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Joint Committee Discusses CalSTRS Shortfall

 

On March 20, the Senate Public Employment and Retirement Committee and the Assembly Public Employees, Retirement and Social Security Committee held a joint hearing to discuss the CalSTRS report that recommends options for addressing a $64 billion unfunded liability in the California State Teachers' Retirement System.

Dana Dillon, a teacher at Weed Union Elementary School District in Siskiyou County and president of the Teachers Retirement Board, testified that teachers do not retire into a life of luxury, and they count on their modest but secure CalSTRS retirement benefits.  The Legislative Analyst's Office presented a new report that reviews CalSTRS' recommendations and notes that solving this shortfall may be one of the most challenging fiscal tasks ahead.

CTA Legislative Advocate Jennifer Baker testified on behalf of the Retirement Coalition that its members are committed to protecting education funding while preserving CalSTRS' solvency.

 

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