Actuarial Valuation Reports

• Adoption of June 30, 2010 Defined Benefit Actuarial Valuation
  April 8, 2011

  Description: This item identifies a UAO of $56 billion and a 71 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2009 Defined Benefit Actuarial Valuation
  September 3, 2010

  Description: This item identifies a UAO of $40.5 billion and a 78 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Adoption of June 30, 2008 Defined Benefit Actuarial Valuation
  September 4, 2009

  Description: This item identifies a UAO of $22.5 billion and an 87 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

• Preliminary June 30, 2008 Defined Benefit Actuarial Valuation
  June 5, 2009

  Description: This item provides a preliminary view of the actuarial valuation and seeks direction to conduct annual actuarial valuations until UAO issues are resolved.
  Ensuing Board Action: The board directed staff to conduct annual actuarial valuations of the Defined Benefit Program.

• Adoption of June 30, 2007 Defined Benefit Actuarial Valuation
  September 5, 2008

  Description: This item identifies a UAO of $20.7 billion and an 88 percent funded ratio.
  Ensuing Board Action: The board adopted the valuation.

For actuarial valuation reports prior to 2008, visit the past resources page.

Other Reports

• Fact Sheet: CalSTRS Funding Needs
  Released April 2011, a fact sheet that addresses the CalSTRS funding status.

• The PEW Center on the States: The Trillion Dollar Gap (External link)
  Released February 2010. Underfunded state retirement systems and the roads to reform.

• Bang for the Buck: The Economic Efficiencies of Defined Benefit Pension Plans
  Released August 2008, the report analyzes defined benefit pension plans versus defined contribution savings plans.

For reports prior to 2008, visit the past resources page.

Related Items

• Actuarial Investment Assumption Panel: Future Capital Markets (Board Education)
  September 2, 2010

  Description: This item introduces the panel of external investment experts that discuss future capital markets.
  Ensuing Board Action: none

• Adoption of the Investment Return Actuarial Assumption
  June 4, 2010

  Description: This item is to adopt an investment assumption for the actuarial valuation and to report the impact of changing the assumption.
  Ensuing Board Action: The board directed Milliman to provide a written recommendation as to lowering the investment return assumption, directed staff to continue with the current (June 30, 2009) valuation based on the existing 8 percent investment return assumption, and decided to review the matter again in November 2010.  Any changes adopted in November 2010 would be incorporated into the June 30, 2010 valuation.

• Validating Actuarial Assumptions
  February 5, 2010

  Description: This item evaluates the appropriateness of the current investment return assumption.
  Ensuing Board Action: The board requested staff provide more detailed information in September 2010 so as to evaluate the impact of lowering the assumed rate of return.  The board also requested analyses using different assumed rates of return with the projected contribution and the full PCA report on capital market assumptions.

• Evaluate Alternative Amortization and Smoothing Periods
  September 4, 2009

  Description: This item provides information on asset smoothing as a means to mitigate volatility in pension plan assets.
  Ensuing Board Action: none

• Adoption of the June 30, 2007 Actuarial Experience Study
  April 3, 2008

  Description: This item proposes the assumptions to adopt when undertaking an actuarial valuation.
  Ensuing Board Action: The board adopted the revised assumptions resulting from the study.

For related items prior to 2008, visit the past resources page.

Video Presentations

CalSTRS Officials Address the Funding Gap
July 2007 CalSTRS officials presented to the Governor's Public Employee Post-Employment Benefits Commission*.

• Jack Ehnes, Chief Executive Officer (WMV - 28 MB)
• Mark Johnson, Consulting Actuary (WMV - 34 MB)
• Jerilyn Harris, Teachers' Retirement Board Vice Chair (WMV - 29 MB)
• Ed Derman, Deputy Chief Executive Officer (WMV - 19 MB)

A written transcript of the presentations is also available.

* Need help viewing the videos, or getting a transcript of the videos? Visit the video help page.