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California Teacher Pension Changes May Need Fix

(AP) - California's nonpartisan legislative analyst is recommending that state lawmakers consider changing a plan they adopted two years ago to stabilize the finances of the state's teacher pension system.

The Legislative Analyst's Office issued a report Tuesday saying there's a good chance the state will pay no more than it would have if the reforms were never adopted.

The analyst says that would fall short of the Legislature's intent to require that the state, school districts and teachers all share the cost of erasing the $74 billion unfunded liability.

That's because the California State Teachers' Retirement System adopted a complex funding formula.

CalSTRS says in a statement that the funding plan was thoroughly vetted and offers a complete approach to addressing the unfunded liability.