How precious; you imagine that the beneficiaries are somehow losing anything in this. Nope, their benefits remain the same no matter how well or badly CalPERS does. You keep seeing those big school bonds on the ballot? That's to cover up the nearly 50% of all school budgets going to pay for employees who no longer work for the district.
The people are on the hook for the loss (and the interest on the loss of at least 7%.) We're going to see the same thing done yet again that happened during the dot com bust - CalPERS letting cities, counties, districts ONLY pay the interest for a few years until everyone's not watching then get them to issue bonds securing your property as guarantee for the money being repaid.
We suffer.
Yup. They are bad now, and these currently all started before Corona Times. I nearly throw up reading the sappy, glossy mailings encouraging us to "support the children."