The California Legislature is attempting to increase public-employee pensions in two bills, one of which would exacerbate the state's pension problems. The bills, which were passed in 1999, would exacerbate California's problems as the stock market was booming and the California Public Employees’ Retirement System (Calpensions) was flush with cash. Union-friendly CalPERS lobbied the Legislature to significantly increase pension formulas rather than preparing for a rainy day. The resulting increase in pension funding levels led to massive unfunded pension liabilities, leading to increased services and taxes increased to cover the massive new pension contributions. The state's Public Employees' Pension Reform Act, led by then-Gov. Jerry Brown, in 2012, increased retirement ages and reduced benefits for new hires, but this didn't immediately address the problem immediately. Pension funds are currently funded at a poor 79%, which is considered decent by post-financial-crisis standards. Unions are lobbying for increased benefits, arguing that the state should not give them away even going forward. The most recent legislative action is aimed at increasing public-safety benefits for police and fire agencies, Assembly Bill 1383, which would authorize public agencies to reduce retirement age and reduce retirement and retirement age, and would permit public retirement ages for public employees.