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Huff: State's Teacher Retirement System on the Road to Ruin

 
Posted May 12th, 2014 @ 6:27am by KFBK News - Tim Lantz

The state's teacher retirement system is on the road to financial ruin. At least that's what one state lawmaker thinks.

Senate Republican Leader Bob Huff says a new report from California's non-partisan legislative analyst says of all the financial problems the state is dealing with, the teacher retirement system stands out.

"The CalSTRS program, or California State Teachers Retirement System, is in the worst shape with an unfunded liability of $73.7 billion," Huff said. 

Huff says if nothing is done, the retirement system will be broke in 30 years.

"Things are so bad over at CalSTRS that even with the solid three years of solid investment returns at 12 percent or more, they can't stem the red ink," Huff said, 

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