Statement | Karen Doron
WEST SACRAMENTO, Calif. (August 3, 2020) – On July 30, 2020, the California Supreme Court announced a ruling in the case of Alameda County Deputy Sheriff’s Association v. Alameda County Employees’ Retirement Association. CalSTRS was monitoring the case for potential impacts to retirement law and implementation of the Public Employees’ Pension Reform Act (PEPRA), which took effect in January 2013. In a 90-page opinion, the court held that the PEPRA provisions at issue in the case clarified existing law and closed loopholes pertaining to pensionable compensation. According to the opinion, these clarifications did not violate contract law or the California Rule which protects public pensions as a vested right. The legislation affected by the ruling applies only to the County Employees’ Retirement Law. Therefore, this ruling does not directly impact CalSTRS’ retirees or calculation of CalSTRS member benefits.
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CalSTRS provides a secure retirement to more than 964,000 members whose CalSTRS-covered service is not eligible for Social Security participation. Members retire on average after more than 24 years in the classroom with a monthly benefit of approximately $4,547. Established in 1913, CalSTRS is the largest educator-only pension fund in the world with approximately $246 billion in assets under management as of June 30, 2020. CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative Sustainability Report. For more information, visit CalSTRS.com.