California controller slams teachers' fund, San Francisco schools, on pension-spiking oversight

State Controller John Chiang said the California State Teachers' Retirement System does not do enough to catch and prevent "pension spiking," where a public worker gets a big raise right before retiring.

He also identified problems with oversight in the San Francisco Unified School District, which is "a high risk for pension spiking."

Is the problem, big business or big institutions?

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