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Payment calendarCheck mailed April 26Direct deposit May 1

Board meeting - November 2022

Unless otherwise specified, meetings will be held at the following location: 

CalSTRS Board Room, 100 Waterfront Place, West Sacramento, CA 95605

Public Call Letter

All meeting times are approximate depending upon the end of the previous meeting.

November 2, 2022

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

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Audits &  Risk Management Committee Agenda

Item 2 - Approval of Minutes of the July 7, 2022, Audits and Risk Management Committee – Open Session

Session: Open | Type: Consent Action | Pesenter: Chairperson

Item 02

Item 3 - 2022 Audit Services’ Audit Plan Progress Report

Session: Open | Type: Consent Information | Presenter Chairperson

Item 03Item 03 Attachment 01 - 2022 Employer Audit Progress ReportItem 03 Attachment 02 - 2022 Internal Audit Progress Report

Item 4a - CalSTRS Independent Financial Statement Auditor
Reports for the Year Ended June 30, 2022 - Basic Financial Statements, Required Supplementary Information, and Other Supplementary Information for the Year Ended June 30, 2022

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
iv) Proposed Resolution

Session: Open | Type: Action | Presenter: Crowe LLP - Kevin Smith and Jen Aras

Item 04aItem 04a Attachment 01 - Independent Auditor’s ReportItem 04a Attachment 02 - Auditor’s Communication to Those Charged with GovernanceItem 04a Attachment 03 - Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other MattersItem 04a Attachment 04 - Proposed ResolutionItem 04a PowerPoint 01 - Annual Independent Financial Statement Audits

Item 4b - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2022 - Other Pension Information – State Teachers’ Retirement Plan for the Year Ended June 30, 2022

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

Session: Open | Type: Action | Presenter: Crowe LLP - Kevin Smith and Jen Aras

Item 04bItem 04b Attachment 01 - Independent Auditor’s ReportItem 04b Attachment 02 - Auditor’s Communication to Those Charged with GovernanceItem 04b Attachment 03 - Independent Auditor’s Reports on Internal Control Over Financial Reporting, on Compliance, and Other Matters

Item 5 - 2022 Management Letter

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz and Julie Underwood

Item 05Item 05 Attachment 01 - Management Letter

Item 6 - 2023 Enterprise Compliance Services Plan

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

Item 06Item 06 Attachment 01 - 2023 Enterprise Compliance Services Compliance Plan

Item 7 - 2023 Audit Services’ Audit Plan

Session: Open | Type: Information | Presenter: Cheryl Dietz, Roseanne Oyoung, and Chris Wall

Item 07Item 07 Attachment 01 - 2023 Audit Services Audit PlanItem 07 PowerPoint 01 - 2023 Risk-Based Audit Internal Audit Plan

Item 8 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 09

Item 10 - Opportunity or Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

 

Board Governance Committee - 10:45 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Board Governance Committee Agenda

Item 2 - Approval of the Minutes of the July 7, 2022, Board Governance Committee Meeting – Open Session

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

Item 02

Item 3 - Proposed Updates to the Strategic Planning Policy

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

Item 03Item 03 Attachment 01 - Strategic Planning Policy Draft with Redline EditsItem 03 Attachment 02 - Strategic Planning Policy Draft with Changes Incorporated

Item 4 - Non-Substantive Changes to the Board Governance Manual

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

Item 04Item 04 Attachment 01 - Board Governance Manual with Tracked Changes

Item 5 - Proposed Board Consultant Evaluation Schedule

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

Item 05

Item 6 - Continuation of Board Calendar Discussion

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

Item 06Item 06 Attachment 02 - Proposed Board Meeting Calendar FY 2023-24

Item 7 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Draft Agenda for Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 08

Item 9 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Regular Meeting - 12:15 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Board Agenda

Item 2 - Chief Executive Officer Report

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

Item 02Item 02 PowerPoint 01 - CEO Report

Item 3 - Adoption of Proposed 2023-24 Operating Budget 

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

Item 03Item 03 Attachment 01 - Proposed 2023–24 Operating Budget Resolution Item 03 Attachment 02 - Proposed 2023–24 Operating Budget

Item 4 - Headquarters Expansion Bond Financing Education and Authorization for Issuance of Bonds for Additional Funding 

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

Item 04Item 04 Attachment 01 - Bond Resolution – Approval of Financing of Completion Costs of the Headquarters Expansion ProjectItem 04 Attachment 02 - Preliminary Official Statement for The California Infrastructure and Economic Development Bank Lease Revenue Bonds (California State Teachers’ Retirement System Headquarters Expansion) Series 2022 (Green Bonds – Climate Bond Certified)Item 04 PowerPoint 

Item 5 - State and Federal Legislation – Consideration of Board-Sponsored Legislation and Regulations 

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

Item 05Item 05 Attachment 01 - Legislative Proposal: Service Retirement Benefit BackdatingItem 05 Attachment 02 - Regulatory Proposal: CalSTRS 2% at 62 Compensation Paid Each Pay PeriodItem 05 Attachment 03 - Regulatory Proposal: Updates to Penalties and Interest RegulationsItem 05 Attachment 04 - Legislative Matrix

Item 6 - Review of CalSTRS Basic Financial Statements as of June 30, 2022 

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

Item 06Item 06 Attachment 01 - CalSTRS fiscal year 2021-22 basic financial statements

Item 7 - Review of CalSTRS Funding Levels and Risks Report 

Session: Open | Type: Information | Presenter: David Lamoureux / Rick Reed 

Item 07Item 07 Attachment 01 - 2022 Review of CalSTRS Funding Levels and Risks ReportItem 07 PowerPoint 01 - Review of CalSTRS Funding Levels and Risk Report

Item 8 - Pension Solution Project Update 

Session: Open | Type: Information | Presenter: Ashish Jain / Bill Perez / Graeme Finley, Grant Thornton LLP 

Item 08Item 08 Attachment 01 - Independent Project Oversight Report Item 08 Attachment 02 - Pension Solution GlossaryItem 08 PowerPoint 01 - Pension Solution PresentationItem 08 PowerPoint 02 - Guidehouse Pension Solution Oversight Presentation 

Item 9 - Disclosure of Incentives for Statutory Positions for the 2021-22 Plan Year 

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

Item 09Item 09 Attachment 01 - Incentive Award Disclosure

Item 10 - Inflation and Supplemental Benefit Maintenance Account Update 

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

Item 10

Item 11a - 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 11b - Approval of Minutes of the September 1, 2022, Regular Meeting – Open Session 

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

Item 11b

Item 11c - Board Member Education 

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

Item 11c

Item 11d - Contracts Requiring Board Approval

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

Item 11d

Item 11e - Approval of Annual Incentive Award for the Chief Executive Officer 

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

Item 11eItem 11e Attachment 01 - Resolution

Item 11f - Approval of the Annual Incentive Award for the Chief Investment Officer 

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

Item 11fItem 11f Attachment 01 - Resolution

Item 12 - Items Referred by Committee for Board Decision 

Session: Open | Type: Information | Presenter: Chairperson

Item 13 - New Business / Review of Information Requests 

Session: Open | Type: Information | Presenter: Chairperson

Item 14 - Draft Agenda for Next Meeting 

Session: Open | Type: Information | Presenter: Chairperson

Item 14

Item 15 - Opportunity for Statements from the Public 

Session: Open | Type: Information | Presenter: Chairperson

 Item 16 - Approval of Minutes of the September 1, 2022, Regular Meeting – Closed Session (Gov. Code, sec. 11126) 

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

Item 17 - Committee Reports (Gov. Code, Sec. 11126) a. Investment Committee 
b. Appeals Committee 

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

Item 18 - Board Meeting Decorum and Security Protocols (Gov. Code, sec. 11126(c)(18)(A) 

Session: Closed | Type: Information | Presenter: Melissa Norcia / Brian Bartow / Jeff Isham  

Item 19 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g)) 

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

Item 20 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e)) 

Session: Closed | Type: Information | Presenter: Brian J. Bartow 

 

 

November 3, 2022

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Opportunities for Statements from the Public 

Session: Open | Type: Information | Presenter: Chairperson 

Item 3 - Chief Investment Officer’s Report

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

Item 03Item 03 Attachment 01 - Investment Portfolio Risk ReportItem 03 PowerPoint 01 - CIO Open Session Report

Item 4a - Annual Investment Costs & Savings Report - Annual Investment Cost Report 

Session: Open | Type: Action | Presenter: April Wilcox, Shifat Hasan, and Mike Dunigan

Item 04aItem 04a Attachment 01 - Cost BreakdownItem 04a Attachment 02 - Cost Trends Item 04a Attachment 03 - Peer ComparisonItem 04a Attachment 04 - Portfolio Exepense BreakoutItem 04a Attachment 05 - GlossaryItem 04a PowerPoint 01 - Annual Investment Cost Report

Item 4b - Annual Investment Costs & Savings Report - Collaborative Model Savings Report 

Session: Open | Type: Action | Presenter: April Wilcox, Shifat Hasan and Mike Dunigan 

Item 04bItem 04b Attachment 01 - Scope and MethodologyItem 04b Attachment 02 - Savings per Asset ClassItem 04b PowerPoint 01 - Collaborative Savings Report

Item 5 - Investment Policy Statement – Framework 

Session: Open | Type: Information | Presenter: Geraldine Jimenez and April Wilcox 

Item 05Item 05 Attachment 01 - Proposed Investment Policy Statement Draft FrameworkItem 05 Attachment 02 - Investment Policy and Management Plan to Investment Policy Statement Content Comparison

Item 6 - Investment Procurement Policy 

Session: Open | Type: Information | Presenter: Shifat Hasan and Steven Tong 

Item 06 Item 06 Attachment 01 - Investment Procurement PolicyItem 06 Attachment 02 - AB 539Item 06 Attachment 03 - Meketa Concurrence MemoItem 06 PowerPoint 01 - Investment Procurement Policy

Item 7 - ALM Study Discussion 

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

Item 07Item 07 Attachment 01 - Role of Strategic Classes Item 07 Attachment 02 - 2022-23 Asset Liability Management Study Fact SheetItem 07 Attachment 03 - 2022-23 Asset Liability Management Study Timeline TableItem 07 PowerPoint 01 - 22-23 Asset Liability Management Study EducationItem 07 PowerPoint 02 - Cambridge Associates Private Credit Discussion

Item 8 - Approval of Minutes of the August 31, 2022, Investment Committee Meeting – Open Session 

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

Item 08

Item 9 - FY 2021-22 GIPS Performance Report 

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

Item 09 Item 09 Attachment 01 - GIPS Asset Owner Report

Item 10 - Review of Information Requests 

Session: Open | Type: Information | Presenter: Chairperson

Item 11 - Draft Agenda for the Next Committee Meeting 

Session: Open | Type: Information | Presenter: Chairperson

Item 11

Item 12 - Approval of Minutes of the August 31, 2022, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126) 

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

Item 13 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16)) 

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

Item 14 - The Collaborative Model 2.0 – Future Investment Transactions (Gov. Code, sec. 11126(c)(16)) 

Session: Closed | Type: Information | Presenter: Scott Chan and Directors 

Item 15 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e)) 

Session: Closed | Type: Information | Presenter: Brian J. Bartow 

Item 16 - Director of Investment Services – Semi-Annual Compliance Report (Gov. Code, sec. 11126(c)(16)) 

Session: Closed | Type: Information | Presenter: April Wilcox and Shifat Hasan 

 

 

Appeals Committee - 2:30 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda 

Item 2 - Approval of Minutes for the September 1, 2022, Appeals Committee Meeting – Open Session 

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

Item 02

Item 3 - Consideration of Proposed Administrative Decision: In the Matter of the Option Benefit of: Darryl Bolke 

Session: Open | Type: Action | Presenter: Jaismin Kaur and Ian Coen

Item 03Item 03 Attachment 01 - Proposed Administrative Decision

Item 4 - Staff Report 

Session: Open | Type: Information  | Presenter: Reina G. Minoya

Item 5 - Review of Information Requests 

Session: Open | Type: Information | Presenter: Chairperson

Item 6 - Opportunity for Statements from the Public 

Session: Open | Type: Information | Presenter: Chairperson

 Item 7 - Approval of Minutes for the September 1, 2022, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126) 

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

Item 8 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e)) 

Session: Closed | Type: Information | Presenter: Reina G. Minoya

Item 9 - Consideration of Proposed Administrative Decision: In the Matter of the Option Benefit of: Darryl Bolke (Gov. Code, sec. 11126(c)(3)) 

Session: Closed | Type: Information | Presenter: Chairperson

Item 10 - Announcement of Action Taken on Proposed Administrative Decision - In the Matter of the Option Benefit of: Darryl Bolke

Session: Open | Type: Information | Presenter: Chairperson