Louise Story, Wall Street and finance reporter for The New York Times, discusses her breaking story on a new investigation by the Securities and Exchange Comission against the California Public Employees’ Retirement System, known as Calpers. During the financial crisis, the fund lost a significant portion of its portfolio, leaving the California on shaky financial ground.

Now, investigators are looking at whether California adequately disclosed the risky nature of Calpers’ investments. The country’s largest public pension fund’s shakedown could send tremors through the pension world, which is already suffering.