usCalPERS has clawed back $70 billion of losses since its low point in 2008. With a fund now valued at $230 billion, it only has $30 billion more to go to reach its high point of $260 billion in 2007. On the savings front, CalPERS cut costs by close to $1 billion in 2010, according to a staff report, largely by removing high-cost hospitals from its health benefits program, expanding lower-cost health plans and reducing outside management fees. Stausboll said she is looking to make $287 million worth of additional savings this year. CalPERS’ "funding status" – the ratio of its assets to projected benefit obligations – has risen to 70 percent, up from 60 percent during the depths of the recession, though still far from the 102 percent CalPERS enjoyed in 2007.

 SF Chronicle