State treasurer: California school pension plan implodes without fix

A student on his way to school walks pas

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File: A student on his way to school walks past a Los Angeles Unified School District (LAUSD) school, in Los Angeles, California on Feb. 13, 2009.

California Treasurer Bill Lockyer is warning that the state teacher retirement system is rapidly running out of money.

Lockyer predicts the plan that pays benefits to retired public school educators won't exist in 30 years unless it's fixed.

The Ventura County Star reported Saturday that Lockyer says a budget expert recommends that the state kick in another $500 million of taxpayer dollars to the teacher fund for each of several years to cut its unfunded liability.

He says if nothing is done the California State Teachers' Retirement System "implodes" in 30 years.

The newspaper said his remarks were made in a speech in Ventura County Thursday.

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