Before the CalSTRS retirement fund sinks in red-ink, they're sending out an S.O.S.
The California State Teachers Retirement System is underfunded to the tune of $73.7 billion and its long-term funding shortfall continues to grow at an alarming rate of $15 million a day.
The pension fund grew by $2.7 billion over the last year.
At the current rate, the system will be bankrupt in 2046.
But before that reckoning date, the system says it needs action by the State Legislature, and quickly.
CalSTRS is looking to institute higher contribution rates from state and local agencies.
But unlike the public employees' pension fund, the teachers’ fund must get the green light from the Legislature.
So far hearings have been held, but little action has been taken.