California teachers' pension fund faces $64.5-billion shortfall

On Tuesday voters in California went the wrong way on three propositions. Voters approved Proposition 30 "temporarily" increasing the state sales tax and income tax on individuals making over $250,000. They voted against Proposition 31 that would allow the governor to cut the budget in fiscal emergencies. They voted against Proposition 32 would prevent unions from making campaign donations via members' dues.

People will be paying more and getting less from their governments as health costs and pension obligations will force state and local governments to adjust their budgets over the next 50 years, according to a new report. The new report from the Government Accountability Office, a nonpartisan congressional agency that audits federal programs, paints a dreary picture of the future of municipal finances in the United States.

CEO of the California State Teachers' Retirement System cites 'a breakdown of corporate governance and lack of oversight' in the wake of bribery allegations in Mexico.SACRAMENTO — The California State Teachers' Retirement System will cast its 5.3 million shares of Wal-Mart Stores Inc.

In a long-overdue moment, governor Jerry Brown has finally admitted the obvious, the state's pension system is broke and California Has "Lived Beyond Our Means". Unions of course are howling at that obvious admission.

The California State Teachers' Retirement System is seeking changes in Wal-Mart's corporate governance, saying the retailer's executives and directors ignored evidence of alleged malfeasance.SACRAMENTO — The California State Teachers' Retirement System is suingWal-Mart Stores Inc.executives and board members, accusing them of using bribery and corruption to gain approval from Mexican government officials to build new stores.

Osman Gulseven submits: Established in 1913, The California State Teachers' Retirement System (CalSTRS) is one of the oldest state supported pension funds. CalSTRS is the largest teachers' retirement fund portfolio in the country, and also the seventh largest public pension fund in the world. The pension fund provides retirement, disability and survivor benefits to almost 900,000 state educators working in the state of California.

I just finished slogging through a 69 page PDF by the State Budget Crisis Task Force outlining the dire state of affairs in Illinois. I knew in advance that pension funding is the biggest issue facing Illinois. The task force shows exactly that. Here is a summary. Pension Funding Levels