Another View: CalSTRS' troubles stem from stock market crash
Re "Six-figure pensions soar for California school administrators," (Page A1, June 26): I'd like to add context to and expand on a few points touched on in your front-page story.
CalSTRS' current funding issues are largely the result of the investment losses of the 2008-09 market crash, which vaporized $43.4 billion of the fund's value. Six-figure pensioners are 2 percent of the retired educators CalSTRS serves and are not responsible for the current funding shortfall.
The singular lesson from the recession is that CalSTRS cannot invest its way to financial health. It will take a long-term funding solution which, by law, must come from the administration and Legislature, as they have sole authority to set the funds' contribution levels.
A vast majority of the retired educators included in the sampling for the article worked more than 30 years, the longest-serving individual having more than 66 years of service credit at retirement.
The article states those with six-figure pensions might "ultimately get millions more than they put into the system." The point of the CalSTRS system is to give the member more than she puts in by investing contributions into a professionally managed, diversified investment portfolio. Of every pension dollar paid out, 55 percent comes from investment income. Members' contributions or investment income account for 73 cents of every pension dollar.
Also, the story fails to mention that, of the 5,400 people making six figures, about 600 met that standard because they collect their own hard-earned pensions and are also named as beneficiaries by other CalSTRS members who have died. Typically, this is a spousal death benefit.
CalSTRS has mechanisms to identify those rare cases, such as the one mentioned in the story, where a miscalculation in time worked resulted in an overpayment of benefits. CalSTRS staff are working to more quickly identify and resolve such errors.
CalSTRS already effectively operates as a hybrid plan, consisting of the monthly pension and a supplemental plan that acts like a 401(k), in which contributions from extra service, such as summer school and extracurricular activities, are credited.
The average CalSTRS member earns a modest pension covering 60 percent of her pre-retirement income, does not receive Social Security benefits for her service, and generally does not receive employer-paid health care in retirement after age 65. It is this member that CalSTRS focuses on serving as she enjoys retirement after a full career in public education.
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The article states those with six-figure pensions might "ultimately get millions more than they put into the system." The point of the CalSTRS system is to give the member more than she puts in by investing contributions into a professionally managed,
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