Everything you noted is true, but the other component of Ca. massive pension costs and debt is not revealed: that is the super-elevation of govt. workers salarys. The combination of an “impossible dream” discount rate and an “impossible dream” salary increase gambit has created a dynamic that is out of control.
Govt. workers are routinely granted salary increases that are excessive, but in addition the workers are promoted thru a series of “steps” for each worker classification. The public is aware of the stated MOU increase(like 12% over three years), but is not specifically informed of the dollar increase in costs via steps. For example, there may be as many as six steps for a police corporal, with a salary increase for each promotion.