Retirement

They already have a gleaming glass tower overlooking the river and Old Sacramento.  Now my retirement system needs another building?  How many people, how much real estate, is actually required to manage the California State Teachers Retirement System?

California’s teacher pension fund wants to pay for a $300 million office tower on the Sacramento River with green bonds, a type of investment used to finance projects that meet environmental sustainability standards.

CalSTRS is issuing $281 million worth of the bonds to finance the expansion of its West Sacramento headquarters, according to bond documents.

The $246 billion California State Teachers’ Retirement System is adding a 10-story tower next to its 17-story headquarters on Fourth Street. The fund’s board approved spending up to $300 million on the project in November 2018 to accommodate future growth in its workforce.

I'm sure CalSTRS has plenty of extra money lying around for new buildings. That must be why I'm having to pay more and more for the same benefits I've been promised for 20+ years.