With California's extreme drought, even though levees are aging and may not meet current earthquake safe codes, they are not under much water pressure. This reduces stress in a way which should keep the levees from failing during an earthquake. Additionally, I believe they have been maintained well enough to survive an earthquake.
The barriers that surround the southern California delta are more than 100 years old, and more than half of them re considered high hazard according to the California Department of Water Resources. Scientists have determined that the soil around the levees can become unstable due to shaking and could undergo liquefaction.
In light of the fact that more than 50 percent of California's levees are rated "high risk" it is unlikely that they would survive a major earthquake. All of these levees are more than 100 years old and were not engineered to current standards to be earthquake tolerant. The state needs to invest more funds in repairing them.
Unfortunately history says otherwise when it comes to old structures. We saw how the levees that were already not in the best of shape didn't hold up in New Orleans in 2005 during Hurricane Katrina. The thing is California has its fair share of earthquakes so its structures should be updated to keep tragedies from happening on a regular basis.