CalSTRS Seeks Compensation Consultants
WEST SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS) is establishing a pool of qualified and experienced firms to aid in the analysis and review of its compensation program affecting select executive staff and investment management. The search is part of an effort to more effectively compete for, retain and reward talented professionals.
The final filing date for proposals is January 27, 2011. The Request for Proposal is available for viewing on the CalSTRS website at www.calstrs.com/rfp.
The selected firms will serve at the direction of the Teachers’ Retirement Board (TRB) or its designee. The successful firms’ services may include, but are not limited to, the following:
- Attending the Board’s Compensation Committee meetings to provide consultation or present information.
- Reviewing Compensation Committee materials and providing comments and advice to committee members on the materials and committee agenda items.
- Providing independent advice to Compensation Committee members on:
- The labor market benchmarks and the results of salary and incentive studies.
- Incentive program components and policies.
- Other related studies and research.
- Reviewing relevant survey data using the labor market benchmarks, and assembling appropriate supporting labor market data for investment or executive positions as requested by the Compensation Committee.
- Providing salary range change recommendations to the Compensation Committee.
- Reviewing and recommending implementation of incentive criteria and levels.
- Recommending changes to the Compensation Committee’s policies based on industry trends or as requested by the committee.
The California State Teachers’ Retirement System, with a portfolio valued at $140 billion, is the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for 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.