The California CalPERS and STRS pension plans provide lifetime benefits for CA state workers and teachers. They have been grossly mismanaged. They are about $50 billion in the hole or underfunded and multiple investments have lost a great deal of money. There have also been several scandals whereby investments were made in firms that were owned by the members of the Sacramento State legislature. Yet these state-run pension firms have been given many mini-bailouts in the past. To raise the money the Sacramento State legislature has cleverly convinced voters to accept higher state income tax rates to raise more money to fund K-12 schools but instead this money is funneled back to the poorly managed state-run pension funds. How do we classify this situation that the California pension funds are facing? Multiple Choice This is a pretty good example of a situation with "Unfunded Liabilities." This is a pretty good example of a situation with "Political Corruption." This is a pretty good example of "Rent Seeking" as the taxpayers are forced to pay more taxes to help fix the gross mismanagement that has taken place. All of the statements are true and correct