Thursday, April 06, 2017

Everything Is Rosy Here In Sunny California

From the major Sacramento newspaper:
The pension fund for California teachers is about $97 billion short of the assets it would need to pay all of the benefits it owes to its members today, according to a new valuation from the California State Teachers’ Retirement System.

CalSTRS released the new accounting ahead of its monthly meeting, which is scheduled for next week.

The $202 billion fund has about 63.7 percent of the assets it needs to pay the benefits it owes. That reflects a 4.8 percent decrease in CalSTRS’ funded ratio from its most recent assessment.
This is after teachers, districts, and the state have begun to "contribute" more, just to pay for the retirement benefits that have already been promised.

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