WEST SACRAMENTO, Calif. (July 2, 2018) – The California State Teachers’ Retirement System announced Julie Underwood has been hired as the chief financial officer and will start on July 16. Ms. Underwood replaces Robin Madsen, who retired in March of this year.
Ms. Underwood comes to CalSTRS from the $9.9 billion San Bernardino County Employees’ Retirement Association, a multiple-employer defined benefit pension plan, where she’s been the CFO since 2010.
WEST SACRAMENTO, Calif. (June 21, 2018) – The California State Teachers’ Retirement System today announced the hiring of Scott Chan as the new deputy chief investment officer. Mr. Chan begins his tenure on August 1 and will report directly to CalSTRS Chief Investment Officer Christopher J. Ailman.
The Defined Benefit Supplement is a hybrid cash balance plan for Defined Benefit members that provides additional savings for retirement.
Funds come from compensation earned from service in one school year in excess of one year of service credit and limited-term salary increases. From January 1, 2001, through December 31, 2010, funds came from 25 percent of your monthly CalSTRS contribution.
Your Defined Benefit Supplement funds are yours when you begin receiving a monthly benefit or six months after you terminate CalSTRS-covered employment and receive a refund of your Defined Benefit contributions.
The California Public Employees’ Pension Reform Act of 2013 (Chapter 296, Statutes of 2012) made significant changes to the benefit structure that primarily affect members first hired to perform CalSTRS creditable activities on or after January 1, 2013. Three provisions also affect current members. As a result, CalSTRS now has two benefit structures:
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.