SACRAMENTO (CBS13) – The California teacher retirement system is rapidly running out of money and won’t exist in 30 years.

That’s the warning from the state treasurer Bill Lockyer. He predicts the plan that pays benefits to retired public school educators will “implode” unless it’s fixed.

The Ventura County Star reported today that a budget expert recommends the state should kick in another $500 million of taxpayer dollars to the fund.

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