CalSTRS Administrator Named NAGDCA President
Julia Durand joins leading organization of defined contribution administrators
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced that Pension2® Administrator Julia Durand has been elected president of the National Association of Government Defined Contribution Administrators, Inc., (NAGDCA), for 2011-12.
Durand administers the CalSTRS Pension2 personal wealth plan, which consists of a 403(b), a Roth 403(b) and a 457(b) plan. Pension2 serves as a supplemental savings plan for all California school and community college employees and currently manages nearly $300 million on behalf of more than 6,000 participants.
Under the CalSTRS comprehensive hybrid pension system, consisting of defined benefit, cash balance, and defined contribution plans, members typically retire at age 62, after decades in the classroom, with a pension that replaces about 60 percent of their highest salary. CalSTRS Pension2 offers educators a low-cost option to save more for their retirement, so they can maintain their standard of living after they stop working.
“I look forward to this opportunity to further NAGDCA’s goals to help ensure that local and state government employees have opportunities to enhance their retirement,” said Durand. “It is my hope that other administrators of 403(b) plans will take full advantage of the resources available through NAGDCA.”
Durand joins six other governing officers and members-at-large at the country’s leading organization of defined contribution retirement plan administrators and financial service providers.
The California State Teachers’ Retirement System, with a portfolio valued at $146.6 billion as of August 31, 2011, is the largest teacher pension fund and the second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of a traditional defined benefit, cash balance and defined contribution plan, as well as disability and survivor benefits. CalSTRS serves California’s 852,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.