WEST SACRAMENTO, Calif. (May 11, 2018) – The trustees of the California State Teachers’ Retirement System yesterday elected Dana Dillon as board chair and Sharon Hendricks as vice chair for the 2018-19 term. The Teachers’ Retirement Board nominates and elects its chair and vice chair annually. The newly-elected officers assume their posts immediately. The chair and vice chair provide board leadership for the largest educator-only pension fund in the world.
WEST SACRAMENTO, Calif. (May 10, 2018) – The Teachers’ Retirement Board today adopted the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2017, reflecting impacts from investment assumption changes while also noting continued progress toward the system’s long-term funding goals.
WEST SACRAMENTO, Calif. (May 9, 2018) – The California State Teachers’ Retirement System today unveiled a plan to prioritize engagement with makers and retailers of firearms that are illegal in California. The plan, approved unanimously by the Teachers’ Retirement Board, authorizes CalSTRS corporate governance staff to make firearms engagement activities a top priority by publicly engaging companies and potentially recommending that the board consider divestment if engagement efforts fail.
With the passage of the funding plan, enacted in AB 1469, contribution rates for the Defined Benefit Program are now greater than contribution rates for the Defined Benefit Supplement Program. As a result, when contributions on compensation that is earned for service in excess of one school year (excess service credit) are transferred to the Defined Benefit Supplement Program, the contributions that exceed the required amount are deemed to be excess contributions and by law must be returned.
Excess contributions for both members and employers will be returned to the employer that remitted the contributions associated with the excess service credit. It is the responsibility of employers to return excess member contributions to employees. Returned pre-tax contributions will be considered taxable income in the year employees receive them regardless of when the contributions were initially paid.
Any excess contributions accumulated for members who refund, retire, receive a disability benefit or die will be returned to the employer monthly. Excess contributions for active members will be returned annually in late September. Interest is not paid on excess contributions as CalSTRS has no legal requirement or authority to pay interest on the return of excess contributions.
If there is an adjustment to reduce a member’s excess service credit from a prior year, employer or member contributions may be due back to CalSTRS.
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.