WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced its endorsement of the Institutional Limited Partners Association’s recently-launched fee reporting template for private equity general partners.
Pensions form a significant part of public school teacher compensation, and provide the primary source of retirement security for teachers, many of whom are not included in Social Security. While most private sector employers have shifted the retirement benefit costs and risks to employees by switching to 401(k) style plans, most public school teachers are still covered by defined benefit pensions that provide guaranteed retirement income and reward long service.
While 401(k) plans have the advantage of portability for a mobile workforce, defined benefit pensions provide greater retirement income security and reduce turnover. Given the role of retirement benefits in meeting both employer goals for workforce retention and employee goals for retirement income security, this study examines the suitability of defined benefit pensions for California teachers compared to alternative retirement benefits.
The California State Teachers’ Retirement System’s board on Wednesday voted to liquidate its holding in four U.S. thermal coal companies after the state passed a law last year urging them to do so.
Coal companies make up only about $40 million of the fund’s $186 billion portfolio, but lawmakers in Sacramento targeted those investments on the basis that burning coal significantly contributes to global climate change.
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