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.
The Governmental Accounting Standards Board has issued two new accounting standards that significantly change the way Other Postemployment Benefits are reported:
Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, was implemented by CalSTRS in its fiscal year 2016-17 financial statements.
Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, is effective for plan employers in fiscal year 2017-18.
GASB 74 and 75 reflect a fundamental overhaul in the standards for accounting and financial reporting for postemployment benefits other than pension. These standards 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 OPEB, to one that stresses the obligation an employer incurs through the employment-exchange process.
In an effort to assist employers with their implementation of these standards, we have certain resources necessary to meet the new reporting requirements. For more information see the GASB Statement Nos. 74 and 75 FAQs or contact Bankole Fatunla at BFatunla@CalSTRS.com.
