The Y2K problem may be worse than expected, judging by the results of a survey done by the California Public Employees Retirement System, Sacramento, of 2,469 companies in which CalPERS has invested more than $35 billion. Only 600 companies responded to the survey, while a mere 13.5% disclosed information or gave cautious answers. The lowest response rate was from Latin America, where only 5.9% of the 239 companies surveyed responded. On average, nearly 22% of the total computer budget at responding firms has been devoted to Y2K issues in the last two years, while only 0.7% of total corporate revenue has been spent on Y2K upgrades since 1996. On the brighter side, the survey found almost 75% of all respondents computer systems had been renovated and tested for Y2K compliance by Jan. 1.