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) - Republican lawmakers are asking Gov. Jerry Brown not to appeal a Los Angeles judge's decision striking down tenure and other job protections for California teachers.
(AP) -- Just days after a judge handed down a ruling that could change teacher tenure laws in the state, a bill creating an expedited firing process for abusive educators heads to the governor's office.
California colleges and universities could get an additional $100 million if tax revenue exceeds expectations this fiscal year.
A judge has struck down the state’s teacher tenure laws in a landmark ruling that could lead to big changes at California schools.
A Superior Court judge ruled Tuesday that California's protection for teacher tenure laws are unconstitutional.