The systems are now consuming assets to make payments. The Teachers Retirement System, the largest, has cannibalized $1.1 billion of assets since JULY to keep pensions coming.
The editorial nicely explains some of the problems of the proposed $3.7 billion borrowing now being considered by the state legislature. For example:
Now, if the state borrows $3.7 billion, there will be a cost. Let's say the bonds are sold at roughly 5 percent. The end cost to the taxpayers would then be approximately an extra $200 million a year, which would buy exactly nothing. It's not money for programs. It's not money for salaries. It's money to make up for irresponsibility.