No, not the whole state of CA, but only some unfortunate neighboring cities in the same CalPERS pension pool will have to pitch in to pay the $600,000/yr pension of the former city manager Robert Rizzo, and the $411,300/yr pension of the police chief Randy Adams.
How did that happen? It's complicated.
According to the following article,
National News Article,
Gov. Arnold Schwarzenegger and the two gubernatorial candidates, Meg Whitman and Atty. Gen. Jerry Brown, are urging reforms in the system.
"Even the governor's office couldn't figure these Bell pensions out," said Marcia Fritz, a certified public accountant and president of the California Foundation for Fiscal Responsibility.