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So I did and I also Googled Ponzi scheme to make sure I wasn't misunderstanding what it is. Loyalton had no remaining workers that were to be covered by Calpers so they were no longer collecting retirement contributions to send on to Calpers. Calpers states they need new continued future...

"but also passes hidden costs into the future, critics say. If a city wants to leave, Calpers calculates a cost that doesn’t rely on any new money" sounds exactly like a Ponzi scheme.