SACRAMENTO (AP) — The pension fund for California’s teachers is facing a $56 billion shortfall, even as its investments are doing better than expected.

The drop reported Thursday is enough to trigger an automatic increase in the amount the state must pay into the nation’s second largest public pension fund. Payments from California’s general fund will increase by 20 percent in the coming fiscal year, to $688 million.

READ MORE: COVID-19 Related Hospitalizations Continue To Drop In Los Angeles County

The shortfall grew by more than $15 billion in one year. The fund now has enough assets to cover just 71 percent of what it will owe retirees over the next 30 years.

READ MORE: Joshua Wells, 29, Arrested In Connection To Double Murder Of Long Beach Couple Over Alleged Parking Dispute

That’s mainly because it suffered huge losses during 2008 and 2009. Even though investments have been rising faster than expected for the past 18 months, it’s not enough to offset the losses.

MORE NEWS: SpaceX Inspiration4, With All-Civilian Crew, Splashed Down In Atlantic Ocean Saturday After Historic 3 Day Mission

(©2011 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)