No, the TAXPAYERS will have to pay them back plus interest. These guys are all economic illiterates. This is not going to fly, even with a Marxist-dominated legislature. Even if those miscreants change the current law regarding deficit funding of CalPERS, this is sure to end up in the courts in a lengthy litigation, which itself is going to cost a lot of money. The only upside is that the CalPERS and CalSTRS recipients are the very morons who contributed to the RATS having complete control of the state government, now its going to come around and bite them in the a**!