WEST SACRAMENTO, Calif. (November 15, 2018) – The California State Teachers’ Retirement System today announced that Chief Investment Officer Christopher J. Ailman received the number-one ranking in aiCIO magazine’s 2018 Chief Investment Officer Power 100. The list ranks and profiles the 100 most influential and powerful asset owners in the world.
Nov. 14, 2018 – A coalition of long-term, global institutional and private investors with combined assets of more than $4.83 trillion has come together to create and promote Principles for a Responsible Civilian Firearms Industry. The five principles provide a framework for institutional investors seeking to improve engagement with public and private companies globally that manufacture, distribute, sell or regulate products within the civilian firearms industry in order to address gun safety issues and reduce investment risk.
Active and inactive members may now view their 2018 Retirement Progress Report on myCalSTRS. Your Retirement Progress Report provides a personalized overview of your CalSTRS account and benefits.
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.
