By any rational accounting, CalSTRS is insolvent. On an actuarial basis, their liabilities greatly exceed their assets and the taxpayers of California are on the hook for the difference, which is really a lot of money.

What does that have to do with anything?

And even if it had anything to do with anything what makes you think that the cause of the problems is incompetent management of CalSTRS. Because if you knew anything about CA politics and the tax situation and the history of pensions in government jobs including CA you would know none of the problems are caused by mismanagement of the pension fund.

Moe