CalPERS retirees are suddenly worried about their pensions. What happened?

The Sacramento Bee reports:

Call it the Loyalton effect.

CalPERS’ decision in late 2016 to slash pensions for four retirees from the tiny mountain town startled the state’s public workers so much that their confidence in the $354 billion fund began to plunge to its lowest level in five years.

It showed in an annual survey conducted by the California Public Employees’ Retirement System that gauges how public employees, retirees and local government leaders feel about the state’s largest pension system.

"You're looking at your retirement and you're seeing CalPERS is reducing pensions, which is something that had never happened before," said CalPERS board member Richard Costigan, who has paid close attention to the surveys since he joined the board in 2010.

Something that is not financially viable can't continues forever...