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Payment calendarCheck mailed April 26Direct deposit May 1

Board meeting - May 2023

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.

May 3, 2023

Benefits & Services 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 - Approval of Minutes of the January 25, 2023, Benefits and Services Committee Meeting – Open Session

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

Item 02

Item 3 - Contact Center Overview

Session: Open | Type: Information | Presenter: Shani Keyser Boes

Item 03Item 03 PowerPoint 01 - Contact Center Overview 

Item 4 - Input on 2023-24 Committee Work Plan

Session: Open | Type: Information | Presenter: Bill Perez

Item 04Item 04 Attachment 01 - Benefits and Services Committee Work Plan

Item 5 -  Review of Committee Charter

Session: Open | Type: Information | Presenter: Bill Perez

Item 05Item 05 Attachment 01 - Committee Charter 

Item 6 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 7 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 07

Item 8 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Regular Meeting - 10:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Regular Meeting Agenda

Item 2 - Chief Executive Officer Report

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

Item 02Item 02 PowerPoint 01 - HQE Project 

Item 3 - Annual Board Chair and Vice-Chair Elections

Session: Open | Type: Action | Presenter: Chairperson

Item 03 

Item 4a - Actuarial Valuation of the Defined Benefit Program and Setting of Contribution Rates

Session: Open | Type: Action | Presenter: David Lamoureux / Rick Reed / Nick Collier and Scott Peppernau, Milliman

Item 04aItem 04a Attachment 01 - June 30, 2022 Actuarial Valuation Report for the Defined Benefit Program Item 04a Attachment 02 - Proposed Resolution for the State Supplemental Contribution RateItem 04a Attachment 03 - Proposed Resolution for the Employer Supplemental Contribution Rate Item 04a Attachment 04 - Proposed Resolution for the Normal Cost Rate for CalSTRS 2% at 62 Members Item 04a PowerPoint 01 - Summary of Valuation Results for the Defined Benefit Program

Item 4b - Actuarial Valuation of the Defined Benefit Supplement Program and Consideration for the Adoption of an Additional Earnings Credit

Session: Open | Type: Action | Presenter: David Lamoureux / Rick Reed / Nick Collier and Scott Peppernau, Milliman

Item 04bItem 04b Attachment 01 - June 30, 2022 Actuarial Valuation for the Defined Benefit Supplement ProgramItem 04b Attachment 02 - Proposed Resolution for the Adoption of an Additional Earnings CreditItem 04b PowerPoint 01 - Summary of Valuation Results for the Defined Benefit Supplement Program 

Item 4c - Actuarial Valuation of the Cash Balance Benefit Program and Consideration for the Adoption of an Additional Earnings Credit

Session: Open | Type: Action | Presenter: David Lamoureux / Rick Reed / Nick Collier and Scott Peppernau, Milliman

Item 04c Item 04c Attachment 01 - June 30, 2022 Actuarial Valuation for the Cash Balance Benefit ProgramItem 04c Attachment 02 - Proposed Resolution for the Adoption of an Additional Earnings Credit Item 04b PowerPoint 01 - Summary of Valuation Results for the Cash Balance Benefit Program

Item 5 - Review of Lump Sum Death Benefit

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

Item 05Item 05 Attachment 01 - Milliman’s Lump Sum Death Benefit Level Analysis Item 05 Attachment 02 - Proposed Resolution for the Adoption of the Lump Sum Death Benefit 

Item 6 - State and Federal Legislation

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

Item 06Item 06 Attachment 01 - Potential Legislation Item 06 Attachment 02 - Legislative Matrix

Item 7 - Benchmark Review Project

Session: Open | Type: Information | Presenter: Kristel Turko / Stephen McCourt, Meketa

Item 07Item 07 PowerPoint 01 - Benchmarking Review Project

Item 8 - Pension Solution Project Update

Session: Open | Type: Information | Presenter: Ashish Jain / Bill Perez / Anthony Suine / Chriss
Cabodi, Guidehouse

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

Item 9a - Committee Reports

  • Investment Committee
  • Appeals Committee
  • Audits and Risk Management Committee
  • Benefits and Services Committee
  • Board Governance Committee
  • Compensation Committee

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

Item 9b - Approval of Minutes of the March 1, 2023, Regular Meeting – Open Session

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

Item 09b

Item 9c - Board Member Education - Revised

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

Item 09c

Item 9d - Contracts Requiring Board Approval

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

Item 09d

Item 9e - Adoption of Contribution Rates and Interest Rates for Fiscal Year 2023-24

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

Item 09eItem 09e Attachment 01 - Regular Interest Rate – Defined Benefit Program Item 09e Attachment 02 - Credited Interest Rate – Defined Benefit Program Item 09e Attachment 03 - Minimum Interest Rate – Cash Balance Benefit ProgramItem 09e Attachment 04 - Minimum Interest Rate – Defined Benefit Supplement Program Item 09e Attachment 05 - Employer Contribution Rate for Elected Officials of Employee Organizations Item 09e Attachment 06 - Employer Contribution Rate for the Reduced Workload ProgramItem 09e Attachment 07 - Permissive Service Contribution Rates – Defined Benefit Program 

Item 10 - Actuarial Valuation of the Medicare Premium Payment Program

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

Item 10Item 10 Attachment 01 - June 30, 2022 Actuarial Valuation for the Medicare Premium Payment Program 

Item 11 - Administrative Procedure Changes Pursuant to CEO Delegation

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

Item 11Item 11 Attachment 01 - Administrative Procedures for the Teachers’ Retirement Board’s Compensation Policy – Section 6 

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 March 1, 2023, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 17 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

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

Item 18 - Setting of CEO/CIO Performance Targets/Compensation for 2023-24 Performance Year (Gov. Code, sec 11126(a), (b), (g)(1))

Session: Closed | Type: Information | Presenter: Chairperson

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

Session: Closed | Type: Information | Presenter: Chairperson

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

Session: Closed | Type: Information | Presenter: Chairperson

Appeals Committee - 3:30 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01

Item 2 - Approval of Minutes for the January 25, 2023, 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 Appeal Regarding the Final Compensation Calculation of: Dorothy Cole

Session: Open | Type: Action | Presenter: Jaismin Kaur / Jody Cozad

Item 03Item 03 Attachment 01 - Proposed Decision Item 03 Attachment 02 - Statement from Dorothy Cole 

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 January 25, 2023, 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 Appeal Regarding the Final Compensation Calculation of: Dorothy Cole (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 Appeal Regarding the Final Compensation Calculation of: Dorothy Cole

Session: Open | Type: Action | Presenter: Chairperson

 

May 4, 2023

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Investment Committee Agenda 

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3 - ALM Study Discussion

Session: Open | Type: Action | Presenter: Geraldine Jimenez, Josh Diedesch, and David Lamoureux

Item 03 Item 03 Attachment 01Item 03 PowerPoint 01 - ALM Study Portfolio Options Item 03 PowerPoint 02 - 2023 ALM Study Discussion 

Item 4 - Net Zero Annual Strategy - Fixed Income Emissions Reduction Recommendation

Session: Open | Type: Action | Presenter: Glenn Hosokawa and David Gold

Item 04Item 04 Attachment 01 - CalSTRS Fixed Income Emissions Reduction Analysis  Item 04 Attachment 02 - Meketa MemoItem 04 PowerPoint 01 - Fixed Income Emissions Reduction Recommendation 

Item 5a - SISS Policy Revision – First Reading

Session: Open | Type: Action | Presenter: Kirsty Jenkinson and Team

Item 05aItem 05a Attachment 01 - SISS Program and Portfolio Policy - Clean Version Item 05a Attachment 02 - SISS Program and Portfolio Policy – Redline Version Item 05a Attachment 03 - Meketa MemoItem 05a PowerPoint 01 - SISS Policy Revisions

Item 5b - Global Equity Policy Revision – First Reading

Session: Open | Type: Action | Presenter: June Kim and David Murphy

Item 05bItem 05b Attachment 01 - Global Equity Investment Policy – Clean VersionItem 05b Attachment 02 - Global Equity Investment Policy – Redline VersionItem 05b Attachment 03 - Meketa MemoItem 05b PowerPoint 01 - Global Equity Policy Revision

Item 5c - Investment Policy Statement (IPMP Modernization Project) – First Reading

Session: Open | Type: Action | Presenter: Shifat Hasan, Melissa DaRonco and David Munoz

Item 05cItem 05c Attachment 01 - Investment Policy Statement – First Reading Clean VersionItem 05c Attachment 02 - Investment Policy Statement – First Reading Redline VersionItem 05c Attachment 03 - Meketa Concurrence Memorandum

Item 6 - Net Zero Annual Strategy – Branch Wide Updates

Session: Open | Type: Information | Presenter: Kirsty Jenkinson, Christopher Ailman, Scott Chan, and Brian Rice

Item 06Item 06 Attachment 01 - Draft ‘Transition Tracker’ Prototype Item 06 PowerPoint 01 - Net Zero Annual Strategy – Branch Wide Updates

Item 7 - Diversity in Management of Investments

Session: Open | Type: Information | Presenter: Shifat Hasan and LaShae Badelita

Item 07 Item 07 Attachment 01 - Summarized Highlights: CalSTRS Diversity in the Management of Investments Annual Report (2022) Item 07 Attachment 02 - CalSTRS Diversity in the Management of Investments Annual Report (2022) Item 07 PowerPoint 01 - Diversity in the Management of Investments

Item 8 - Chief Investment Officer’s Report

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

Item 08 Item 08 Attachment 01 - Investment Portfolio Risk Report Item 08 PowerPoint 01 - Chief Investment Officer’s Report 

Item 9 - Committee Work Plan Input for FY 2023-2024

Session: Open | Type: Information | Presenter: Chairperson

Item 09Item 09 Attachment 01 - Draft Work Plan 

Item 10 - Investment Committee Charter Review

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

Item 10Item 10 Attachment 01 - Current Investment Committee Charter

Item 11 - Approval of Minutes of the March 2, 2023, Investment Committee Meeting – Open Session

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

Item 11 

Item 12 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 13 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 13

Item 14 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

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

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

Item 17 - Approval of Minutes of the March 2, 2023, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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