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.
Don't like your driver's license photo? You may soon have a say on what ends up on your ID. Drivers would be able to choose their picture under a bill introduced in the California Senate. Fees on the extra pics would pay for driver's ed classes.
A student training program at UC Davis offers low-cost surgery for pets who live in shelters or whose owners can’t afford it.
One of England's top universities has decided to withdraw its plans for a campus in Placer County, near Roseville. University of Warwick made the announcement Thursday.
Starting January, a new law will require schools serving low-income teens and pre-teens to provide feminine hygiene products free of cost.
The Sacramento City Teachers Association called off a strike planned to start Wednesday after reaching an agreement with the Sacramento City Unified School District on a new contract.