California has been playing Russian Roulette with CALPERS for a couple of years now.
It’s only a matter of timing and luck running out before it blows up in a spectacular manner. The impact on retirees will be huge — most of them have not made any separate provision apart from their retirement package that they “earned” over their twenty years of service before they were fully vested. The interesting part will be the currently employed cops, firefighters, teachers, and various state and county aparatchiks who see their plans for retirement go up in a puff of smoke.
You can bet that California will be looking at wealth confiscation to plug the holes in PERS in the coming decade.
CALPERS will be fine.
Illegal aliens pay lots of state income tax....
Bwahahahahahaha.
(After they run out of cash they can do it the third world Argentina way—give pensioners IOUs payable in twenty years!)