BTW, please check out the link to the Harvard presentation for CalPERS.

On page 22, you’ll see how the employer contribution dropped off. This was due to the internet bubble, and they (CalPERS) reduced employer contribution requirements at the same time they (public employers/legislators) increased benefits. The public workers BEGGED them to save this money for future contributions/a rainy day, but their employers — almost all of them — refused, and spent it instead.