This would be a great idea if a CONSERVATIVE was doing it.
First, borrow the money from CalPers.
Second, distribute the entire amount to state TAXPAYERS proportionally to taxes paid.
Third, default on the loan.
Fourth, make lots of popcorn and watch the government employee unions go nuts after they figure out that all the money they have stolen from the taxpayers was just stolen back and returned to the rightful owners!
I like the idea but I think the step you missed is the one where Federal taxpayers are placed at risk to pick up the tab. It is very satisfying however to see CALPERS in position to be, how do you say, “prison raped” for the funds the state needs to stay afloat. They spent so many pious years as the “corporate conscience” buggering up shareholder meetings with politically correct pronouncements and agendas. It’s nice to see them being victimized. Ever so slowly.