The state pension system is a separate, independent bucket of money that is off budget.
It operates nearly as a private entity.
They set contribution rates for state, county and municipal governments annually. And they invest those contributions.
They currently have $360bil in assets and are project to fall $150bil short over the next 30 years. Thus contribution amounts have been increased.
However, the STATE of CA had a $76bil surplus this last fiscal year. It’s a completely separate entity.
Thanks! I am happy to hear they have fixed that problem and thanks for letting me know!