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The retirement fund for California teachers is $43 billion in debt. In fact, it must now go to the Legislature for money to keep its payments going to retirees.
"CalSTRS' $130-billion investment portfolio lost more than a quarter of its value in the recent recession. The projected shortfall at the state's second-largest public pension fund ballooned to $43 billion by last June.
"There's no doubt about it -- we need to come up with a new financial plan," Ehnes said.
The 97-year-old pension plan must ask the state Legislature, the governor and taxpayers for billions of dollars. Getting that money -- even with an expected massive lobbying campaign and a bruising political battle -- is no sure thing."
Under the State Constitution the Legislature MUST give CalStrs the money. Wonder where it will come from?
Teachers are forced to give their pension money to government--we are all in trouble.
More...
"CalSTRS' $130-billion investment portfolio lost more than a quarter of its value in the recent recession. The projected shortfall at the state's second-largest public pension fund ballooned to $43 billion by last June.
"There's no doubt about it -- we need to come up with a new financial plan," Ehnes said.
The 97-year-old pension plan must ask the state Legislature, the governor and taxpayers for billions of dollars. Getting that money -- even with an expected massive lobbying campaign and a bruising political battle -- is no sure thing."
Under the State Constitution the Legislature MUST give CalStrs the money. Wonder where it will come from?
Teachers are forced to give their pension money to government--we are all in trouble.
More...