(AP) BERKSHIRE (AP): A former school teacher who died in 2014 at the age of 85 is set to receive a $150 million pension from a California retirement system that is facing its first shortfall in nearly 30 years.
The State Retirement System of California, which oversees about 30,000 retirees, said Wednesday it had committed $20 million to cover the shortfall.
The retirement system, which includes more than a dozen state and local pension funds, expects to reach the milestone in 2021.
The money will cover a portion of the $75,000 annual pension that former Brookhaven High School teacher Robert T. Kiel, 77, received when he retired in June 2014.
Kriely died last year at his home in Berkely, near Lake Tahoe.
He had been hospitalized three times since his death and had been treated for asthma.