CONTINUED LEGISLATIVE INACTION ON CA TEACHERS’ PENSIONS
Today, California Common Sensereleased a report analyzing the California State Teachers’ Retirement System’s (CalSTRS) major $71 billion funding shortfall and the imminent risk it poses to California’s school district and overall operating budgets. The report found that the state Legislature – the only entity with the authority to adjust CalSTRS’s funding level – is primarily responsible for allowing the pension fund to descend into severely unfunded territory over the last decade.
Consequently, to regain financial stability, the pension fund now requires that school districts, state, and/or… Read More