Governor announces appointment to CalSTRS board
WEST SACRAMENTO, Calif. (April 8, 2019) – The California State Teachers’ Retirement System announced that Governor Newsom has appointed William Prezant to the California State Teachers’ Retirement Board. The board oversees the retirement benefits for California’s prekindergarten–12 and community college educators covered under the California State Teachers’ Retirement System.
Mr. Prezant is one of three public representatives appointed by the Governor to the 12–member board. The appointment is subject to Senate confirmation.
More information about Mr. Prezant’s appointment is available on the Governor’s website.
He joins public representative appointee Joy Higa, vice president, regulatory affairs, for UnitedHealthcare’s West and Central Regions. Ms. Higa was appointed by former Governor Brown and her term expires at the end of 2021. One public representative board seat remains open.
The California State Teachers’ Retirement System, with a portfolio valued at $226.5 billion as of February 28, 2019, is the largest educator-only pension fund in the world. CalSTRS serves California’s more than 949,000 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 2018 brochure.
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