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.
Californians looking to earn bachelor’s degrees will soon have another option at community college. A pilot program was approved today.
California elementary school teachers and administrators will soon be returning to work after the holiday break. A new state law starting January 1 will affect how they discipline some students.
A new partnership between Sacramento State University and Sierra College is part of a long-term plan for a new campus in Roseville.
A new bill in the legislature proposes the first steps to locating a California State University campus in the City of Stockton.
University of California students again tried to block a tuition increase proposal – without success.