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.
By law CalSTRS has a fixed contribution rate, thus the responsibility to adopt a funding solution rests with the Governor and the Legislature—not the CalSTRS board. Moreover, only the Legislature and the Governor can change the benefit structure, not the board. As a result, CalSTRS has been working for some time to raise awareness of the Legislature and successive governors of our funding shortfall, the cost of waiting to address it and the ultimate risk failing to do so presents to the state’s General Fund.
“On February 14, 2013, CalSTRS submitted its report of possible funding strategies, Sustaining Retirement Security for Future Generations: Funding the California State Teachers’ Retirement System, to the Legislature as requested by Senate Concurrent Resolution 105 (Negrete McLeod). The report doesn’t contain any single funding approach endorsed by the Teachers Retirement Board. However, from the board’s perspective as fiduciaries, the definitive approach to address the funding shortfall fully funds the Defined Benefit Program within a 30-year timeframe. This approach upholds consistency with accounting and actuarial standards.
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