CalSTRS Names New Defined Contribution Plan Chief
Sandy Blair is appointed to head the office overseeing CalSTRS’ defined contribution plan.
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) today announced the appointment of Sandy Blair to head the office overseeing the voluntary defined contribution plan, known as Pension2®.
In her position as Director of Defined Contribution Solutions, Ms. Blair will administer the CalSTRS Pension2 personal wealth plan, which consists of 403(b), 457 and Roth 403(b) plans. Pension2 serves as a supplemental savings plan for all California school and community college employees and currently manages $517 million on behalf of more than 11,000 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 53 percent of their highest salary. CalSTRS Pension2 offers educators a low-cost option to save more for their retirement, ultimately so they can reach their financial goals and maintain a similar standard of living after they stop working.
“Sandy will help us continue to improve our defined contribution offerings to supplement our members’ modest defined benefit retirement, made all the more important because they do not participate in or receive Social Security benefits,” said CalSTRS Chief Operating Officer Cassandra Lichnock.
Ms. Blair rose through the ranks in CalSTRS after arriving in 2009 to a management position in CalSTRS’ office of Client Outreach and Guidance. She was instrumental in establishing the model of CalSTRS first Member Service Center in West Sacramento. Most recently Ms. Blair was promoted to field manager, overseeing all of CalSTRS Member Service Centers in West Sacramento, Glendale and Santa Clara.
Blair has extensive private sector experience in consumer banking, finance and tax preparation. She earned a Bachelor of Science degree in Business Administration & Finance from California State University, Sacramento.
The California State Teachers’ Retirement System, with a portfolio valued at $176 billion as of October 31, 2013, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. For 100 years, CalSTRS has served California’s public school educators and their families, who today number 862,000 from the state’s 1,600 school districts, county offices of education and community college districts.