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

Could be out of money by 2044 without reform

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."