SACRAMENTO (CBS) — Public pension funds in the state of California may be  as much as half a trillion dollars short of projections, according to a new report.

KNX 1070′s Mike Landa reports economists at one of California’s most prestigious universities suspect state officials could be inflating their revenue projections.

The shortfall may range from anywhere between $90 billion to as much as $500 billion, according to the
Institute for Economic Policy Research at Stanford University.

Economists believe CalPERS could be overly optimistic about returns on their investments and are worried that the more realistic numbers could leave the retirement funds for millions of state workers at risk.

The findings prompted state Treasurer Bill Lockyer to resign from Stanford’s pension advisory panel in protest.

In response to the report, CalPERS issued a statement depicting Lockyer’s resignation as yet another confirmation of questionable methods and conclusions from the Stanford Institute.