WEST SACRAMENTO, Calif. – Governor Brown announced today the appointment of Nora Vargas to the California State Teachers’ Retirement Board. The board oversees the retirement benefits for California’s prekindergarten–12 and community college educators covered under the California State Teachers’ Retirement System (CalSTRS).
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System’s (CalSTRS) Carrie Lo has been named to Chief Investment Officer magazine’s influential “Forty Under Forty” list of up-and-coming investment professionals under the age of 40.
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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