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.
The plan to raise tuition at the University of California is expected to be approved Thursday.
Over the objections of Gov. Jerry Brown, a UC Board of Regents committee has approved President Janet Napolitano’s proposal to raise tuition 5 percent in each of the next five school years – unless the state increases UC funding.
Using art to teach a student math may sound odd, but a group of educators says it can and should be done. And they’re using a change in how California students are taught as a chance to spread their message.
Leaky roofs, broken-down air conditioning, and faulty fire alarms are some of the problems that the Manteca Unified School District hopes to fix with a $159-million bond measure.
Legislative Republicans are calling on Democrats to reverse a law included in this year’s California budget package that restricts the ability of school districts to build large reserves.