Myers reports on state laws affecting the pensions of Chicago Public School teachers. He discusses the politics behind unions involved in the decision making process and their important role in determining a balanced budget. According to Myers, the Caucus of Rank and File Educators (CORE) is a recent contender "whose members say the Pension Board needs better...
Largest US Teacher Pension Fund Underfunding Increases By $9 Billion To $64.5 Billion, Only 69% Funded
"The Teachers' Retirement Board, the governing body of CalSTRS, today adopted the actuarial valuation of the Defined Benefit Program as of June 30, 2011. The valuation reflects a two-percent decrease in the funding status from the previous year, as the final impact of the extraordinary losses in 2008-09 is recognized.
The latest valuation shows a funding status sufficient to cover 69 percent of projected liabilities, leaving the fund with a $64.5 billion funding shortfall. The funding status means that for every dollar in pension obligations the fund has 69 cents worth of assets available. The previous valuation showed the funding shortfall at $56 billion."