPERS has an no funded liability, increase to grow. Currently it's about $64.5 billion. There were some pretty big sizable losses in 2008 and year. It was about $12.7 billion to the deficit. The market collapse of 2008 was not an excellent to pensions for example CalPERS. You to help consider these pensions are so large they can't enjoy it and out with the markets quick more than enough. It takes them sometimes six months to accumulate stock positions. As soon as the markets do end up very chaotic it's tough for them turn out to be nimble and fairly fast.
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