California's teacher retirement system does not take adequate measures to prevent pension "spiking," missing opportunities to reduce such abuses by insufficiently auditing benefits, the state controller said Wednesday.
Auditors in Controller John Chiang's office spotted raises of up to 26% for retiring executives in the San Francisco and San Diego school districts without enough documentation to justify the end-of-career boosts.
Part of the problem, Chiang said, is that the California State Teachers' Retirement System — the largest in the nation — hasn't taken full advantage of electronic warning systems designed to identify problems. "Starting with more rigorous auditing and better use of existing technology," Chiang said in a statement, CalSTRS must "resolve to crack down on those seeking unjust enrichment at the expense of their fellow educators and taxpayers.".
Read more at the LA Times