News release Michelle Mussuto

CalSTRS Hires Julie Underwood as Chief Financial Officer
Ms. Underwood replaces Robin Madsen who retired in March 2018.

Julie Underwood

WEST SACRAMENTO, Calif. (July 2, 2018) – The California State Teachers’ Retirement System announced Julie Underwood has been hired as the chief financial officer and will start on July 16. Ms. Underwood replaces Robin Madsen, who retired in March of this year.

Ms. Underwood comes to CalSTRS from the $9.9 billion San Bernardino County Employees’ Retirement Association, a multiple-employer defined benefit pension plan, where she’s been the CFO since 2010.

“Julie has all the technical public pension finance and accounting acumen we were searching for plus the energy, attitude and work ethic that fits in perfectly with CalSTRS workplace culture,” said Chief Executive Officer Jack Ehnes. “The hiring process for an executive position is by default challenging. And I think hiring for our CFO takes the challenge to a higher level given the extensive requirements for risk management, financial accountability and oversight of internal controls for our multi-billion dollar organization. Julie’s passion for the work and known ability to engage with a workforce as diverse as ours made the process easier.”

“Julie Underwood has all the technical public pension finance and accounting acumen we were searching for.”

Jack Ehnes
CalSTRS Chief Executive Officer

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“I am very excited to be joining such a prestigious organization,” said Ms. Underwood. “It’s an honor to have the opportunity to work with a team so committed to CalSTRS’ mission and core values. I am eager to contribute my skills and experience, while at the same time learning from staff so that each day we create value for all of CalSTRS’ stakeholders.”

Prior to her tenure in San Bernardino, Ms. Underwood held various and progressively responsible accounting and tax positions with the Superior Court of California, County of San Bernardino, and public accounting firms, including Ernst & Young.

Ms. Underwood earned a Bachelor of Science in business administration with a focus in accounting, from California State University San Bernardino, and is licensed by the State of California as a Certified Public Accountant.

About CalSTRS

The California State Teachers’ Retirement System, with a portfolio valued at $224.9 billion as of May 31, 2018, is the largest educator-only pension fund in the world. CalSTRS serves California’s more than 933,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts. A hybrid retirement system, CalSTRS administers a combined traditional defined benefit, cash balance and voluntary defined contribution plan. CalSTRS also provides disability and survivor benefits. CalSTRS members retire on average after more than 25 years of service, with a median retirement age of 62.9, and a monthly pension of approximately $4,475, which is not eligible for Social Security participation. For more data, download the CalSTRS Fast Facts 2017 brochure.

See how CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative sustainability report: Global Stewardship at Work.

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