WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System is searching for public equity investment managers with an environmental, social and governance focus. There are up to six new ESG manager spots available for consideration.
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced the appointment of Grant Boyken as Public Affairs Executive Officer. The position and the branch are new for CalSTRS, having been established after the retirement of Ed Derman, the former Deputy Chief Executive Officer of the Plan Design and Communication Branch.
The Governmental Accounting Standards Board issued two new accounting standards that significantly change the way pensions are reported. Statement No. 67, Financial Reporting for Pension Plans, was implemented by CalSTRS in its fiscal year 2013-14 financial statements. Statement No. 68, Accounting and Reporting for Pensions, is effective for plan employers in fiscal year 2014-15.
Under previous standards, the pension obligation calculated for funding purposes and financial reporting were closely aligned. The new standards break the link between funding and financial reporting by moving from an approach that focuses on the process by which employers finance their future projected cash outflows for pension benefits, to one that stresses the obligation an employer incurs through the employment-exchange process. Significantly, the employers’ collective pension obligation, which was previously only disclosed in the notes to CalSTRS financial statements, will be reported as a liability in the employers’ financial statements.
The employers’ collective pension obligation is referred to as the Net Pension Liability. CalSTRS reported a Net Pension Liability for the State Teachers’ Retirement Plan of $67,324 million as of June 30, 2015.
CalSTRS is actively communicating with our employers regarding the new accounting standards through a variety of methods including:
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The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.