WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today announced the release of its second annual Global Reporting Initiative sustainability report: Fostering a Secure Future. The report provides an overview of CalSTRS’ sustainable practices and performance, including overviews of stakeholder, employee and member engagement; a description of the alignment between CalSTRS’ values and those of its business partners; and, examples of workforce activities promoting sustainable economic, environmental and social business practices, which guide its long-term strategy.
WEST SACRAMENTO, Calif. – The directors of the California State Teachers’ Retirement System’s Corporate Governance and Innovation & Risk units received awards from Institutional Investor Magazine last night at a Los Angeles awards ceremony.
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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