Asset Liability Management Study

Asset Liability Management Study

Overview

Known as the ALM, this study and the resulting policy will have the largest impact on the CalSTRS investment portfolio’s expected risk and return profile, along with its ability to fund retirement benefits. The ALM is a year-long process and involves the expertise of CalSTRS investment, actuarial and financial staff.

At the study’s conclusion, the governing investment policy—the Investment Policy and Management Plan—will be updated to the new asset allocation policy targets.

Due to the complexity and length of the ALM, all related items—in all forms—will be posted here. This is the best place to learn about and understand the process and the outcome of the study.

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Inside CalSTRS Investments

A series of short conversations to help you understand how member contributions are invested to create a secure retirement for California’s educators.

  • Asset Class Study [Video] (February 2019)
    CalSTRS Chief Investment Officer Christopher J. Ailman discusses the Asset Liability Management study.
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Investments Basics

An explanation of investment terms in easy-to-understand short videos. A perfect way to learn and understand what’s written in the agenda items. Described to you by CalSTRS investment staff.

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Regular Board Meeting Agenda Items

All open board agenda items are live webcast, when held at CalSTRS Headquarters. The webcasts are then archived.

  • Review of CalSTRS Funding Levels and Risks [Agenda Report] (November 8, 2018)
    2018 review of CalSTRS funding levels and risks. Better understanding of how well the funding plan is expected to achieve its goal considering uncertainties related to investment risk, longevity risk and risk of declines in membership.
  • Adoption of Contribution Rates and Interest Rates for Fiscal Year 2019-20 [Agenda Report] (May 9, 2019)
    Each year, the Teachers’ Retirement Board (board) is required to adopt interest rates and contribution rates that are used for the administration of the various programs. As per current board policies, the various crediting interest rates are tied either to the investment return assumption adopted by the board or interest rates on U.S. treasury notes.
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Investment Committee Agenda Items

All open board agenda items are live webcast, when held at CalSTRS Headquarters. The webcasts are then archived.