WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System received the Association of Asian American Investment Managers 2016 Founder’s Award today. The award is a one-time honor being given in celebration of AAAIM’s 10th Anniversary.
Research from University of California, Berkeley shows that for the vast majority of teachers, the California State Teachers’ Retirement System Defined Benefit pension provides a higher, more secure retirement income compared to a 401(k)-style plan.
The study, conducted by Nari Rhee, PhD, of the UC Berkeley Center for Labor Research and Education and William Fornia, FSA, of Pension Trustee Advisors, shows that switching to an account-based retirement system—such as a 401(k) or cash balance plan—would sharply reduce the retirement income security of teachers who account for a large majority of the educational workforce in California.
Harry Keiley, CalSTRS Board Chairman reacts to a new UC Berkeley study: “The defined benefit offered by CalSTRS helps to retain our great educators and then keep them in the classroom where they belong, helping to serve our children and our state.”
Nari Rhee: UC Berkeley Center for Labor Research and Education: “Six out of seven teachers in California are substantially better off with a Defined Benefit pension that they have under CalSTRS, than they would even under the best 401(k) plans.”
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