Any state in the US has a lot of autonomy, not just California. California has many issues though, as an aggregate indicator look at underfunded pension liability per capita or per household. It wasn’t looking good, then it got better in 2021 because investment performed well, but as we in a recession I think next numbers aren’t gonna look good. CalPERS have made some very questionable investment choice, which caused removal of the previous CIO. What is more concerning is that they tried to sponsor the bill that would allow them to keep secret due diligence information of certain private investments. They basically wanted to venture into lending business but keep the lid closes. This seems to me a disastrously risky.
