IIRC, the public employee pension funds in California have taken a huge beating in the stock market. They aren’t expecting us to make up for their poor investments, right?
“They aren’t expecting us to make up for their poor investments, right?”
You know the problem is not related to the pension plan performance, the assumed rate of return, pension spiking practices, and general market conditions. The problem is solely due to the cheap taxpayers who want government retirees to live in squalid conditions. These cheap taxpayers underfunded our meager pensions for decades. We earned these pensions. Taxpayers and conservatives are trying to steal the birthright of government employees.
In fact that particular pension fund CALPERS will have towns cities counties make up for any shortfall which will force them to raise taxes. It is in the laws there