State Auditor calls CalSTRS a high risk
Anti-spiking bill will be test of Legislature's resolve
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State Auditor Elaine Howle has added the teachers’ pension fund, CalSTRS, to the state’shigh-risk list, adding urgency to the imperative to reduce taxpayers’ liability for the nation’s largest education pension fund. The release of Howle’s periodic update of financial worries comes on the eve of the final showdown on a significant pension reform before the Legislature, an anti-spiking bill sponsored by Sen. Joe Simitian, a Palo Alto Democrat.
Passage of SB 27 by itself won’t make a huge dent in the problem. But the bill deals with