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California Lawmaker Wants Emergency Funding for CalSTRS

 
California Lawmaker Wants Emergency Funding for CalSTRS
Posted Thursday, March 20th 2014 @ 6pm  by KFBK News

A California lawmaker wants to give the state's teacher pension fund a big boost, but not everyone thinks that's a good idea.

Noting that CalSTRS fund has a $71 billion unfunded retirement liability, state senator Mimi Walters, a Republican, wants to pump some emergency money into that fund. About $2 billion in total. 

Senator Walters says it critical to help CalSTRS survive or it will go broke in a couple decades.  

She says Democrats need to support her legislation and teachers.

"If the Democrats don't support this legislation then they're saying they don't about the teachers," she said. 

Senate President Pro Tem Darrell Steinberg's spokesman Rhys Williams in a written statement notes Walters' proposal isn't clear on funding sources and could compromise dollars for "low- and middle-income families and kids."

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