The Legislature has begun public hearings to address a $71
billion funding gap in the pension system for K-14 teachers.
Without an increase in contributions, CalSTRS predicts its assets
will be depleted in about 30 years.
San Jose Mayor Chuck Reed is mounting a major attack on
educators’ pensions. He has filed a voter initiative with the
Secretary of State and may start collecting signatures in early
2014 to qualify it for the November ballot.
Workers not yet hired will takebiggesthit underlawpassed by legislators with no input
from public employee unions
A new law passed in the final hours of the legislative session
makes sweeping changes to public employee pensions that impose
most of the changes on workers not yet hired, creating a two-tier
system in the workplace where two groups of workers doing the
same work receive different retirement benefits.