WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
On January 22, 2018, the Office of Administrative law approved changes to Title 5, Section 27000 of the California Code of Regulations, which were not substantive changes pursuant to the Administrative Procedure Act and Title 1, Section 100 of the California Code of Regulations.
CalSTRS’ Creditable Compensation Regulations interpret and make specific Education Code Sections 22112.5, 22119.2 and 22905, related to classes of employees, creditable and noncreditable compensation and the appropriate crediting of contributions to either the Defined Benefit Program or the Defined Benefit Supplement Program.
Chapter 17 of the Teachers’ Retirement Law requires that penalties and interest be assessed on employers for late or inaccurate reporting of retirement data and payment of contributions. These amendments to the regulation establish a penalty rate that is the greater of the following: the state rate in effect each March 1 immediately preceding the date the late contribution is received or 5 percent.
Section 23004 of the Education Code authorizes the Teachers’ Retirement Board to approve a school district or community college district to report directly to CalSTRS, rather than through the county office of education. These regulations define the criteria the board uses to approve or disapprove a district as a direct report and the circumstances under which the board may withdraw its approval.
Section 26000 of the California Code of Regulations outlines and implements the process whereby the Teachers’ Retirement Board adjusts the purchasing power protection provided by the Supplemental Benefit Maintenance Account.
The Political Reform Act, Government Code Section 81000 et seq., requires state and local government agencies to adopt and promulgate conflict of interest regulations.
The California Education Code authorizes CalSTRS to hold a hearing for the purpose of determining any question presented to it involving any right, benefit, or obligation.
