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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

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 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 3

Item 4 - Sustainable Investment & Stewardship Strategies Strategic Priorities Overview

Session: Open | Type: Informational | Presenter: Kirsty Jenkinson and Aeisha Mastagni

Item 4Item 4 PowerPoint

Item 5 - Annual Investment Cost Report - Revised

Session: Open | Type: Informational | Presenter: Shifat Hasan, Mike Dunigan, and Melissa DaRonco

Item 5Item 5 PowerPoint

Item 6 - Chief Investment Officer’s Report – Open Session

Session: Open | Type: Informational | Presenter: Christopher Ailman

Item 6Item 6 PowerPoint

Item 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 8

Item 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.

Compensation Committee - 2:45 p.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes of the September 4, 2020, Compensation Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3 - Disclosure of Incentives for Statutory Positions for the 2019-20 Plan Year

Session: Open | Type: Consent/Information | Presenter: Chairperson

Item 3

Item 4 - Labor Market Benchmarking Study Update

Session: Open | Type: Informational | Presenter: Melissa Norcia

Item 4

Item 5 - Review Investment Management Classification Concept

Session: Open | Type: Action | Presenter: Melissa Norcia

Item 5

Item 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 7

Item 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

Regular Meeting - 9:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of the Multi-Year Internal Investment Management Plan and Proposed 2021-22 Operating Budget

Session: Open | Type: Action | Presenter: Julie Underwood

Item 2

Item 3 - Public Comment Regulations

Session: Open | Type: Action | Presenter: Brian J. Bartow/ Diane Stanton

Item 3

Item 4 - Review of CalSTRS Basic Financial Statements as of June 30, 2020

Session: Open | Type: Informational | Presenter: Julie Underwood/ Bankole Fatunla

Item 4

Item 5 - Chief Executive Officer Report

Session: Open | Type: Informational | Presenter: Jack Ehnes

Item 5

Item 6 - State and Federal Legislative Report

Session: Open | Type: Informational | Presenter: Diane Stanton/ Joycelyn Martinez-Wade/ John Stanton, Hogan Lovells

Item 6Item 6 PowerPoint

Item 7a - Approval of Annual Incentive of Chief Executive Officer

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7a

Item 7b - Approval of Annual Incentive of Chief Investment Officer

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7b

Item 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 7d

Item 7e - Board Member Education

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7e

Item 7f - Approval of Selection of Executive Recruitment Firm

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7f

Item 7g - Contracts Requiring Board Approval

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7g

Item 7h - Appointment to the California Actuarial Advisory Panel

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 7h

Item 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 10

Item 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

Benefits & Services Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes of the September 4, 2020, Benefits and Services Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3 - 2020 Member Satisfaction Survey

Session: Open | Type: Informational | Presenter: Tom Buffalo

Item 3Item 3 PowerPoint

Item 4 - Outstanding Death Benefits Update

Session: Open | Type: Informational | Presenter: Melyssa Adams

Item 4Item 4 PowerPoint

Item 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 6

Item 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.

Board Governance Committee - 10:00 a.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 2 - Approval of Minutes of the January 30, 2020, Board Governance Committee Meeting – Open Session

Session: Open | Type: Consent/Action | Presenter: Chairperson

Item 2

Item 3 - Teachers’ Retirement Board Governance Manual Revisions – Education Policy – 2nd Reading - Revised

Session: Open | Type: Action | Presenter: Amy McDuffee, Mosaic Governance Advisors

Item 3

Item 4 - Teachers’ Retirement Board Policy Manual Revisions – Policy Prohibiting Insider Trading

Session: Open | Type: Informational | Presenter: Ed Klees, Hirschler Fleischer

Item 4

Item 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 PowerPoint

Item 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 6

Item 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 8

Item 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.

Audits & Risk Management Committee - 1:00 p.m. (estimate) 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 1

Item 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 2

Item 3 - Annual Report of Benefit Payment Modifications for FY 2019-20

Session: Open | Type: Consent/Information | Presenter: Chairperson

Item 3

Item 4 - 2020 Internal Audit Plan, Progress Report

Session: Open | Type: Consent/Information | Presenter: Chairperson

Item 4

Item 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 PowerPoint

Item 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 5b

Item 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 5c

Item 6 - 2020 Management Letter

Session: Open | Type: Informational | Presenter: Larry Jensen / Julie Underwood

Item 6

Item 7 - 2021 Enterprise Compliance Plan

Session: Open | Type: Informational | Presenter: Cheryl Dietz

Item 7

Item 8 - 2021 Internal Audit Plan Risk Assessment

Session: Open | Type: Informational | Presenter: Mike Dutil / Roseanne Oyoung

Item 8

Item 9 - 2021 Internal Audit Plan

Session: Open | Type: Action | Presenter: Larry Jensen

Item 9

Item 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 11

Item 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.