California Budget Insanity: Education Pension Edition

The California Foundation for Fiscal Responsibility (CFFR) has obtained and posted “The CalSTRS $100,000 Pension Club” — a list of more than 3,000 retired educators who are receiving pensions of $100,000 or more per year. You can access the list in PDF here.

These large lifetime pension promises are one explanation for why school districts have less money to spend on current employees even as per-pupil funding has increased and enrollment has decreased. These pension obligations will continue to encroach on the operating funds of these districts.

This is compounded by Golden handshakes where teachers get to retire early with lucrative pensions, thus extending the long-term obligation for short-term gain.

See Reason on the Gathering Pension Storm here.