CalSTRS has conducted an assessment of AB 340, the California
Public Employees’ Pension Reform Act of 2013, and its impact on
CalSTRS members and operations and outlined key changes.
SACRAMENTO – The California State Teachers’ Retirement System has
announced the selection of Christine Ford as the Deputy Chief
Executive Officer for Administrative Services. Ford, a certified
public accountant and former auditor who is currently a deputy
director at the California Department of Aging, will begin her
new position at the nation’s third-largest public pension fund on
January 19, 2004.
The Securities and Exchange Commission needs to hear from
California’s educators – the individual shareholders of the
CalSTRS investment portfolio – in regard to rule S7-19-03, which
gives shareholders the right to nominate their own candidates to
replace unresponsive and irresponsible board members during
elections. Simple logic dictates that, faced with the possibility
of removal, directors will be forced to pay greater attention to
the issues that matter to shareholders.
SACRAMENTO — In a historic, first-time-ever vote, current
California educators elected three members to the governing body
of the California State Teachers’ Retirement System.
In election results announced today, the two board
representatives of kindergarten through twelfth grade educators
are:
Washington, DC — Four of the nation’s most powerful public
pension funds, in a heightened response to the Putnam mutual fund
scandal, announced they are using an anticipated Securities and
Exchange Commission (SEC) rule to more easily nominate and elect
better leadership on Putnam’s parent company board.
Sacramento, CA – The California State Teachers’ Retirement System
announced today it has terminated its relationship with Putnam
Investments.
Putnam has recently come under scrutiny for failing to act when
its compliance office reported improper trading activities.
Although the infractions did not directly affect the CalSTRS
portfolio, CalSTRS Chief Investment Officer Christopher Ailman
said at today’s Investment Committee meeting he has concluded
there were other fund managers who could better service the
account.
Sacramento, CA – The California State Teachers’ Retirement System
has announced the selection of three investment management firms
for its newly established External Equities Developing Manager
Program: FIS Funds Management, Inc., of Philadelphia, Penn.;
Northern Trust Global Advisors, Inc., of San Francisco; and
Russell Investment Group of Tacoma, Wash.
Sacramento, CA – The California State Teachers’ Retirement System
today sent a letter to the Securities and Exchange Commission
criticizing the reform proposal for the New York Stock Exchange
that was recently approved by NYSE members. The proposal is now
facing review by the SEC, which has the power to ultimately
ratify or reject it.
SACRAMENTO — Governor Gray Davis has named Silvia Saucedo as a
member of the Teachers’ Retirement Board. Saucedo was appointed
to the public representative seat on the 12-member governing body
for the California State Teachers’ Retirement System.
Saucedo is an attorney for the law firm of Allen, Matkins, Leck,
Gamble & Mallory, LLP, in downtown Los Angeles. She
specializes in real estate and land use.
Sacramento, CA – Christopher J. Ailman, Chief Investment Officer,
California State Teachers’ Retirement System, issued the
following statement regarding the discussion held today by the
Teachers’ Retirement Board about CalSTRS’ relationship with
Putnam Investments:
“The Board expressed its deep concern regarding recent events at
Putnam Investments and directed investment staff and the Board’s
investment consultant to expeditiously determine whether CalSTRS’
existing relationship with Putnam is in the best interests of the
System.”
A new law provides retirement incentives that increase monthly
benefits for members of the CalSTRS Defined Benefit (DB) Program
retiring from school districts that agree to offer the benefit.
These two retirement incentive programs would increase either one
or two of the elements used in calculating your CalSTRS service
retirement benefit.
The law, Chapter 313, Statutes of 2003 (AB 1207—Corbett), allows
an eligible member employed by a participating district to
receive either:
The California State Teachers’ Retirement System has filed a
lawsuit against the state to restore a $500 million contribution
cut in Senate Bill 20x. The contribution supports supplemental
payments made to approximately 63,000 retired educators and their
survivors. These quarterly payments are made when inflation
erodes a recipient’s monthly benefit below 80 percent of its
original consumer purchasing power.
The Securities and Exchange Commission took a major step today in
recognizing that shareholders have a fundamental right to have
access to the proxy. However, questions remain as to the triggers
that are being proposed; we need triggers that are responsive to
the corporate crises of the past year, and we must define
appropriate threshold s for these triggering events. The final
rule should be sensitive to the very issues concerning corporate
financial malfeasance that have plagued our markets.
Sacramento, CA – The California State Teachers’ Retirement System
has called for a reform of the current governance structure of
the New York Stock Exchange in a letter sent to H. Carl McCall
and Leon Panetta, the co-chairs of the Special Committee on
Governance for the Exchange.
Jack Ehnes, CalSTRS chief executive officer and signer of the
letter, outlined recommendations for reform in the areas of board
independence, committee structure, regulatory responsibilities
and transparency. The recommendations include:
SACRAMENTO – The California State Teachers’ Retirement System has
surpassed the $2 billion mark for investing in the state’s urban
and rural communities to help promote economic growth.
As of June 30, CalSTRS investments in these communities totaled
$2.08 billion, or more than 2 percent of the system’s
approximately $100 billion pension fund. This milestone is the
first time CalSTRS has exceeded its goal of putting 2 percent of
its investment into California’s emerging communities.
SACRAMENTO – Homestore Inc. has agreed to reform its corporate
policies and to pay approximately $64 million in cash and stock
to settle a class action lawsuit accusing the Internet real
estate company of falsifying financial statements and engaging in
accounting irregularities.
SACRAMENTO—In another sign the economy is on the rebound, the
California State Teachers’ Retirement System recorded its first
positive portfolio return in three years. The nation’s third
largest public pension fund posted a 3.4 percent return, with
assets totaling $100 billion, for the fiscal year ending June 30.
The state Senate will vote on AB 265 by July 1 so please call or
email your state senator today. Tell your Senator you want to
keep the Supplemental Benefit Maintenance Account stable and
secure by passage of AB 265.
Sacramento, CA – The California State Teachers’ Retirement System
today called on its members and other shareholders to join it in
supporting the Securities and Exchange Commission’s upcoming
study of proxy rules. The SEC is soliciting public views through
June 13.To assist interested parties in e-mailing comments to the
SEC, CalSTRS posted a suggested message and submission
instructions on its Web site, www.calstrs.ca.gov.
Sacramento, CA – The California State Teachers’ Retirement System
today launched a search for one or two fund-of-funds managers to
invest in a $100 million portfolio of private equity new and next
generation managers. Final filing date for investment offerings
is July 7. A copy of the Private Equity Investment Search
document is available in the Investments section of the CalSTRS
Web site, www.calstrs.ca.gov.
Washington, DC – A cross-section of institutional investors,
state treasurers and labor unions said today that an
extraordinary shareholder vote at Thursday’s Ingersoll-Rand
annual meeting proves momentum is building in the campaign to get
American companies to return to U.S. soil from their off-shore
tax sanctuaries.
Your retirement benefit is based on a formula (Service Credit x
Age Factor x Final Compensation = Member-Only Benefit). How
confident are you in your understanding of how this formula
determines your Member-Only Benefit amount?
