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.
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.
California students are beginning to go back to school, and California lawmakers want to make sure they keep going back.
A veterans’ education bill pending in the California legislature just got a major push from President Barack Obama.
(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.