The pending state budget bill does not rely on borrowing money from STRS to balance the budget. The Educator reported in June that budget staffers at the Capitol were considering proposing deferral of required annual state contributions into STRS. However, CTA and STRS advised that under a court decision known as CTA vs. Cory, any such deferrals would have to be repaid to STRS with interest and a benefit increase provided to retirees. The Legislature, therefore, decided to look elsewhere for ways to balance the state budget. The annual transfer of state monies into STRS occurred with the start of the new fiscal year on July 1.