Assembly Dems talk about unfunded teacher pensions
Gov. Jerry Brown's "Wall of Debt" doesn't include a big brick known as unfunded teacher pensions. Obligations to current and future retirees total $80.4 billion more than the California State Teachers' Retirement System has assets to cover.
Brown's budget summary earlier this month promised that his administration would begin working with the Legislature, teachers and CalSTRS to create a plan that would fully fund the pension system within 30 years. That will require at least $4.5 billion per year--and much more as the obligations continue to grow.
Assembly Speaker John A. Pérez and Assemblyman Rob Bonta, D-Alameda, take a first stab today during a news conference atin Room 317 of the State Capitol. Pérez and Bonta, chair of the public employees, retirement and social security committee, will discuss ideas on how to address CalSTRS' unfunded liability.