The California State Teachers’ Retirement System was established by law in 1913 to provide retirement benefits to California’s public school educators from prekindergarten through community college.

Today, CalSTRS is the largest educator-only pension fund in the world, and the second largest pension fund in the U.S.

The market value of the CalSTRS investment portfolio was approximately $352.5 billion as of November 30, 2024​​​​.​​

Our mission

Securing the financial future and sustaining the trust of California’s educators

CalSTRS administers a hybrid retirement system consisting of a traditional defined benefit plan (Defined Benefit Program), cash balance plans (Defined Benefit Supplement Program and Cash Balance Benefit Program) and a voluntary defined contribution plan (CalSTRS Pension2) for California’s public school educators prekindergarten to community college. We also provide disability and survivor benefits. CalSTRS is governed by the Teachers’ Retirement Law, part of the California Education Code.

To increase members’ understanding of their benefits and their shared role in securing their financial futures, we offer benefits planning services, including self-service resources, workshops, videos and publications specific to key career stages. We also offer a speakers bureau for our stakeholder groups.

Key facts

• Largest educator-only pension fund in the world
• Second largest U.S. public pension fund
• 1 million members and beneficiaries
• Seven member service centers, as well as multiple satellite offices

Teachers’ Retirement Board

The Teachers’ Retirement Board administers CalSTRS and sets policies and rules to ensure benefits are paid according to the law. The 12-member board is composed of:

• Three active CalSTRS members
• One retired CalSTRS member appointed by the Governor
• Three public representatives appointed by the Governor
• One school board representative appointed by the Governor
• Four ex officio members: Director of Finance, State Controller, State Superintendent of Public Instruction, and State Treasurer

The board appoints a chief executive officer and a chief investment officer.

Executive staff

The CalSTRS Executive staff are committed to administering the direction set by the Teachers’ Retirement Board and are responsible for day-to-day operations of the system.

Teachers’ Retirement Fund

The Teachers’ Retirement Fund is a special trust fund established by law that holds the assets of the CalSTRS Defined Benefit, Defined Benefit Supplement and Cash Balance Benefit programs. Assets include contributions from:

• Members
• Employers
• State of California

Contributions are invested to pay member benefits. Investment returns represent the largest income source used to pay benefits. Learn more about CalSTRS investments.