Assembly to tackle teacher pension fund shortfall
SACRAMENTO, Calif. (AP) -- Assembly Speaker John Perez says the Legislature will try this year to find a way to start paying down California's massive unfunded liability for teacher pensions, estimated as high as $80 billion.
Perez, a Los Angeles Democrat, says the solution should include payments from the state, school districts and individual teachers.
He and Assemblyman Rob Bonta, a fellow Democrat from Alameda, announced Wednesday that they would hold hearings starting in February, but provided few details.
Gov. Jerry Brown did not include any additional funding for the California State Teachers Retirement System liability in his recent budget proposal but said he hoped to start conversations about the problem, which he called "daunting."
Brown pegs the unfunded liability at $80 billion, while the state Legislative Analyst's Office says it is $71 billion.