Update: This link was just sent to me along with the comment, "Something's got to give somewhere":
As California school districts anticipate possibly the worst budget crisis in a generation, many will try to lighten their burden by enticing older teachers into retirement. But as more and more teachers retire -- with a pension averaging 55 percent to 60 percent of salary -- they will be straining a system that already can't meet its obligations.
The California State Teachers' Retirement System is sliding down a steep slope toward insolvency. The threat isn't to teachers who have retired or plan to, but to the people of California. Taxpayers, who already pick up 23 percent of CalSTRS expenses, will be increasingly burdened as the giant pension system fails to meet its obligations.
1 comment:
While I agree that we all need to sacrifice to right California's fiscal boat, there are some things about the Little Hoover Commission report that upset me. First, a reference is made to the city of Bell, I am upset that I will have to pay for the sins of that fat little turd.
Second, a link is made to all CALSTRS members drawing over 100 grand a year in pensions. If you look, you will recognize names. These are not the names of teachers, they are the names of upper-level administrators and superintendents. I think the worst thing CALSTRS ever did was allow administors to piggyback into the system. We will all now pay for their bloated pensions.
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