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.
The CalSTRS 2014 funding plan enacted in Assembly Bill 1469 sets the Defined Benefit Program on a sustainable course to eliminate the unfunded liability within three decades.
This historic legislation calls for gradual, shared contribution increases from members, employers and the State of California over the next several years beginning July 1, 2014. The plan meets solid actuarial and accounting practices and offers a complete approach to fully funding the Defined Benefit Program.
Decade-long efforts to bridge the Defined Benefit Program’s current $73.7 billion funding gap conclude with a plan that fully funds the program within 32 years. Assembly Bill 1469, signed into law by Governor Edmund G. Brown Jr., as part of the 2014-15 budget, increases member, employer and state contributions over the next several years and sets the program on a sustainable course.
The funding solution is the result of years of focused discussions, stakeholder outreach, legislative visits and hearings. Since 2006, guided by the Teachers’ Retirement Board, CalSTRS committed to promoting the development of a comprehensive strategy to address the long-term funding needs of the system.
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