Membership
CalSTRS members, as of June 30, 2019, include employees of approximately 1,778 employers: * School districts * Community college districts * County offices of education * Regional occupational programsTeachers' Retirement Fund
The Teachers' Retirement Fund is a special trust fund established by law that holds the assets of the following programs: * Defined-benefit pension, Defined Benefit * Defined Benefit Supplement * Cash balance plan, Cash Balance Benefit The assets come from contributions by members, employing school districts, investment earnings and appropriations from the State of California's General Fund. The fund's investments create a stream of income to add to those assets. The CalSTRS investment portfolio includes stocks, Bond (finance), bonds, real estate and short-term investments.Finances
As of June 30, 2019, CalSTRS managed a portfolio worth approximately $239 billion and pension liabilities of $329 billion, leaving a net pension liability of $90 billion at that date.Governance
The Teachers' Retirement Board is responsible for maintaining the Teachers' Retirement Fund in order to pay benefits to CalSTRS members and their survivors.Teachers' Retirement Board
The Teachers' Retirement Board sets policies, makes rules for and administers CalSTRS. The Board is also responsible for ensuring benefits are paid by the system in accordance with law. The 12-member Teachers' Retirement Board is made up of: * Three member-elected positions representing current educators * Five members appointed by the Governor of California and confirmed by the California Senate ** A retired CalSTRS member ** Three public representatives ** A school board representative * Four ''ex officio'' members: ** California Department of Finance, Director of Finance ** State Controller (California), State Controller ** California Superintendent of Public Instruction, State Superintendent of Public Instruction ** California Treasurer, State TreasurerExecutive staff
In February 2002, the board appointed Jack Ehnes as chief executive officer of CalSTRS to administer the system consistent with the board's policies and rules. The board also selected a chief investment officer, (CIO) Christopher J. Ailman, to direct the investments of the Teachers' Retirement Fund in accordance with board policy. In June 2021, Jack Ehnes retired from the position, and chief operating officer Cassandra Lichnock filled the position.Advisory committees
Two advisory committees meet regularly to provide forums for active participation in the formation of CalSTRS policies and procedures. The Employer Advisory Committee is composed of county and district employer representatives and CalSTRS staff and meets quarterly, and the Client Advisory Committee includes CalSTRS staff and members from various organizations representing CalSTRS members and benefit recipients and meets regularly coinciding with Board meeting dates.Operations
The board has supported a variety of corporate governance initiatives and actions aimed at keeping the fund stable. A few of the actions taken include: * Support of the Sarbanes-Oxley Act of 2002 that brings dramatic new standards to the corporate boardrooms and accounting profession. * Encouragement of the U.S. Securities and Exchange Commission, SEC's efforts to adopt tough regulations to rein in lax business practices * Discussions with individual corporate leaders to express CalSTRS interest in good corporate governance practices. * Litigation to pursue both financial remedies for the system as well as governance reforms On May 28, 2009, CalSTRS announced that individual proxy votes will bHeadquarters
Opened in June 2009, the CalSTRS headquarters building in West Sacramento is expected to meet members' needs through 2049. Growth in membership, the difference and complexity of the needs of a new generation of retiring teachers, and the need to operate more efficiently and sustainably led to the decision to build a new headquarters. The building, a $266 million, 13-story office tower above two levels of public space, is part of the Sacramento Riverfront Master Plan. The headquarters was designed to meet the Gold certification Leadership in Energy and Environmental Design, LEED designation set by the U.S. Green Building Council. Its construction was done by numerous Local Unions and with the aid of Architectural Glass and Aluminum which served as the Glazing Contractor on the project. It is expected that construction of the CalSTRS headquarters will add momentum to former California Governor Arnold Schwarzenegger's push for "green" buildings and speed up a similar movement in private construction. A few of the features designed into the building to qualify for LEED Gold certification are: * Water: low-flow plumbing, efficient irrigation to water native plants that don't need a lot of water. * Materials: At least 10 percent of construction materials include recycled content. * Reduced construction greenhouse gas emissions: At least 20 percent of construction materials come from within of the project site. * Natural light: At least 90 percent of people in the building have a direct line of sight to a window to reduce lighting needs and attempt to increase productivity. In October 2011, the building received USGBC's Platinum certification in Existing Building and Operations Maintenance.See also
* CalPERS, California Public Employees' Retirement System (CalPERS)References
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