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CalSTRS’ finances reflect debt — and surplus

The photo gallery in the main entrance of CalSTRS' West Sacramento headquarters. (Photo: CalSTRS)

The main California State Teachers’ Retirement System pension fund is seriously underfunded, and school district pension costs are more than doubling, biting deep into classroom budgets. But the agency, called CalSTRS for short, has an inflation-protection fund with a growing $9.8 billion surplus and an eye-popping positive cash flow.

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