Assemblymember Rob Bonta
The California Teachers Retirement System, or CalSTRS, is facing a significant unfunded liability with respect to its Defined Benefit Program. CalSTRS has a shortfall in funding of approximately $71 billion and will run out of funding for the program by 2046 if no changes occur. If this happens, it hurts hard=working teachers in our state as well as taxpayers and our education system.
The best solution to fix the shortfall is one which is fair to all stakeholders involved: school districts, the state, and teachers. I committed along with the Speaker of the Assembly and the Assembly Democratic Caucus to push to implement a permanent ongoing solution to the funding shortfall in CalSTRS this year.
As chair of the Assembly Committee on Public Employees, Retirement and Social Security, I will begin this process next week by having the first of a series of hearings on Wednesday, Feb. 19.
This first hearing – “Addressing the California State Teachers’ Retirement System’s Long-Term funding Needs” – will build upon a joint hearing my committee held last year with the Senate by updating and re-evaluating the information we received and getting the current perspectives on the issue from the various stakeholder groups, including representatives from CalSTRS, the California Teachers Association, and the Association of California School Administrators.
Future hearings will focus on the significant issues that must be resolved before a solution can be reached, such as the impact employer increases will have on Proposition 98 funding and how the
Legislative Data Sheets - CalSTRS.com
Legislative Data Sheets - CalSTRS.com: Legislative Data SheetsSnapshots of CalSTRS members and benefit recipients sorted by Senate and Assembly districts.CalSTRS membership includes California public school educators from prekindergarten through community college.What’s My District?Search tool provided by the California State Legislature to find your Assembly and Senate districtsSenate DistrictsD