Speaker unveils CalSTRS funding plan

Assembly Speaker John A. Perez (D-Los Angeles) has unveiled a new plan to reinvigorate California's educator retirement program.

In his proposed budget, Gov. Brown estimated that CalSTRS falls some $80+ billion short of meeting its pension obligations, while Perez calculates the gap at roughly $71 billion.

Perez's plan would address the shortfall by increasing contribution rates to the pension system not only from public employees, but also from the state and school districts.