WEST SACRAMENTO, Calif. (May 9, 2019) – The Teachers’ Retirement Board today received the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2018. The actuarial valuation provides a snapshot-in-time of the system’s financial health, in addition to monitoring the system’s funding status and its ability to meet long-term commitments.
WEST SACRAMENTO, Calif. (May 9, 2019) – The trustees of the California State Teachers’ Retirement System today elected Sharon Hendricks as board chair and Harry Keiley as vice chair for the 2019-20 term.
WEST SACRAMENTO, Calif. (April 25, 2019)– The California State Teachers’ Retirement System today released its fifth annual Sustainability Report. The report, based on data from fiscal year 2017-18, uses the Global Reporting Initiative Standards: Core option.
The California State Teachers’ Retirement System Home Loan Program was originally created as a result of legislation in 1984. It was designed to add member value by providing CalSTRS members with access to homeownership in California via a market rate mortgage loan while concurrently meeting CalSTRS investment goals by generating a mortgage asset.
The HLP started with conventional 15 and 30 year fixed-rate products but evolved over the years in response to the needs of our members. This evolution resulted in the development of low down payment products such as the 95/5 and 80/17 Programs that support the practical homeownership ambitions of our members. In the fall of 2011, new mortgage originations were suspended due to the strategic decision by the program’s master servicing agent and program administrator to exit the correspondent lending business nationwide.
With mortgage origination activity indefinitely suspended, the focus remains on servicing the existing portfolio of whole loans. Home price appreciation and record low mortgage interest rates continued to drive significant payoff activity. The number of mortgages in the portfolio fell by approximately 37 percent during the calendar year (from 2,907 loans at the beginning of the year to 1,844 mortgages as of December 31, 2015).
CalSTRS participates in the federal government’s Making Homes Affordable programs which are designed to help struggling homeowners prevent avoidable foreclosures. Freddie Mac serves as the U.S. Department of the Treasury’s compliance agent for MHA, and Fannie Mae is the programs’ administrator. In this section, we touch upon the two most significant pieces of MHA, both of which are scheduled to expire at the end of 2016.
We continue to manage the remaining Home Loan Program mortgage portfolio alongside other investment assignments. Given the low-return potential in the present mortgage market, staff recommends the program continue to be held in suspense.
Electronic privacy is crucial for the ongoing success of the Internet as a convenient means to provide customer service. Your personal information will be used only to conduct CalSTRS-related business.
The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.