Sacramento – In the last days of the 2003-04 bill signing season, Governor Arnold Schwarzenegger took action on nine bills affecting the California State Teachers’ Retirement System and its members. All bills affecting benefits were signed into law by the governor, including:
It is the middle of the bill signing season and Governor Arnold Schwarzenegger has until September 30 to take action on legislation approved by the Legislature during the 2003-04 Regular Session. While there are a number of bills affecting the California State Teachers’ Retirement System that remain on the Governor’s desk, below are the bills that he has acted upon thus far.
SACRAMENTO, CA — The California State Teachers’ Retirement System, the third largest pension fund in the nation, and Countrywide Home Loans, Inc., a national leader in residential finance, have teamed up to offer an improved home loan program designed to bring home ownership within reach for more eligible California public school employees.
Sacramento, CA – The California State Teachers’ Retirement System has posted its year-end returns for 2003-04.The public pension fund – the third largest in the United States – announced its second straight year of positive performance, with total assets of $116.2 billion on June 30, 2004, and a 17.38 percent return on investments for the year.
Sacramento, CA – The California State Teachers’ Retirement System has announced that it will be implementing changes in its Real Estate Policy and Equity Portfolio Policy. The changes, which were recommended by staff and approved unanimously at the July 7 meeting of the Teachers’ Retirement Board, were as follows:
Sacramento, CA – The California State Teachers’ Retirement System is expanding its alternative investment program by increasing the geographic scope of its partnerships.
At the regularly scheduled June meeting of the Teachers’ Retirement Board, the Investment Committee voted to expand its geographic locations for alternative investments to the entire globe. Prior to this action, the policy was limited to the United States, Canada, the United Kingdom and Western Europe.
Sacramento, CA – The California State Teachers’ Retirement System announced today that it has sent a letter to the Securities and Exchange Commission commenting on the proposed change in the trade-through rule.The current rule, which applies to stocks listed on the New York Stock Exchange, requires brokers and dealers to trade on the market or exchange that offers the best price.The proposed modification to this rule would allow investors to opt out of the trade-through rule on a trade-by-trade basis.CalSTRS believes that investors should be given the option of choosing between speed and pr
Sacramento, CA – The California State Teachers’ Retirement System announced today that it has selected Pension Consulting Alliance, Inc. as its general consultant to assist the Investment Committee with the oversight of the investment portfolio. The firm was awarded a five-year contract after the CalSTRS Investment Committee listened to presentations from three finalist firms.
Allan Emkin, the lead consultant for PCA, has served as the general investment consultant to CalSTRS for the past 19 years.
SACRAMENTO – The California State Teachers’ Retirement System announced today that Institutional Shareholder Services has released a report recommending that its clients vote in favor of the CalSTRS shareholder proposal calling for the separation of the CEO and board chair positions at Qwest Communications International Inc. The vote will be announced at the Qwest annual meeting on May 25, 2004. Last month, another influential proxy advisor, Glass Lewis & Co., also advised its clients to vote for the CalSTRS proposal.
SACRAMENTO – Concern regarding a sharp decline in the value of Qwest Communications International Inc. and a desire for improved corporate governance practices have prompted the California State Teachers’ Retirement System to seek shareowner support for its proposal to separate the role of Qwest’s board chair from its chief executive officer.
SACRAMENTO -The California State Teachers’ Retirement System announced today the names of a dozen domestic companies that have been placed on the $116 billion fund’s Work Plan for the 2004-05 proxy season. Over the next year, CalSTRS will work closely with these companies with the expectation of improvements in their corporate governance practices and in their financial performance.
SACRAMENTO, CA – Six of the nation’s largest institutional investors today publicly called for a meeting with The Walt Disney Company Board of Directors to discuss the performance and future of the company.
Marsh & McLennan Companies, Inc. announced today that it is adding Zachary Carter to the slate of nominees for election to its board of directors at its May 20, 2004 annual meeting. A group of institutional investors, AFSCME Employees Pension Plan, New York State Common Retirement Fund, California Public Employees’ Retirement System and the California State Teachers’ Retirement System, praised the move and announced they were withdrawing their proxy resolution.
SACRAMENTO – The California State Teachers’ Retirement System, lead plaintiff in a class action lawsuit against Homestore.com, Inc., announced today a federal court judge has given final approval to a settlement of approximately $93 million. The suit accused Homestore.com Inc., an Internet real estate company, of falsifying financial statements and engaging in accounting irregularities in 2000 and 2001.
U.S. District Court Judge Marsha J. Pechman, in issuing her ruling March 16, also extended the deadline for class members to submit claim forms until May 31, 2004.
Sacramento – The California State Teachers’ Retirement System announced today that its investment portfolio has reached an all-time high of $116.7 billion. This milestone surpasses its previous high by $166 million, which was set more than three years ago, on September 1, 2000.
The CalSTRS portfolio has rebounded more than $30 billion in the last 17 months, from a record low of $85.5 billion in October 2002. The fund has also seen its rate of return jump to 23.1 percent for calendar year 2003, after two years of negative returns.
Sacramento – Officials of the California State Teachers’ Retirement System expressed disappointment this week upon learning that the federal budget, as currently proposed, does not include appropriations for the seventh payment due the fund for the sale of the Elk Hills school lands.
Sacramento, CA – The Board of the California State Teachers’ Retirement System elected officers for the 2004 term during its regularly scheduled meeting today, February 4, 2004, at CalSTRS’s headquarters in Sacramento.
The Teachers’ Retirement Board members nominate and elect their own Chair and Vice-Chair each February; the officer positions are for one year’s duration, although the members’ terms are for a total of four years. The 2004 officers are:
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