Two years ago, Gov. Jerry Brown pushed through a 32-year plan to shore up the California State Teachers’ Retirement System. He said the state, school districts and teachers would share responsibility to “fully fund” the $74 billion shortfall of the nation’s second largest pension system. But it may not work out that way. The state Legislative Analyst’s Office says the “abstract” calculation CalSTRS uses to implement the deal produces unexpected results. It could shift a greater-than-expected portion of the burden for paying off the debt to school districts; makes the state share highly vulnerable to market volatility; and leaves a good chance that the state will pay no more than it would have before the deal was struck.
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