RI has partnered with the Committee on Workers Capital (CWC) to publish a series of CWC Trustee Profile interviews with union-nominated pension fund trustees that touch on the role of individual board members in driving innovation around responsible investment at their funds. This installment is with Sharon Hendricks, Vice-Chair of the CalSTRS Board of Trustees.
Sections 23004 and 26301 of the Education Code require employers to submit a report monthly to the system containing information as the board may require in the administration of the plan. Two documents incorporated by reference in the California Code of Regulations (CalSTRS’ F496 File Specification and CalSTRS’ Voluntary Deduction File [VDF] Specification) specify the format for employer reports for the Defined Benefit and Cash Balance Benefit programs.
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.
Chapter 2 interprets and makes specific Education Code Sections 22112.5, 22119.2 and 22905, related to classes of employees, creditable compensation and the appropriate crediting of contributions to either the Defined Benefit Program or the Defined Benefit Supplement Program.
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.
