Board meeting - November 2020
Unless otherwise specified, meetings will be held at the following location:
Web Conference
***Public Meeting Notice***All meeting times are approximate depending upon the end of the previous meeting.
November 4, 2020
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Opportunities for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
Item 3 - Approval of Minutes of the September 2, 2020, Investment Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 3Item 4 - Sustainable Investment & Stewardship Strategies Strategic Priorities Overview
Session: Open | Type: Informational | Presenter: Kirsty Jenkinson and Aeisha Mastagni
Item 4Item 4 PowerPointItem 5 - Annual Investment Cost Report - Revised
Session: Open | Type: Informational | Presenter: Shifat Hasan, Mike Dunigan, and Melissa DaRonco
Item 5Item 5 PowerPointItem 6 - Chief Investment Officer’s Report – Open Session
Session: Open | Type: Informational | Presenter: Christopher Ailman
Item 6Item 6 PowerPointItem 7 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 8 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 8Item 9 - Approval of Minutes of the September 2, 2020, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)
Session: Closed | Type: Consent/Action | Presenter: Chairperson
Item 10 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Informational | Presenter: Investment Staff and Consultants
Item 11 - RMS Implementation Update (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Informational | Presenter: Steven Tong and Carrie Lo
Item 12 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
Item 13 - Investment Compliance – Semi-Annual Report (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe but may not participate in the discussion of agenda items.
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Approval of Minutes of the September 4, 2020, Compensation Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - Disclosure of Incentives for Statutory Positions for the 2019-20 Plan Year
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 3Item 4 - Labor Market Benchmarking Study Update
Session: Open | Type: Informational | Presenter: Melissa Norcia
Item 4Item 5 - Review Investment Management Classification Concept
Session: Open | Type: Action | Presenter: Melissa Norcia
Item 5Item 6 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 7 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 7Item 8 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.
November 5, 2020
Item 1 - Approval of Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Approval of the Multi-Year Internal Investment Management Plan and Proposed 2021-22 Operating Budget
Session: Open | Type: Action | Presenter: Julie Underwood
Item 2Item 3 - Public Comment Regulations
Session: Open | Type: Action | Presenter: Brian J. Bartow/ Diane Stanton
Item 3Item 4 - Review of CalSTRS Basic Financial Statements as of June 30, 2020
Session: Open | Type: Informational | Presenter: Julie Underwood/ Bankole Fatunla
Item 4Item 5 - Chief Executive Officer Report
Session: Open | Type: Informational | Presenter: Jack Ehnes
Item 5Item 6 - State and Federal Legislative Report
Session: Open | Type: Informational | Presenter: Diane Stanton/ Joycelyn Martinez-Wade/ John Stanton, Hogan Lovells
Item 6Item 6 PowerPointItem 7a - Approval of Annual Incentive of Chief Executive Officer
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7aItem 7b - Approval of Annual Incentive of Chief Investment Officer
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7bItem 7c - Committee Reports 1) Investment Committee 2) Appeals Committee 3) Audits and Risk Management Committee 4) Benefits and Services Committee 5) Board Governance Committee 6) Compensation Committee
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7d - Approval of Minutes of the September 3, 2020, Regular Meeting – Open Session -- Revised
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7dItem 7e - Board Member Education
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7eItem 7f - Approval of Selection of Executive Recruitment Firm
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7fItem 7g - Contracts Requiring Board Approval
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7gItem 7h - Appointment to the California Actuarial Advisory Panel
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 7hItem 8 - Items Referred by Committee for Board Decision
Session: Open | Type: Informational | Presenter: Chairperson
Item 9 - New Business / Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 10 - Draft Agenda for Next Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 10Item 11 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
Item 12 - Approval of Minutes of the September 3, 2020, Regular Meeting – Closed Session (Gov. Code, sec. 11126) -- Revised
Session: Closed | Type: Consent/Action | Presenter: Chairperson
Item 13 - Committee Reports (Gov. Code, Sec. 11126) a. Investment Committee b. Appeals Committee
Session: Closed | Type: Consent/Information | Presenter: Chairperson
Item 14 - Report on Cybersecurity (Gov. Code, sec. 11126 (c)(18)(A))
Session: Closed | Type: Informational | Presenter: Scott Tirapelle
Item 15 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Informational | Presenter: Jack Ehnes
Item 16 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Informational | Presenter: Brian J. Bartow
NOTE: Items designated for information are appropriate for board action if the board wishes to take action. Agenda items may be taken out of order with the approval of the Chairperson.
November 6, 2020
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Approval of Minutes of the September 4, 2020, Benefits and Services Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - 2020 Member Satisfaction Survey
Session: Open | Type: Informational | Presenter: Tom Buffalo
Item 3Item 3 PowerPointItem 4 - Outstanding Death Benefits Update
Session: Open | Type: Informational | Presenter: Melyssa Adams
Item 4Item 4 PowerPointItem 5 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 6 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 6Item 7 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Approval of Minutes of the January 30, 2020, Board Governance Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - Teachers’ Retirement Board Governance Manual Revisions – Education Policy – 2nd Reading - Revised
Session: Open | Type: Action | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 3Item 4 - Teachers’ Retirement Board Policy Manual Revisions – Policy Prohibiting Insider Trading
Session: Open | Type: Informational | Presenter: Ed Klees, Hirschler Fleischer
Item 4Item 5 - Teachers’ Retirement Board Policy Manual Revisions – Board Chair Policy §500(C) – Discussion
Session: Open | Type: Informational | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 5Item 5 PowerPointItem 6 - Teachers’ Retirement Board Policy Manual Revisions – CEO and CIO Evaluation Policy – 1st Reading
Session: Open | Type: Informational | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 6Item 7 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 8 - Draft Agenda for Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 8Item 9 - Opportunities for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe, but may not participate in the discussion of agenda items.
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 1Item 2 - Approval of Minutes of the July 17, 2020, Audit and Risk Management Committee Meeting – Open Session
Session: Open | Type: Consent/Action | Presenter: Chairperson
Item 2Item 3 - Annual Report of Benefit Payment Modifications for FY 2019-20
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 3Item 4 - 2020 Internal Audit Plan, Progress Report
Session: Open | Type: Consent/Information | Presenter: Chairperson
Item 4Item 5a - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2020: Basic Financial Statements, Required Supplementary Information, and Other Supplementary Information for the Year Ended June 30, 2020
Session: Open | Type: Action | Presenter: Brenda Torres, Kevin Smith and Jen Aras, Crowe LLP
i) Independent Auditor’s Report
ii) Report to Those Charged with Governance
iii) Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters
Item 5aItem 5a PowerPointItem 5b - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2020: Other Pension Information – State Teacher’s Retirement Plan for the Year Ended June 30, 2020
Session: Open | Type: Action | Presenter: Brenda Torres, Kevin Smith and Jen Aras, Crowe LLP
i) Independent Auditor’s Report
ii) Report to Those Charged with Governance
iii) Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters
Item 5bItem 5c - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2020: Other Postemployment Benefits Information – Medicare Premium Payment Program for the Year Ended June 30, 2020
Session: Open | Type: Action | Presenter: Brenda Torres, Kevin Smith and Jen Aras, Crowe LLP
i) Independent Auditor’s Report
ii) Report to Those Charged with Governance
iii) Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters
Item 5cItem 6 - 2020 Management Letter
Session: Open | Type: Informational | Presenter: Larry Jensen / Julie Underwood
Item 6Item 7 - 2021 Enterprise Compliance Plan
Session: Open | Type: Informational | Presenter: Cheryl Dietz
Item 7Item 8 - 2021 Internal Audit Plan Risk Assessment
Session: Open | Type: Informational | Presenter: Mike Dutil / Roseanne Oyoung
Item 8Item 9 - 2021 Internal Audit Plan
Session: Open | Type: Action | Presenter: Larry Jensen
Item 9Item 10 - Review of Information Requests
Session: Open | Type: Informational | Presenter: Chairperson
Item 11 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Informational | Presenter: Chairperson
Item 11Item 12 - Opportunity for Statements from the Public
Session: Open | Type: Informational | Presenter: Chairperson
NOTE: Items designated for information are appropriate for committee action if the committee wishes to take action. Items on the agenda of board committees may be referred to the board for discussion and possible action. Agenda items may be taken out of order with the approval of the Chairperson. Board members who are not members of the committee may attend and observe but may not participate in the discussion of agenda items.