LA School Report had an article up on California's pension system:
CalSTRS has gone from more than 100 percent funded to 63 percent funded in just 17 years . . . CalSTRS members who retired in 2018 received an average annual pension of $54,144 . . . California teachers do not pay into Social Security, and so do not receive those benefits when they retire. However, CalSTRS pays them more than double what a Social Security beneficiary would receive with the same final working salary and retiring at the same age.
The one thing I would say about that last sentence is that one would think that CalSTRS should pay teachers more than just a Social Security amount upon retirement. There is something called 401K match (and maybe still some pensions) that is done in Corporate America. One would think this would also apply to government workers. On the other hand, the fact that funding has dropped from over 100% to 63% over 17 years implies that CalSTRS and California school districts haven't managed their budgets very well.
Scanning through the LA School Report website I came across an article that had the following info:
The district now has to send its 2019-20 budget to county overseers by July 1 — without a new local revenue source. The county has threatened a takeover if L.A. Unified can’t prove its solvency over the next three years. District projections show L.A. Unified spending $577 million more than it will take in next year alone and falling some $700 million in the red by 2021-22.
Two interesting points here:
First, the county might attempt to takeover LAUSD.
Second, for fiscal year 2019-2020, we're looking at a deficit of $577 million. By 2021-2022, it will increase to $700 million. The $577 million matches up with what I've read previously so no change there. The 2021-2022 deficit would indicate, to me, that even if Measure EE had passed, another tax increase request would have occurred two years from now.
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