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School Districts Will Help Foot the Bill for Teachers Retirement Fund

 
School Districts Will Help Foot the Bill for Teachers Retirement Fund
Posted June 17th, 2014 @ 8:02am by KFBK News - Tim Lantz

The reaction to the state legislature's financial boost for the California teachers retirement fund is not very positive from those who will have to pay. 

Some are saying the California legislature is actually robbing Peter to pay Paul.  

Lawmakers' approval of the new budget means billions of dollars over a seven year period for the struggling California State Teachers Retirement System, which is running out of money to meet pension obligations, but that money has to come from somewhere.  

In part it will come from school districts.

A spokesman for the Sacramento City Unified School District tells the Sacramento Bee their contribution will grow from about $14 million a year to $35 million over the seven-year phase-in period established by the legislature.  

That's going to eat into the extra money in the new state budget for school districts.

The school district is said to have a $400 million budget over all. 

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