California Teachers Retirement

I wish I understood this enough to get outraged by it:

CalSTRS officials agree to reduction in state contribution

Trustees of the California State Teachers' Retirement System agreed Thursday to allow the state to reduce its contribution to a supplemental pension plan as long as payments from the fund to teachers never dip below a fixed rate.

The plan would give Gov. Arnold Schwarzenegger something he wants -- a substantial budget savings -- but it also exposes the state to possible fluctuations in inflation that could prove costly in the future.

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