If this sounds irresponsible, you really, really do not want to hear about pension financing. This is "In return for $1 in the present day, we will pay you $10 in 30 years." Californian state employee pensions are "In return for $1 in the present day, 30 years from now we will reward you with a non-callable perpetuity bond with a $10 a year coupon. Oh, here's your dollar back."