Budget update - Senate adopts alternative CalSTRS contribution scheme
May 22, 2014
On Friday, the Senate Budget Committee adopted an alternative proposal to provide 100% funding to the California State Teachers Retirement System over the next 33 years. The alternative meets the same funding goals of the governor, but phases in the increases on employers and most employees more slowly in the early years and more steeply in the later years.
The increased contributions under both plans would commence July 1, 2014.