News


Governor signs bill to fund teacher's retirement system

Bill is included in 2014-15 state budget

Governor Jerry Brown has signed a State Assembly bill that will fund the teachers' retirement system through annual contributions of school districts, teachers and state government.

"This bill will ensure a decent retirement for hundreds of thousands of teachers, both now and for decades to come," Brown said.

Before AB 1469, the California State Teachers' Retirement System (CalSTRS) was only 67% funded and would have run out of money in 33 years

According to bill author assemblyman Rob Bonta (D-Alameda), the first year's contributions total approximately $276 million and would grow in subsequent years to more that $5 billion annually. This is projected to eliminate the unfunded liability in the system by 2046.

"Our dedicated teachers work tirelessly to prepare our kids for college and career, and they deserve stability in their pension system," said Senate President pro Tem Darrell Steinberg. "This shared responsibility between the state, teachers and school districts is a necessary step towards assuring the fund's integrity, and will lift a huge burden from the state's long term financial responsibility."

Chairman of the Teachers' Retirement Board Harry Keiley said the Governor demonstrated leadership and showed commitment to a sustainable retirement system for California's educators by signing the bill.

"This historic legislation allows CalSTRS to embrace its future with confidence and optimism knowing that a sound funding plan is firmly in place," Keiley said.

Comments

 +   Like this comment
Posted by Stiffed Once More
a resident of Another Pleasanton neighborhood
on Jul 8, 2014 at 2:16 pm

Basically this bill was needed because the state has been robbing money from the State Teachers Retirement System for years, by not making the payments it was supposed to be making into the system, and by "borrowing" money from the fund and not repaying it. Now the state passes this bill to require teachers and school districts to pay more to recoup the deficit the state created. Net-net is that taxpayers and teachers are having to pay through the nose for the state's out-of-control spending, particularly for social services, Medi-Cal, and illegal aliens.


 +   Like this comment
Posted by cmgamez
a resident of another community
on Jul 12, 2014 at 11:58 am

The concern is class sizes in both k-8 and high school. There are teachering standard but kids are learning well in part of the class sizes. Teachers are just doing their job per job description yet are children are still not get the better end of the stick, in case, the pen. Reform class sizes.


 +   Like this comment
Posted by Highland Joe
a resident of Highland Oaks
on Jul 12, 2014 at 12:01 pm

Wow. That's almost intelligible. Cholo, you could learnering something from this cmgamez person.


 +   Like this comment
Posted by Cholo
a resident of Livermore
on Jul 12, 2014 at 1:22 pm

you been had it! an i don't consider it a dual of perhaps!!!

the ways to view the solution is to understand the imigration poblems...that way if everybody person goes to the immigration dept. for validating it will no doubt pass and all will be happy!!!

HOORAY!

ps i give muy case to the juriy is not out!!!


 +   Like this comment
Posted by qnony
a resident of Avignon
on Jul 12, 2014 at 1:24 pm

i have no concern to complain throught the nose because a nosebleed my ensue!!!


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