CalSTRS Explains Pension Fix

CalSTRS Deputy CEO Ed Derman recently responded to a Sacramento Bee editorial discussing pension spiking.

CalSTRS Explains Pension Fix

Re "Can Legislature finally crack down on spiking?" (Editorials, July 9): The Bee's recent pension spiking coverage questioned why CalSTRS seeks to amend Sen. Joe Simitian's anti-spiking bill (SB 27) to apply only to new hires. That's because legal precedent and contractual obligations make it impossible to change the rules midstream without negating decades of constitutional protections. It doesn't mean we condone behavior that can be construed as spiking.

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