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.
Not everyone is happy with the revised budget proposed by California Governor Jerry Brown. But he does have the approval of the Community College system. Brown attended the Community College Board of Governors meeting today.
Mira Loma High School took home the top prize at the Department of Energy's National Science Bowl Monday morning in Washington DC.
(AP) - In ongoing efforts to diversify Silicon Valley's tech sector, Google is embedding engineers at a handful of Historically Black Colleges and Universities where they teach, mentor and advise on curriculum.
(AP) - A Senate budget committee has passed a bill backed by Gov. Brian Sandoval that would implement a broad anti-bullying program throughout Nevada's school system.
Three days after Heald College closed, thousands of students went back to campus today. They were there to pick up transcripts and to gather information to help them decide what to do next.