He Who Retires First, Wins

CalSTRS:
- 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.

Zero Hedge:
- CalSTRS reduced "the assumed rate of investment returns from 7.75 percent to 7.5 percent.

Canned Goods:
- First of all, planning on annual returns of 7% is incredibly optimistic irresponsible.
- I don't know about you, but if I was a retired teacher, I'd be upset that I might not get my defined BENEFIT from the ponzi scheme fund and that the younger workers should just contribute more so that I can live comfortably.
- If I was a current working teacher paying into the fund, with a defined BENEFIT plan, I'd retire ASAP to become an upset retiree unhappy that I might not live comfortably in retirement and that current teachers should pay more to support me.
- If I was a current teacher paying into the fund with retirement in the distant future, I'd be upset at the older folks expecting me to pay more to support their longer-than-expected lives and higher-than-expected medical bills.
- If you're not in the California State Teachers' Retirement System, don't worry, there's something call Social Security that is in even worse shape than what this article is talking about!

About CalSTRS:
- The California State Teachers' Retirement System, with a portfolio valued at $152 billion as of February 29, 2012, is the largest teacher pension fund and second largest public pension fund in the United States.
- CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and defined contribution plans, as well as disability and survivor benefits.
- CalSTRS serves California's 856,000 public school educators and their families from the state's 1,600 school districts, county offices of education and community college districts.

See also: http://stockuponcannedgoods.blogspot.com/2012/02/note-to-california-public-employees.html

Source: http://www.zerohedge.com/news/largest-teacher-pension-fund-underfunding-increases-9-billion-645-billion-only-69-funded
Source: http://www.calstrs.com/Newsroom/whats_new/2011_actuarial_valuation.aspx