WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s (CalSTRS) Corporate Governance 2014 Annual Report shows its engagement with small-cap companies yielded remarkable progress in the adoption of majority voting standards for the election of corporate directors.
The Corporate Governance 2014 Annual Report reflects four years of work with small-cap companies—those with a capitalization of $2 billion or less—to adopt the majority-vote standard. The standard requires directors to receive a majority of shareholder support to be elected to the board.
The Defined Benefit Supplement is a hybrid cash balance plan for Defined Benefit members that provides additional savings for retirement.
Funds come from compensation earned from service in one school year in excess of one year of service credit and limited-term salary increases. From January 1, 2001, through December 31, 2010, funds came from 25 percent of your monthly CalSTRS contribution.
Your Defined Benefit Supplement funds are yours when you begin receiving a monthly benefit or six months after you terminate CalSTRS-covered employment and receive a refund of your Defined Benefit contributions.
The California Public Employees’ Pension Reform Act of 2013 (Chapter 296, Statutes of 2012) made significant changes to the benefit structure that primarily affect members first hired to perform CalSTRS creditable activities on or after January 1, 2013. Three provisions also affect current members. As a result, CalSTRS now has two benefit structures:
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