California Pensions

It’s not CalSTRS, the state teachers retirement system, but I find it hard to believe that STRS is in any better shape than PERS, the public employees retirement system:

The Sacramento region’s largest local governments will see pension costs go up by an estimated 14 percent next fiscal year, starting a series of annual increases that many city officials say are “unsustainable” and will force service cuts or tax hikes.

The increases come after CalPERS in December reduced the expected rate of return from investments, forcing local governments and other participants in the state’s retirement plan to pay more to cover the cost of pensions.

http://www.sacbee.com/news/investigations/the-public-eye/article178561476.html