California Teacher Fund Needs $4.5 Billion Yearly Boost
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The California State Teachers’ Retirement System’s $73 billion unfunded liability may be the state’s “most difficult fiscal challenge” and lawmakers should increase funding for the second-largest U.S. pension, the Legislative Analyst’s Office said.
Additional money from taxpayers, through higher contributions from the state and school districts, along with increases from employees probably will be needed, the analyst’s office said today in a report. Investment returns aren’t likely to be enough to close the gap, it said.