California public pensions are always promising two things: bigger and better. State funds like CalSTRS, which provides pensions for public teachers, has lowered the rate it expects to receive on its investments. It’ll end up being $153 million short, which Governor Jerry Brown has said will be added to the budget’s tab. The bigger issue is CalPERS, which is projecting larger shortfalls in funding. School districts will have to double their contributions to CalPERS within just six years.
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