WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System is celebrating the appointment of its Chief Operating Investment Officer, Debra Smith, to the Public Company Accounting Oversight Board’s Standing Advisory Group. Ms. Smith will represent the investors’ perspective and voice in the advisory group. Her three-year term runs through the end of 2019.
WEST SACRAMENTO, Calif. – Consistent with its commitment to ensuring a financially sound retirement system, the California State Teachers’ Retirement Board today voted to adopt a new set of actuarial assumptions that reflect members’ increasing life expectancies and current economic trends. Today’s decisions were based on the multi-year CalSTRS Experience Analysis, commonly referred to as the experience study, spanning July 1, 2010, through June 30, 2015.
Adds Chief Operating Officer and Chief Financial Officer to those positions for which the Teachers’ Retirement Board has authority to establish desired competencies, set terms and conditions of employment and fix the compensation levels. Imposes limits on annual salary increases paid to a person who served in either position on January 1, 2016, and who does not separate from service prior to the increase. Limits the number of each of the positions under the board’s authority, except for investment officers, to one.
Version: Chaptered (Chapter 553, Statutes of 2016)
Consistent with existing authority set forth in the California State Constitution, authorizes the board of the California State Teachers’ Retirement System to contract for specified investment-related services under the board’s terms and conditions and, except under specified circumstances, utilizing competitive processes, in lieu of state contracting requirements.
Allows CalSTRS Defined Benefit (DB) Program members and Cash Balance (CB) Benefit Program participants to designate a specific type of trust established for a disabled individual (often called a “special needs trust”) to be an option beneficiary or annuity beneficiary and receive a benefit for the duration of the disabled individual’s lifetime.
Version: Chaptered (Chapter 559, Statutes of 2016)
Requires every California public investment fund to require its alternative investment vehicle fund managers and related parties to make specified disclosures regarding fees and expenses for each alternative investment vehicle. Also requires this information to be disclosed at least once annually in a report presented at a meeting open to the public. Applies to new contracts entered into, and to existing contracts pursuant to which the fund makes a new capital commitment, on or after January 1, 2017.
Version: Chaptered (Chapter 361, Statutes of 2016)
Makes a technical clarification specifying that state contribution changes that occurred after 1990 are not considered when determining future adjustments to the state contribution rate pursuant to the 2014 Full Funding Plan, except for the state contribution rate increases pursuant to that plan.
Version: Chaptered (Chapter 350, Statutes of 2016)
Requires the state or local government employee pension plan sponsor to report to the U.S. Treasury Secretary each plan year beginning on or after January 1, 2017, specified information using the U.S. Treasury Obligation Yield Curve—so as to derive and apply a “risk free” rate of return—to calculate the information, where applicable. Failure to comply with the reporting requirements results in the forfeiture of federal tax benefits to bonds issued by the relevant state or political subdivision until noncompliance is remedied.
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