Jack Ehnes with the California State Teachers' Retirement System or CalSTRS says if the retirement system is to be fully-funded within 30 years, all of the groups and the State of California must increase contributions by more than $4 billion-per-year.
"Recessions took such a sizeable bite out of the assets of the system or any system like that, you must increase the contributions and usually quickly to change that path."
"Having a secure retirement is of paramount value along with the piece of mind it will bring to our current and future members and retirees," Baker says.
Baker and a representative of the California School Administrators spoke at the first in a series of Assembly hearings at the California State Capitol Wednesday.
Based on the current value of the fund's assets, Governor Jerry Brown says the shortfall is actually $80 billion.
Together, employers, employees, and state contributions make up about 40-percent of the Cal STRS pension fund. Investments make up the rest.
Cal STRS will develop funding scenarios for all contributors to add $4.2 billion to the fund this year with an increase every year after that.
(AP) - The head of the school district in Reno, Nevada where a campus officer shot a knife-wielding high school student is praising the quick response that she says helped avert what could have been a much more dangerous situation.
Sacramento City Unified already has anti-deportation policies in place. This evening it will vote to be known as a “Safe Haven” for undocumented children and children of undocumented parents.
California schools can now apply to receive millions of dollars of computer supplies—part of a decade-old payout from a class-action settlement against Microsoft.
The head of the National Society of Black Engineers, Karl Reid, was in Sacramento Tuesday to take part in a forum at Washington Elementary School to get more low-income children of color on the right pathway to careers in science and engineering.
A new program aims to ensure that every first grader attending an economically disadvantaged school in Sacramento county has books at home.