WEST SACRAMENTO, Calif. (May 9, 2019) – The Teachers’ Retirement Board today received the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2018. The actuarial valuation provides a snapshot-in-time of the system’s financial health, in addition to monitoring the system’s funding status and its ability to meet long-term commitments.
WEST SACRAMENTO, Calif. (May 9, 2019) – The trustees of the California State Teachers’ Retirement System today elected Sharon Hendricks as board chair and Harry Keiley as vice chair for the 2019-20 term.
WEST SACRAMENTO, Calif. (April 25, 2019)– The California State Teachers’ Retirement System today released its fifth annual Sustainability Report. The report, based on data from fiscal year 2017-18, uses the Global Reporting Initiative Standards: Core option.
In June 2012, the Governmental Accounting Standards Board issued two new accounting standards that significantly changed the way pensions are reported:
Statement No. 67, Financial Reporting for Pension Plans, was implemented by CalSTRS in its fiscal year 2013-14 financial statements.
Statement No. 68, Accounting and Reporting for Pensions, is effective for plan employers in fiscal year 2014-15.
Under previous standards, the pension obligation calculated for funding purposes and financial reporting were closely aligned. GASB 67 and 68 break the link between funding and financial reporting by moving from an approach that focuses on the process by which employers finance their future projected cash outflows for pension benefits, to one that stresses the obligation an employer incurs through the employment-exchange process.
Significantly, the employers’ collective pension obligation, which was previously only disclosed in the notes to CalSTRS financial statements, will be reported as a liability in the employers’ financial statements.
In an effort to assist employers with their implementation of these standards, we have certain resources necessary to meet the reporting requirements. For more information see the GASB Statement Nos. 67 and 68 FAQs or contact Bankole Fatunla at BFatunla@CalSTRS.com.
