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Legislators Hope to Tackle Teacher Pensions

 
Legislators Hope to Tackle Teacher Pensions
Posted January 29th, 2014 @ 6:04pm by KFBK News - Mike Simpson

Democrats in the State Assembly say they'll tackle unfunded pensions this year.

The difference between the amount that the state's teacher pension fund takes in and how much it will one day owe retirees is somewhere between $70 billion and $80 billion -- and it's growing.

"Further delays only mean further costs and further exposures for the state's general fund," Speaker John Perez said.

Perez says work is getting underway on a three-part fix for CalSTRS that factors in the state, school districts, and teachers themselves.

"This will require an increase in ongoing contributions from all three of those groups," Perez said. 

Hearings will begin in February. Getting solvent could take an extra $4.5 billion a year, for 30 years.

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