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.
There are likely tens-of-thousands of former California State University students who dropped out of college even though when they were within sight of getting their degree. I was one of them.
The Sacramento City Unified School District says its budget deficit is actually $28.5 million, which is $4.5 million more than previously estimated.
The two finalists for California’s state schools chief faced off in a debate Tuesday night in a race that pits teachers unions against charter school advocates.
Sacramento City Unified School District has been warned for months to balance its budget and is now being ordered. Which programs or positions will be cut has not been determined.
Sacramento, School District Hold Special Meeting To Discuss Increasing Number Of Kids Who Go To CollegeMonday, August 27, 2018
The city says its youth unemployment rate is among the worst in the country and will only get worse if this generation of kids doesn't pursue education after high school.