CalSTRS Annual Financial Report Recognized for Excellence
SACRAMENTO, CA – The California State Teachers’ Retirement System’s 2006 Comprehensive Annual Financial Report recently received the “Certificate of Achievement for Excellence in Financial Reporting” from the Government Finance Officers Association of the United States and Canada. The certificate is the highest form of recognition in the area of governmental accounting and financial reporting.
“Our annual report communicates the financial progress of our efforts to guide educators into a rewarding and successful future after they leave the classroom,” said Jack Ehnes, CalSTRS chief executive officer. “We strive to ensure that our financial reporting is always accurate, transparent and accessible — and our report exemplifies that ethic. We’re pleased to see the finance officers’ association recognize the efforts of our accounting and communications staff in producing this outstanding report.”
An impartial panel convened by the Government Finance Officers Association found that CalSTRS’ 2006 Comprehensive Annual Financial Report meets the high standards of the association’s financial reporting program. The report, available on the CalSTRS Web site, includes details of CalSTRS finances and investments as well as actuarial valuations and statistical data on the pension system’s benefit programs.
CalSTRS’ Director of Finance, Lieu Nguyen, led the accounting team that produced the annual financial report. Nguyen and her team are responsible for the full range of accounting tasks for CalSTRS, which has a $123.39 million operating budget for fiscal year 2006-07.
With a $171.1 billion investment portfolio, the California State Teachers’ Retirement System is the second-largest public pension fund in the United States. It provides retirement, disability and survivor benefits to California’s 800,000 public school kindergarten through community college educators and their families.