Speaker Emeritus Pérez & Assemblymember Rob Bonta: May Revision Mirrors Proposed Assembly CalSTRS Solution

Tuesday, May 13, 2014

(SACRAMENTO, CA) – Assembly Speaker Emeritus John A. Pérez (D-Los Angeles) and Assemblymember Rob Bonta (D-Oakland) issued the following statement after the release of today’s May Revision and its direct effort to address the CalSTRS funding issue, which has been a key fiscal priority for Assembly Democrats throughout the budget process.

“I am very pleased Governor Brown has followed the Assembly's lead and is taking on the challenge of finding a solution to the CalSTRS funding issue this year rather than put it off for another year as he originally proposed,” said Assemblymember Bonta.

“Based on the most recent numbers,” Bonta explained, “CalSTRS has a shortfall in funding of approximately $74 billion and will run out of funding for the program by 2046 if no changes occur.”

Earlier this year, Speaker Emeritus Pérez announced that the Assembly would engage in a comprehensive effort to address the CalSTRS funding shortfall. As Chair of the Assembly Committee on Public Employees, Retirement and Social Security, Bonta convened a series of hearings over the last several months to address the funding shortfall, including two joint hearings with the Senate Public Employment and Retirement Committee, to get the current perspectives on the issue from various stakeholder groups. In addition, Bonta introduced AB 611 with the hope that it could become the vehicle for an ongoing funding solution. 

“Much of the Governor’s proposal reflects the hard work done by the Assembly to tackle one of the most urgent long-term fiscal challenges facing California. The solution we enact must be balanced and comprehensive, reflecting our commitment to shared responsibility over the long-term that achieves 100 percent funding for CalSTRS and ensures California’s hardworking teachers will have the retirement they’ve earned,” said Speaker Emeritus John A. Pérez. “My colleagues and I are confident in the leadership of Speaker Atkins, Senate Pro Tem Steinberg and Governor Brown to pass a comprehensive, balanced solution as we move forward in the budget process.”

Speaker Emeritus John A. Pérez represents the 53rd Assembly District, which includes Downtown Los Angeles and communities of East Los Angeles. He served as California’s 68th Assembly Speaker.

Assemblymember Rob Bonta represents the 18th Assembly District, which includes Oakland, Alameda, and San Leandro and is Chair of the Assembly Committee on Public Employees, Retirement and Social Security.