24/7 Newsfeed

Put Reason 24/7 on Your Site


Follow Reason 24/7 on Twitter and via RSS

Report Says California's Teachers Pension Fund Needs an Additional $4.5 Billion a Year

SACRAMENTO -- For years, problems with California's pension fund for teachers and school employees have been growing. Now a new report says the fund needs an additional $4.5 billion every year -- more than Sacramento spends on both university systems combined -- to stay above water.

Senate leader Darrell Steinberg (D-Sacramento) told reporters on Thursday that lawmakers can't ignore the growing costs.

"This is a serious issue," he said. "We have to address it."

Source: LA Times. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.