California teachers pension plan has $64 billion deficit
Original post made by watching 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.
on Feb 4, 2013 at 10:34 pm
Oh my gosh! Keep watching, and then fill us in in another 33 years, if nothing is done. We'll be waiting for your report.
on Feb 5, 2013 at 8:41 am
This is not just a problem with the teacher union but all of state and city unions.
Said to say but most people do not get it or do not care. Each time someone wants to fit the problem the teacher or fire unions spends millions on add on how the big bad GOP is picking on this helps school teacher.
It easy to fix.
1) make cut to the programs
2) raise our taxes to cover the cost
3) Let the state go bankrupt.
I would my kids to be able to live in this state, but it could be come more difficult. Some of this problem need to be fixed, but as long as the DEM or run the state are in bed with the unions this problem will not be fixed.
on Feb 5, 2013 at 9:19 am
liberalism is a disease is a registered user.
Substitute CalSTRS with Social Security in this article and let's see if 'very alarmed' wakes up and realizes the dems have mortgaged his future.