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Board meeting - July 2021

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.

July 8, 2021

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson

Item 3 - Approval of Minutes of the June 10, 2021, Investment Committee Meeting – Open Session

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

Item 03

Item 4a - Investment Policy Revisions - Real Estate Policy Revision – Agility for Collaborative Model – Second Reading

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

Item 04a

Item 4b - Investment Policy Revisions - Global Equity Policy Revision – Benchmark – Second Reading

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

Item 04b

Item 5 - Investment Committee Charter Review

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

Item 05

Item 6 - Annual Review of Delegation to Staff

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

Item 06

Item 7 - Report Pursuant to Assembly Bill 2833

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

Item 07

Item 8 - Collaborative Model Pillar Update

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

Item 08

Item 9 - Fiscal Year 2021-2022 Investment Committee Work Plan

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

Item 09

Item 10a - Fiscal Year 2021-2022 Investment Business Plans

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

a. 10-Year Financial Plan

b. Global Equity

c. Fixed Income

d. Real Estate

e. Private Equity

f. Sustainable Investment & Stewardship Strategies

g. Inflation Sensitive

h. Investment Strategies & Risk

i. Risk Mitigation Strategies

j. Operations

k. Investment Performance & Compliance

Item 10

Item 11 - Investment Policy & Management Plan Revision – Asset Allocation Weights – First Reading

Session: Open | Type: Action | Presenter: Geraldine Jimenez

Item 11

Item 12 - Chief Investment Officer’s Report

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

Item 12Item 12 PowerPoint

Item 13a - Investment Policy Revisions -- Fixed Income Policy Revision – Risk Budget – First Reading

Session: Open | Type: Informational | Presenter: Glenn Hosokawa and Rosie Lucchesini-Jack

Item 13aItem 13a PowerPoint

Item 13b - Investment Policy Revisions -- Sustainable Investment & Stewardship Strategies – Risk Budget – First Reading

Session: Open | Type: Informational | Presenter: Kirsty Jenkinson, Josh Diedesch, and Philip Larrieu

Item 13bItem 13b PowerPoint

Item 13c - Investment Policy Revisions -- Private Equity Policy Revision – Staff Discretion – First Reading

Session: Open | Type: Informational | Presenter: Margot Wirth and Rob Ross

Item 13cItem 13c PowerPoint

Item 14 - Diversity in Management of Investments

Session: Open | Type: Informational | Presenter: June Kim and LaShae Badelita

Item 14Item 14 PowerPoint

Item 15 - Review of Information Requests

Session: Open | Type: Informational | Presenter: Chairperson

Item 16 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Action | Presenter: Chairperson

Item 16

(Closed) Item 17 - Approval of Minutes of the May 14, 2021 and June 10, 2021, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

(Closed) Item 18 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Informational | Presenter: Investment Staff and Consultants

Item 19 - Risk Mitigating Strategies Implementation Update (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Action | Presenter: Steven Tong and Jeff Jaro

Item 20 - 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 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.

July 9, 2021

Audits & Risk Management Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01

Item 2 - Approval of Minutes of the March 5, 2021, Audits and Risk Management Committee – Open Session - Revised

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

Item 02

Item 3 - Progress Report on the 2020 Independent Auditor’s Report on Internal Control Over Financial Reporting and Management Letter

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

Item 03

Item 4 - 2021 Internal Audit Plan Mid-Year Progress Report

Session: Open | Type: Action | Presenter: Larry Jensen/ Roseanne Oyoung

Item 04

Item 5 - 2021 Enterprise Compliance Services Plan Mid-Year Progress Report

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

Item 05

Item 6 - 2021 External Quality Assessment Review

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

Item 06

Item 7 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Informational | Presenter: Chairperson

Item 07

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.

Regular Meeting - 10:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01

Item 2 - Proposed Fiscal Year 2021-22 Board/Committee Meeting Work Plan

Session: Open | Type: Action | Presenter: Chairperson

Item 02

Item 3 - CalSTRS Annual Business Plan for 2021-22

Session: Open | Type: Informational | Presenter: Cassandra Lichnock

Item 03Item 03 PowerPoint

Item 4 - State and Federal Legislation

Session: Open | Type: Informational | Presenter: Joycelyn Martinez-Wade

Item 04

Item 5 - Pension Solution Project Update

Session: Open | Type: Informational | Presenter: Prashant Mittal

Item 05

Item 6 - Chief Executive Officer Report

Session: Open | Type: Informational | Presenter: Cassandra Lichnock

Item 06

Item 7a - 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 7b - Approval of Minutes of the June 9, 2021, Regular Meeting Open Session

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

Item 07b

Item 7c - Board Member Education - Revised

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

Item 07c

Item 7d - Contracts Requiring Board Approval

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

Item 07d

Item 7e - Review of CEO Delegation

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

Item 07e

Item 7f - Review of Board Officer and Committee Delegation

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

Item 07f

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 - Revised

Session: Open | Type: Informational | Presenter: Chairperson

Item 10

Item 11 - Opportunity for Statements from the Public

Session: Open | Type: Informational | Presenter: Chairperson


Item 12 - Evaluation of CIO Base Salary Adjustment (Gov. Code, sec. 11126(a), (b), (g)(1))

Session: Closed | Type: Action | Presenter: Chairperson

Item 13 - Setting of CEO Performance Targets for the 2021-22 Performance Year (Gov. Code, sec. 11126(a), (b), (g))

Session: Closed | Type: Action | Presenter: Chairperson

Item 14 - Approval of Minutes of the June 9, 2021, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 15 - Committee Reports (Gov. Code, Sec. 11126) a. Investment Committee b. Appeals Committee

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

Item 16 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

Session: Closed | Type: Informational | Presenter: Cassandra Lichnock

Item 17 - 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.