I heard a blurb about the pension guarantee program on a radio show yesterday. If they are, good luck with that. If/when the city/state pension programs meet reality, it will be interesting to see how they socialize their failures.
I suspect this will be another case of "too big to fail." The federal .gov will not want all those California public employees to be p*****-off (D) voters.
Pension amounts in California seem to be unreasonably high to the point of obscenity. I have seen several stories, anecdotal to be sure, that report CA .gov employees retiring at 100% of salary, or something close to it. That is certainly NOT the case here in Indiana, or in the military.