Board meeting - March 2024
Unless otherwise specified, meetings will be held at the following location:
CalSTRS Board Room, 100 Waterfront Place, West Sacramento, CA 95605
Members of the public may provide public comment via telephone by calling (866) 236-6010. Board members may participate in this meeting via teleconference.
For labor dispute issues contact the General Counsel office at legalservices@calstrs.com.
Public Call LetterAll meeting times are approximate depending upon the end of the previous meeting.
March 6, 2024
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 Attachment 01Item 2 - Board Self-Evaluation (Gov. Code, sec. 11126(a))
Session: Closed | Type: Information | Presenters: Chairperson and Amy McDuffee, Mosaic Governance
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 Attachment 01Item 2 - Opportunities for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 3a - Receive General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2023
Session: Open | Type: Information | Presenters: Stephen McCourt and Stephanie Sorg, Meketa Investment Group
Item 03aItem 03a Attachment 01Item 03a Attachment 02Item 3b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending September 30, 2023
Session: Open | Type: Information | Presenters: Taylor Mammen and Ben Maslan, RCLCO Fund Advisors (RFA)
Item 03bItem 03b Attachment 01Presentation 01Item 3c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending September 30, 2023
Session: Open | Type: Information | Presenters: John Haggarty and Tad Fergusson, Meketa Investment Group
Item 03cItem 03c Attachment 01Presentation 01Item 4 - Collaborative Strategies Portfolio Investment Policy – First Reading
Session: Open | Type: Information | Presenters: Scott Chan and Glen Blacet
Item 04Item 04 Attachment 01Item 04 Attachment 02Item 04 Attachment 03Presentation 01Item 5 - Fixed Income Investment Policy – Private Credit – First Reading
Session: Open | Type: Information | Presenters: Glenn Hosokawa and Cathy DiSalvo
Item 05Item 05 Attachment 01Item 05 Attachment 02Item 05 Attachment 03Item 6 - Investment Policy Statement: Liquidity Language – First Reading
Session: Open | Type: Information | Presenter: Geraldine Jimenez
Item 06Item 06 Attachment 01Item 06 Attachment 02Item 06 Attachment 03Item 06 Attachment 04Item 7 - Chief Investment Officer’s Report
Session: Open | Type: Information | Presenter: Chirstopher Ailman
Item 07Item 07 Attachment 01Item 07 Attachment 02Item 07 Presentation 01Item 8 - Credit Enhancement Program Policy
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 08Item 08 Attachment 01Item 08 Attachment 02Item 9 - Meketa General Consultant Contract Extension
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 09Item 10a - Approval of Minutes: January 11, 2024, Investment Committee Meeting – Open Session - Revised
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 10aItem 10b - Approval of Minutes: September 13, 2023, Investment Committee Meeting – Open Session - Amended
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 10bItem 11 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 12 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 12Item 13a - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending December 31, 2023
(Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Information | Presenter: Stephen McCourt and Stephanie Sorg, Meketa Investment Group
Item 13b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending September 30, 2023 (Gov. Code, sec. 11126(c) (16))
Session: Closed | Type: Information | Presenter: Taylor Mammen and Ben Maslan, RCLCO Fund Advisors (RFA)
Item 13c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending September 30, 2023 (Gov. Code, sec. 11126(c) (16))
Session: Closed | Type: Information | Presenter: John Haggarty and Tad Fergusson, Meketa Investment Group
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 - Approval of Minutes of January 11, 2024, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)
Session: Closed | Type: Consent Action | Presenter: Chairperson
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 Attachment 01Item 2 - Approval of Minutes for the November 2, 2023, Appeals Committee Meeting – Open Session - Revised
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 02Item 3a - Consideration of Proposed Administrative Decision: In the Matter of the Request to Change the Service Retirement Benefit Effective Date of: Patsy Williams
Session: Open | Type: Action | Presenter: John Shipley / Ashly Lopez-Trotter
Item 03aItem 03a Attachment 01Item 03a Attachment 02Item 4 - Recommendation for Designation of Precedential Decision: Patricia McLain
Session: Open | Type: Action | Presenter: Reina G. Minoya
Item 04Item 04 Attachment 01Item 5 - Staff Report
Session: Open | Type: Information | Presenter: Reina G. Minoya
Item 6 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 7 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 8 - Approval of Minutes for the November 2, 2023, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)
Session: Closed | Type: Consent Action | Presenter: Chairperson
Item 9 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))
Session: Closed | Type: Information | Presenter: Reina G. Minoya
Item 10a - Consideration of Proposed Administrative Decision: In the Matter of the Request to Change the Service Retirement Benefit Effective Date of: Patsy Williams
Session: Closed | Type: Information | Presenter: Chairperson
Item 11 - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Request to Change the Service Retirement Benefit Effective Date of: Patsy Williams
Session: Open | Type: Action | Presenter: Chairperson
March 7, 2024
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 Attachment 01Item 2 - Policy Revisions and/or Creation – Information Security Incident Delegation Procedures and Authority in Existing Agreements, Exemptions, Current Policies and Practices (Appendix III)
Session: Open | Type: Action | Presenter: Brian J. Bartow
Item 02Item 02 Attachment 01Item 02 Attachment 02Item 3 - Approval of the Minutes of the September 13, 2023, Board Governance Committee Meeting – Open Session - Revised
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 03Item 4 - General Counsel’s Governance Report
Session: Open | Type: Consent Information | Presenter: Brian J. Bartow
Item 04Item 5 - Progress Update on Revisions to the Board Education Program
Session: Open | Type: Information | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 05Presentation 01Item 6 - Policy Revisions - Education Policy (Section 2.D.2) - First Reading
Session: Open | Type: Information | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 06Item 06 Attachment 01Item 06 Attachment 02Item 06 Attachment 03Item 7 - Policy Revisions – Policy Review Policy (Section 2.J) - First Reading
Session: Open | Type: Information | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 07Item 07 Attachment 01Item 8 - Annual Review of Board Governance Committee Charter
Session: Open | Type: Information | Presenter: Amy McDuffee, Mosaic Governance Advisors
Item 08Item 08 Attachment 01Item 08 Attachment 02Item 9 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 10 - Draft Agenda for Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 10Item 11 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 3 - Chief Executive Officer Report
Session: Open | Type: Information | Presenter: Cassandra Lichnock
Item 03Item 4a - Report on Labor Market Benchmarking for Statutory Positions Under the Board’s Compensation Setting Authority - Revised
Session: Open | Type: Action | Presenters: Kristel Turko / Michael Oak, McLagan
Item 04aItem 04a Attachment 01Presentation 01Item 4b - Policy Amendment to the Limitation Provision of Annual Salary Adjustments for General Counsel
Session: Open | Type: Action | Presenters: Kristel Turko
Item 04bItem 5 - Proposed Revisions to the Lump-Sum Death Benefit Board Policy
Session: Open | Type: Action | Presenters: Rick Reed / David Lamoureux
Item 05Item 05 Attachment 01Item 05 Attachment 02Presentation 01Item 6 - State and Federal Legislation
Session: Open | Type: Action | Presenter: Joycelyn Martinez-Wade
Item 06Item 06 Attachment 01Item 06 Attachment 02Item 06 Attachment 03Item 7 - Organizational Change Management Update
Session: Open | Type: Information | Presenter: Kristel Turko / Carlos Guzman
Item 07Item 07 Attachment 01Presentation 01Item 8 - Discussion Regarding the Second Report to the Legislature on the Progress of the CalSTRS Funding Plan
Session: Open | Type: Information | Presenters: Rick Reed / David Lamoureux
Item 08Presentation 01Item 9 - Enterprise Risk Management Report
Session: Open | Type: Information | Presenters: Lynn Bashaw / Phil Burkholder
Item 09Item 09 Attachment 01Item 09 Attachment 02Presentation 01Item 10 - Pension Solution Project Update
Session: Open | Type: Information | Presenters: Ashish Jain / Bill Perez / Anthony Suine and Chriss Cabodi, Guidehouse
Item 10Item 10 Attachment 01Item 10 Attachment 02Presentation 01Presentation 02Item 11a - Committee Reports
- Investment Committee
- Appeals Committee
- Audits and Risk Management Committee
- Benefits and Services Committee
- Board Governance Committee
Session: Open | Type: Consent Action | Presenters: Chairperson
Item 11b - Approval of Minutes of the January 10, 2024, Regular Meeting – Open Session - Revised
Session: Open | Type: Consent Action | Presenters: Chairperson
Item 11bItem 11c - Board Member Education - Revised
Session: Open | Type: Consent Action | Presenters: Chairperson
Item 11cItem 11d - Contracts Requiring Board Approval
Session: Open | Type: Consent Action | Presenters: Chairperson
Item 11dItem 11e - Extension of the CEO Spending Authority to Complete HQE Project
Session: Open | Type: Consent Action | Presenters: Chairperson
Item 11eItem 12 - Items Referred by Committee for Board Decision
Session: Open | Type: Information | Presenters: Chairperson
Item 13 - New Business / Review of Information Requests
Session: Open | Type: Information | Presenters: Chairperson
Item 14 - Draft Agenda for Next Meeting
Session: Open | Type: Information | Presenters: Chairperson
Item 14Item 15 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenters: Chairperson
Item 16 - Approval of Minutes of the January 10, 2024, Regular Meeting – Closed Session (Gov. Code, sec. 11126)
Session: Closed | Type: Consent Action | Presenters: Chairperson
Item 17 - Committee Reports
Session: Closed | Type: Consent Information | Presenters: Chairperson
Item 18 - Report on Cybersecurity (Gov. Code, sec. 11126 (c)(18)(A))
Session: Closed | Type: Information | Presenters: Scott Tirapelle
Item 19 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Information | Presenters: Cassandra Lichnock
Item 20 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))
Session: Closed | Type: Information | Presenters: Brian J. Bartow
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Item 01 Attachment 01Item 2 - Approval of Minutes of the November 2, 2023, Audits and Risk Management Committee – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 01Item 3 - Financial Statement Audit Client Service Plan for FY 2023-24
Session: Open | Type: Information | Presenter: Crowe LLP
Item 03Presentation 01Item 4 - Committee Education: Enterprise Risk Management Framework
Session: Open | Type: Information | Presenter: Julie Underwood / Lynn Bashaw
Item 04Presentation 01Item 5 - 2023 Audit Services Plan Final Progress Report
Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz / Roseanne Oyoung / Chris Wall
Item 05Item 05 Attachment 01Item 05 Attachment 03Item 05 Attachment 03Presentation 01Item 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 07Item 8 - Opportunity or Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson