Teacher Pension Liability Grows by $1 Million an Hour

The California State Teachers’ Retirement System is one of the most troubled in the nation, with unfunded liabilities that are growing by $1 million every hour. But despite its problems, legislators in the state do not seem eager to tackle reforms, with the recently unveiled 2014-2015 budget offering no change from the status quo.

On Wednesday, a hearing was held to discuss the pension liabilities and attempt to move towards a solution. In order for contributions to be raised or benefits cut, however, state law would have to be amended, a step that few seem willing to take for fear of alienating a valuable constituency.

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