"Still staring down a $20.3 billion shortfall, the board of the California teachers' retirement fund is packing up its lesson plan and heading to the Capitol to educate a large class of new lawmakers about a plan to wipe out the long-term deficit."
Gilbert Chan, Sacramento Bee, reported on December 8 - CalSTRS set for lobbying; Its goal: Make a case in Capitol for plan to erase its long-term pension deficit.
With pension plans in California significantly under-funded, this story should be a wakeup call for the Legislature. A little social tinkering here and a little political payback there and you end up with a system that is out of control.
So what is CalSTRS plan?
We need a thorough education of every interested party. I don't think we have done that yet," said Trustee Gary Lynes. "The taxpayers will also weigh in."
Education? Taxpayers? Right!
The Legislature knows the issue. The taxpayers will be told and not educated that more of their taxes will be spent to support the California Teachers Union.
CalSTRS “education” is so simplistic. 1% here, a half-percent there, and a cap over there. Where is the plan to cut the costs? Where is the plan to stop the social engineering of business by virtue of investment? CalSTRS and CalPERS loses money and the public is told they have to pay for the folly of social experimentation in the investment markets.
You would think that this would be enough. Nope
“At the same time, CalSTRS is exploring a new health care program. Unlike state and local government workers, most retired teachers have no employer-paid medical insurance plan. CalSTRS is studying a health program that would be funded by surplus pension money. Some trustees say that move could jeopardize the pension bill.”
When you hear it is about “education” you can know think “money out of your pocket” that won’t increase one test score one point.
Read Ca Political News on this issue.
Read Like Enron? You Will Love CalSTRS