California teachers pension plan has $64 billion deficit
Original post made by watching, Another Pleasanton neighborhood, on Feb 4, 2013
Even the Legislature budget analyst went after Governor Brown's " balanced budget" since it did nothing to address the CalSTRS (Teachers Retirement System) or CalPERS (Public Employee Retirement System).
In addition to all of the unfunded liability issues at the State level, we have our own problems in Pleasanton with underfunded retirement funds as well as underfunded retiree medical plans. Even with the changes to the employee union contracts at the city, our unfunded liability has increased. If our council does not do something shortly, are services will keep dwindling down so that we can make the payments for the retirees. The city should be showing the fully burdened cost of employees, not just what they are paying out. It is so hard to get from them what it really is costing us for the employees if we did pay the actuarial costs of these retirement plans.