FOR IMMEDIATE RELEASE: April 4, 2014
CONTACT: Everett Rice @ 916-651-4037
CTA Lobbies Against CalSTRS Fix Despite Growing Debt
SACRAMENTO – Even while California’s retirement fund plunges deeper into debt, the California Teachers Association (CTA), the largest teachers’ union in California, is opposing a bill by Senator Mimi Walters that would start the process of fixing the problem.
The California State Teachers Retirement System (CalSTRS) announced Thursday that the unfunded liability for its obligations to pay retirement for its members grew by almost three billion dollars in just the past year, from $71 billion to $73.7 billion. This unfunded liability grew despite CalSTRS investment portfolio showing a 13.9% return over the same period. Continue reading