Yep, if CALPERS/CALSTRS blows it and doesn’t have enough $$ to pay guaranteed/defined Calif. pensions then the general fund/taxpayers have to pick up the slack.
So, it works then like Madison Savings and Loan.
The pension fund makes investments for political favors or cronyism, gets money under table to directors, money is sent to business that leak like a sieve while paying the owners. The loss fully absorbed by the tax payer. Great work if you can get it.
Like the old Soviet Union, the last people paid were the bureaucrats.