A good guess is that many states will be declared bankrupt and the pensioners will get medicare/medicaid and perhaps an amount equivalent to the highest benefit paid by social security. Currently that amount to just under $2700. Not good news for bureaucrats retiring in their fifties with payments well over that amount. There will be very many angry people in New York, California, Illinois, Massachusetts, Connecticut...but that’s not really important.
In California I believe it is by state law that pensions are paid out of the state general fund, so state services and infrastructure will suffer or state taxes will rise.or, calif will help elect another liberal president who will bail it out with federal funds.