California Pension Failed to Stop Spiking, Audit Says
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The California State Teachers’ Retirement System, the second-biggest U.S. pension plan, has failed to curb so-called spiking, state Controller John Chiang said in an audit released today.
Educators may have enhanced their pensions through measures such as late-career raises and overtime and vacation payments that count toward income from the retirement plan known as Calstrs, according to the audit.