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I am pleased to present the Comprehensive Annual Financial Report of the California
State Teachers’ Retirement System for the fiscal year ended June 30, 1999. The report
is intended to provide complete and reliable information as a basis for making management
decisions, determining compliance with legal provisions and determining responsible
stewardship of the Teachers’ Retirement Plan and the CalSTRS 403(b) Program. (Please
note the Teachers’ Retirement Plan consists of the Defined Benefit and Cash Balance
Benefit programs. Effective January 1, 1999, the Cash Balance Plan was combined with the
Defined Benefit Plan to become programs within the newly named Teachers’ Retirement
Plan.) I believe this report will be helpful to the California Legislature, CalSTRS
members and other interested parties in understanding the California State Teachers’
Retirement System, established by law in 1913 to provide retirement benefits to
California’s public school educators. Responsibility for both the accuracy and
completeness of the financial data and the fairness of the presentation rests with me and
the management of CalSTRS.
The events and developments of the year mark a threshold for CalSTRS. Thanks to
excellent investment returns and the achievement of a fully funded status, CalSTRS is
entering a time of increased opportunities for the members. Those members, as of June 30,
1999, included employees of approximately 1,160 school districts, community college
districts, county offices of education and regional occupational programs .
The compilation of this comprehensive annual financial report reflects the combined
effort of CalSTRS staff under the leadership of the Teachers’ Retirement Board. I
commend their efforts on creating another outstanding report. In addition, I take this
opportunity to express my gratitude to the staff, advisors and the many other people and
organizations who have worked so diligently to assure the successful operation of the
California State Teachers’ Retirement System.
James D. Mosman
Chief Executive Officer |
The 1999 CAFR may be downloaded and printed as one complete file or by
individual sections for your convenience.
 The 1999 CAFR
This is the contents all in one file and is about 4.5MB in size. If you do not need the
complete contents, you can use the links below to download just the section(s) you need.
Introduction
The introductory section contains this letter of transmittal, the administrative
organization, report of the Teachers’ Retirement Board chairperson and a review of
CalSTRS achievements and activities.
Financial
The financial section includes the report of the independent auditor, the system’s
financial statements and supplemental information for the Teachers’ Retirement Plan,
Cash Balance Plan and CalSTRS 403(b) Program.
Investments
The investment section contains a consultant’s report summarizing investment
activity, an explanation of investment policy, portfolio performance information and
various investment schedules for the Teachers’ Retirement Plan. Investment of the
Cash Balance Benefit Program contributions is also discussed. Investment information is
not included for the CalSTRS 403(b) Program since all investments are member-directed into
mutual funds.
Actuarial
The actuarial section includes the actuary’s certification letters and summaries for
both the CalSTRS Defined Benefit and Cash Balance Benefit programs, in addition to the
results of the latest actuarial valuations.
Statistical
The statistical section includes information on the CalSTRS Defined Benefit Program, Cash
Balance Benefit Program and CalSTRS 403(b) Program.
Population Information for Fiscal Year
1998-1999 (As of June 30, 1999)
1999 CAFR Updated: March 11, 2000
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