The latest from the NO campaign

Sacramento, CA – The California State Teachers’ Retirement System (CalSTRS), the largest teachers’ retirement system in the nation and the nation’s second largest pension fund, voted on Thursday to oppose the Taxpayer Deception Act, an initiative placed on the ballot by wealthy real estate developers and landlords through the California Business Roundtable (CBRT) and the California Business Properties Association. This comes just weeks after CalPERS, the nation’s largest pension fund, also took an official position against the initiative. 

CalSTRS Board Chair and California Teachers Association board member Denise Bradford said, “This measure will undermine the retirement security of CalSTRS members by making it harder for voters to pass local measures that keep our local school buildings safe and updated and, it will have a devastating impact on our past, current and former teachers. Further, it will make it impossible for California to continue attracting the best teachers in the country to educate our children, leaving generations of students at a loss. As a K-12 teacher for more than 30 years, I know how important it is for voters to be able to fund local schools – and for teachers to be able to retire with dignity.”

CalSTRS board member Sharon Hendricks said, “The Taxpayer Deception Act is a dangerous measure that threatens funding for California schools, and will make it more difficult for students and educators to thrive. The measure also jeopardizes pensions for hundreds of thousands of school employees who have poured their lives and careers into ensuring the next generation has the tools they need to succeed.”

Fiona Ma, California State Treasurer and CalSTRS Board member said, “This Act could pull the rug out from underneath millions of public servants, who have worked their whole lives to retire with dignity; and put public employee pension systems, such as CalSTRS, at risk.”

CalSTRS board member and State Superintendent of Public Instruction Tony Thurmond said, “The Taxpayer Deception Act was placed on the ballot by the same corporate real estate developers and landlords who benefit from millions in CalSTRS investments, and threatens to defund retirement security for hundreds of thousands of teachers across the state. If this cynical measure passes, it will further harm teachers by forcing deep cuts to public schools that could increase class sizes and make it harder for students to get the help they need.”