From U-T San Diego:
The California State Teachers’ Retirement System’s funding woes are severe. Yet Gov. Jerry Brown hasn’t moved to shore up the system since his 2010 election, and the 2014-15 budget he unveiled last month doesn’t anticipate any change. As a result, CalSTRS’ unfunded liability is $25 billion higher than it was when Brown took over — and it goes up by nearly $1 million every hour.
This is unacceptable, and it’s nice to see that at least one powerful state leader agrees. At the behest of Speaker John Pérez, D-Los Angeles, an Assembly committee on Wednesday held a hearing on CalSTRS’ woes.
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