More proof that pension costs are spiraling out of control: The number of retirees earning $100,000 or more from the California State Teachers’ Retirement System (CalSTRS) has increased dramatically since 2009, according to new data obtained by the nonprofit California Foundation for Fiscal Responsibility.
For those of you not familiar with the foundation, it’s one of the leading advocates for pension reform in California. On its website, the foundation publishes searchable databases of retirees earning $100,000 or more from a couple of state pension systems, including CalSTRS, the pension system for retired California teachers.
The foundation initially obtained the data for its “CalSTRS $100,000 pension club” database in May 2009. Back then there were 3,010 retirees earning $100,000 or more annually from CalSTRS. Earlier this month, the foundation obtained updated data from CalSTRS and the number has grown to 5,308 (5,309 if you count one woman earning $99,998.88).
That’s a 76 percent increase. In less than two years.