Thank a Teacher! California taxpayers will pay $153 million more a year for school district pensions

30 Jan

Thanks Bob for this article from the Sacramento Bee.

“CalSTRS will consider lowering its official investment forecast in a move expected to require higher contributions from state taxpayers once again for the teachers’ pension fund. The cost to the state could be an additional $153 million starting with the next fiscal year.”

 

I didn’t know this was legal:

Three years ago, the Legislature agreed to raise contributions to CalSTRS by billions of dollars a year. Assembly Bill 1469 affected the state, local school districts and teachers themselves. For example, the annual contributions from school districts is growing from $2 billion to $6 billion, although the increases are being phased in over several years.

The 2014 law does give CalSTRS some latitude to impose higher rates on state taxpayers without going back to the Legislature for permission. According to the staff report, Gov. Jerry Brown’s budget proposal for the new fiscal year includes an additional $153 million for CalSTRS, bringing the annual contribution to $2.8 billion.

No matter what Chico Unified said about crumbling classrooms, rot, mold, asbestos, old computers – it’s the pensions folks, it always has been.

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