Well before his current campaign for re-election, Californian Republican governor Arnold Schwarzenegger said he wanted to save money by scrapping Calpers – the $173bn (€145bn) Californian state pension fund – and putting a defined-contribution plan in its place.

Horrified at the thought, two Calpers board members, Phil Angelides, also state treasurer, and Steve Westly, state controller, have said they will compete to fight for the Democrats against Schwarzenegger.