The California state auditor today placed CalSTRS, the teachers' pension fund, on its list of "high-risk issues" confronting the state.
State Auditor Elaine Howle, in a periodic report to Gov. Jerry Brown and the Legislature, said the pension fund's finances are "jeopardizing the ability of CalSTRS to meet its pension obligations in the future without financial assistance from taxpayers."
Howle's report doesn't break any new ground with regard to the California State Teachers' Retirement System. CalSTRS, which lost billions in the crash of 2008, has been saying for some time that it is under-funded and needs additional contributions from taxpayers.
Unlike CalPERS, the teachers' fund can't raise contribution rates without permission from the Legislature. But because of the state's tight budget situation, CalSTRS has been approaching lawmakers gingerly.
CalSTRS spokesman Patrick Hill said the auditor's report "reinforces the financial information we've been providing....It really points out the need to work on that long-term funding plan."
In her report, Howle said several other issues remain on her "high-risk" list, including the state's budget.
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