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Investment policies

The Teachers' Retirement Board believes that to manage growth of assets in a prudent manner, it is necessary to establish a clear investment policy and a planning statement under which the Investment Branch will operate. The Board has sole and exclusive fiduciary responsibility to administer the investment assets in a manner that will assure the prompt delivery of benefits and related services to the plan participants and their beneficiaries.

As a public pension fund, the California State Teachers' Retirement System is not subject to ERISA, which governs corporate pension plans. The CalSTRS investment decision-making criteria are based on the “prudent expert” standard, for which the ERISA prudence standards serve as a basis. Additionally, the California Constitution, Article 16, Section 17, subsection (d) and Education Code Section 22250 (c) require diversification of risk across asset classes and minimization of employer costs.

Following are a list of investment policies used by CalSTRS.

Investment Policy StatementInvestment Policy for Mitigating Environmental, Social, and Governance RisksGlobal Equity Investment PolicySustainable Investment & Stewardship Strategies Program and Portfolio PolicyFixed Income Investment PolicyHome Loan Program PolicyCurrency Management Program PolicySecurities Lending Program PolicyPrivate Equity Investment PolicyCredit Enhancement Program PolicyReal Estate Investment PolicyCalifornia Investment PolicyInfrastructure Investment PolicyPortfolio Restrictions Investment PolicyInnovation Portfolio PolicyPension2 Investment PolicyInflation Sensitive Investment PolicyRisk Mitigating Strategies PolicySpecial Mandate PolicyResponsible Contractor PolicyInvestment Procurement Policy


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