Gov. Jerry Brown's "Wall of Debt" doesn't include a big brick known as unfunded teacher pensions. Obligations to current and future retirees total $80.4 billion more than the California State Teachers' Retirement System has assets to cover.
Brown's budget summary earlier this month promised that his administration would begin working with the Legislature, teachers and CalSTRS to create a plan that would fully fund the pension system within 30 years. That will require at least $4.5 billion per year--and much more as the obligations continue to grow.
Assembly Speaker John A. Pérez and Assemblyman Rob Bonta, D-Alameda, take a first stab today during a news conference at 10 a.m. in Room 317 of the State Capitol. Pérez and Bonta, chair of the public employees, retirement and social security committee, will discuss ideas on how to address CalSTRS' unfunded liability.
VIDEO: If state Sen. Rod Wright loses his seat after being convicted of voter fraud, it will be a huge loss to the Legislature, Dan Walters says.
SOCAL CHRONICLES: Gov. Brown swings south today, attending the California State University Board of Trustees meeting in Long Beach before heading over to Beverly Hills to deliver remarks at a dinner hosted by the American Jewish Committee.
Speaking of the CSU, Chancellor Timothy P. White will deliver his first "State of the CSU" address at 11 a.m., sharing system-wide policy priorities and his vision for the next school year. The speech will be webcast.
ADULT ED HEARING: The Senate Education and Assembly Higher Education committees will hold a joint informational hearing on adult education, covering its recently history, current landscape and unmet needs in both community college and K-12 districts. Representatives from the California Department of Education, the California Community Colleges Chancellor's Office and the Legislative Analyst's Office, among others, are scheduled to testify at the 9 a.m. hearing in Room 4203 at the Capitol.
FREE CLINIC: As the flu season kicks into high gear, Anthem Blue Cross is sponsoring a free flu vaccine clinic in Room 127 of the State Capitol from noon to 4 p.m. The shots are available to the general public.
PHOTO: A bicyclist keeps her sweater handy with dark clouds looming as she rides in the shadow of the CalSTRS headquarters building on Riverwalk Park in West Sacramento on September 30, 2013. The Sacramento Bee/Manny Crisostomo