SACRAMENTO, Calif. (AP) - A new audit by the state controller's office says the nation's largest teacher pension fund has been lax about detecting pension spiking at California school districts.
The office found that the California State Teachers' Retirement System failed to adequately audit school districts, missed opportunities to stop unjustified salary increases, and failed to use its own electronic system to detect possible abuses.
CalSTRS' chief executive Jack Ehnes agreed that the $152 billion pension system should improve oversight and says the system is taking steps to improve pension calculations, including forming a special task force.
The audit was released Wednesday, just days after Democrats passed a pension bill that included anti-spiking measures and a retirement cap for new employees.
The Associated Press