Good report out by CalSTRS (California Teachers Retirement System), available at: Web Link , indicates the CalSTRS system has a $64 billion deficit now. And guess what, the taxpayers are once again on the hook for this should the fund run out of money, which they say will happen in 33 years if nothing is done. It also states the longer the legislature ignores the problem, the harder it will be to make solvent.
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.