Sacramento, CA – The Associated Press reports a new audit by the state controller’s office shows the nation’s largest teacher pension fund has been lax.
The Controller’s Office says they are slow at detecting pension spiking at California school districts.
The AP says the office found that the California State Teachers’ Retirement System is on pace to audit each district once every 48 years. The Controller’s office calls that lax and says it cost the state millions.
Pension spiking happens when employees are given big raises during their last year of employment to inflate their pensions.