CalSTRS Looking For a Handout!!
CalSTRS, the California State Teachers’ Retirement System, which has spent millions on Simon Snellgrove’s 8 Washington Street high rise luxury condominium project, is now looking to have our taxpayers help fund the upcoming shortage in its unfunded liability.
They are asking for a HALF BILLION DOLLARS!!!
Where is Santa Claus when you need him?
Here is the script received from KQED’s Guy Marzorati that Joshua Johnson, their morning newscaster read about CalSTRS solvency on Monday, December 16, 2013:
“Meanwhile, California’s treasurer is warning that CalSTRS is quickly running out of money to pay teachers’ pensions.
Bill Lockyer says the fund has about another 30 years to live if nothing is done.
Lockyer says a budget expert recommends a half billion taxpayer dollars to cover its unfunded liability.
It’s unclear whether any lawmakers are considering such a payout.”
Maybe Mr. Snellgrove could return CalSTRS 8 Washington investment to make a small down payment on what could be the end of teachers’ retirement funding.
Happy Holidays to all our friends and supporters.