The multibillion-dollar pension funds that guarantee to pay lifetime benefits to millions of the USA's retired educators are more than $900 billion in the hole. The shortfall could put taxpayers on the line for almost three times as much as the funds they say are needed to balance the budget. The study, released Tuesday from the Manhattan Institute for Policy Research and the Foundation for Educational Choice, finds that all of funds that cover most teachers face deficits. Jointly, the researchers say that the funding gap equals more than $932.5 billion. The researchers attribute only $116 billion of the discrepancy to turmoil in the stock market. Among the worst, they say: California's State Teachers' Retirement System (CalSTRS), with a $97.5 billion shortfall. Much of the difference is a result of funds lowballing the cost of paying future benefits, under the assumption that stock values will rise "much higher" by the time they have to pay out benefits.
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