From the Associated Press today....
"LOS ANGELES -- The nation's largest public pension fund has moved to oppose plans to privatize part of the Social Security retirement system.
The California Public Employees Retirement System (CalPERS) voted Wednesday to oppose the Bush Administration's plans to privatize the system. CalPERS says such a plan will contribute to the national deficit, cost retirees more in management costs and potentially risk their retirement savings.
Although Bush Administration officials have talked about allowing younger workers to invest some of their payroll taxes into personal investment accounts, it has not yet adopted a formal plan.
In order to pay all promised benefits, Social Security is facing an estimated $3.7 trillion shortfall over 75 years."