WEST SACRAMENTO, Calif. (June 13, 2019) – The California State Teachers’ Retirement System announces the appointment of Geraldine Jimenez as Director of Investment Strategy and Risk. This new unit, situated in the CalSTRS Investment Branch, was established in May 2019. The unit is responsible for implementing and monitoring CalSTRS’ overall investment portfolio strategy and risk profile.
WEST SACRAMENTO, Calif. (May 22, 2019) – The California State Teachers’ Retirement System today announced that Global Equity Director June Kim has been selected as one of 22 Finance Leaders Fellows at the Aspen Institute, part of the Aspen Global Leadership Network. Fellows are nominated by a third party; each class of Fellows is made up of high-integrity, highly diverse individuals who have something to teach and to learn from the others.
WEST SACRAMENTO, Calif. (May 20, 2019) – The California State Teachers’ Retirement System today announced the opening of its eighth member center, in Fresno’s Civic Center Square.
Other CalSTRS service centers are in Glendale, Irvine, Riverside, Redding, Santa Clara, San Diego, and at the CalSTRS headquarters in West Sacramento.
SACRAMENTO, CA and New York– The California State Teachers’ Retirement System (CalSTRS) and TIAA-CREF, the national financial services organization and the leading provider of retirement services in the academic, medical, research and cultural fields, today announced they have joined forces to expand CalSTRS’ supplemental retirement savings program, which is open to about 800,000 Californians.Through this relationship, CalSTR
SACRAMENTO, CA – The California State Teachers’ Retirement System has decided to vote its 1.4 million shares of common stock in the Lear Corporation against the merger with the Carl Icahn unit, American Real Estate Partners (AREP).
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.
SACRAMENTO, CA – California State Teachers’ Retirement System (CalSTRS) trustees today called on 13 international energy companies with which it invests to take immediate steps to assess the risks to their business operations in Iran. CalSTRS, the nation’s second-largest public pension fund, estimates it has $1.4 billion invested in these companies that have some operations in Iran.
Sacramento, CA – Jack Ehnes, CalSTRS chief executive officer, today reported California’s retired teachers have less financial help from their employers for their health care coverage than just three years ago. In testimony before the Public Employee Post-Employment Benefits Commission, Ehnes reported on results of the second health benefits survey done by California State Teachers’ Retirement System (CalSTRS).
Sacramento, CA – The nation’s two largest public pension funds today called on UnitedHealth Group to respond to owners of $28 billion in stock who voted for a proposal seeking investor access to board election ballots.
SACRAMENTO, CA – A desire for improved shareowner democracy by the UnitedHealth Group directors has prompted the California State Teachers’ Retirement System to ask UNH shareowners to support Proposal 4 on the company’s May 29th ballot.
SACRAMENTO, CA – The California State Teachers’ Retirement System has launched searches for investment management firms for its Fixed Income and U.S. Equities developing manager programs.
SACRAMENTO, CA – Retirement benefits paid by the state’s two big public pension funds, the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS), generate a powerful $21 billion in economic activity statewide every year, according to the first ever study of pension payments, CalPERS announced today.
SACRAMENTO, CA – The board of the California State Teachers’ Retirement System elected Dana Dillon as Chair and Jerilyn Harris as Vice-Chair for the 2007-08 term during its regularly scheduled meeting April 5.
SACRAMENTO, CA – The Teachers’ Retirement Board voted today to oppose the Administration’s state budget proposal affecting the CalSTRS inflation protection program for retirees. The proposal would:
SACRAMENTO, CA – The California State Teachers’ Retirement System has seen both near- and long-term improvements in governance efforts and stock performance of those companies previously placed on its “Workplan” list.Of the five companies identified as poor performers in October 2005, four have made significant changes to their governance, leading to increased board independence, improved accountability to shareholders and po
SACRAMENTO, CA – Kathleen Andleman has been named General Counsel of the California State Teachers’ Retirement System. She will begin work at the nation’s second-largest public pension fund on April 2.
SACRAMENTO, CA – The California State Teachers’ Retirement System announced today an expansion of its supplemental retirement savings program with the addition of 457 and Roth 403(b) plans by late 2007. What this means for the more than one million California public school employees and their families is they will have more avenues to boost their retirement security.
SACRAMENTO, CA – The California State Teachers’ Retirement System seeks an alternative investment consultant to provide expertise, advice, and recommendations to the CalSTRS Investment Committee related to the overall investment strategy, policies and practices of the CalSTRS alternative investment program.
SACRAMENTO, CA – The nation’s two largest public pension funds – owners of more than $1.2 billion in stock at Hewlett-Packard Company – today asked HP shareowners to pass Proposal 3 on the company’s March 14 ballot that would give shareowners a voice in nominating independent directors.
SACRAMENTO, CA – The California State Teachers’ Retirement System has launched a search for one or more firms that are experienced in administering deferred compensation plans for new services that CalSTRS will offer later this year.
SACRAMENTO, CA – The California State Teachers’ Retirement System today announced a $105 million settlement in a securities fraud case against AOL Time Warner, its accountants, banks and several former executives.The suit charged that AOL artificially inflated its stock price in 2000 and 2001 prior to its merger with Time Warner, resulti
Washington, D.C. – Three national trade organizations today filed articles of incorporation to establish a new non-profit, the National Institute on Retirement Security. This unique partnership will create an entity dedicated to conducting research and education programs to foster a deep understanding of the traditional pension system in the U.S.
Sacramento, CA – The California State Teachers’ Retirement System has reached a settlement of $46.5 million with Qwest Communications.The lawsuit accused the telecommunications firm of misrepresenting its financial well-being by artificially inflating its stock price in 2001, leading to fina
Sacramento, CA – According to a report released today by CalSTRS and CalPERS, few of the world’s electric power companies are creating overall economic value — if they account for the environmental impact of their carbon emissions,.
Sacramento, CA – The California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS) today unveiled a groundbreaking database of more than 700 emerging managers and financial service providers.
Sacramento, CA – The California State Teachers’ Retirement System has joined the Enhanced Analytics Initiative as an Associate Member, becoming the first major U.S. public fund to do so. EAI is an international collaboration of asset owners and asset managers aimed at encouraging investment research that considers the impact of extra-financial issues on long-term company performance.
Sacramento, CA – During a ceremony at the Sixth Wall Street Summit in New York City, the New America Alliance awarded Christopher J. Ailman, CalSTRS’ chief investment officer, the NAA Distinguished Service Award for Advancing Latinos in American Business. Mr. Ailman was recognized for his innovative approach in uncovering untapped talent in the investment arena and encouraging other institutional investors to seek out and hire emerging managers.
Sacramento, CA – At its meeting today, the Teachers’ Retirement Board approved sweeping changes to its Board Governance policy.The new rules restrict political contributions and gifts, require disclosure of placement agent fees and require disclosure of certain types of communications involving board members and/or CalSTRS staff.Upon taking office, board members must now sign a pledge confirming their independence and underst
Sacramento, CA – Jack Ehnes, Chief Executive Officer of the California State Teachers’ Retirement System and Fred Buenrostro, Chief Executive Officer of the California Public Employees’ Retirement System issued the following joint statement today about the announcement made by SEC Chairman Christopher Cox on proxy access:
“We commend Chairman Cox for his decision to go forward with a deliberative rulemaking process on the use of the proxy to nominate corporate directors. We are confident it will result in a thoughtful rule permitting reasonable, fair shareowner access.
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for one or more investment management firms with experience in transition management to act as fiduciaries in transactions that may include portfolio liquidation, asset allocation changes and portfolio rebalancing. The final filing date for proposals is November 14 with selections expected in the spring of 2007.
Sacramento, CA – At its meeting today, California’s Teachers’ Retirement Board took a major step in closing the California State Teachers’ Retirement System’s long-term funding gap of $20 billion. The board approved guiding principles CalSTRS staff will use to draft legislation. Any change to the system must be signed into law by the Legislature and Governor.
Sacramento, CA – The Teachers’ Retirement Board voted today to make significant changes to the $144 billion portfolio, moving to a higher risk, higher return asset mix. The decision comes at the conclusion of a six-month asset and liability allocation study that weighed both the costs to administer the system and the funded status of the system over a 30-year horizon.
Sacramento, CA – The California State Teachers’ Retirement System posted a 13.2 percent return on investments, adding $13.5 billion to the fund ending the year with $142.7 billion in assets as of June 30, 2006. Real estate, alternative investments and international stocks were the engines of growth that led to the fourth straight year of positive returns for the system.
Sacramento, CA – The Teachers’ Retirement Board voted to support legislation, if amended, which addresses concerns about investing in companies doing business in Sudan. The board supports the bill, Assembly Bill 2941 (Koretz D-West Hollywood), if it will indemnify CalSTRS officials and managers for divestment decisions made while applying CalSTRS’ new geopolitical risk investment policy in the Sudan.
Sacramento, CA – The California State Teachers’ Retirement System invites investment management professionals to participate in the second round survey in its comprehensive, five-year long study concerning attitudes to diversity in the management of investments.The anonymous survey consists of 38 brief multiple choice questionsa
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for one or more investment management firms with experience in corporate governance and a successful track record in relational investing to complement and add to its current relational portfolio.The final filing date for proposals is July 21 with selections expected in the fall of 2006.
Sacramento, CA – The California State Teachers’ Retirement Board voted at their meeting today to form a task force with school health care stakeholders to address the health care issues facing employers and their employees, including retired employees.Employers have been experiencing increasing health care costs which have resulted in higher premiums paid by both the employers and employees, higher co-pays and reduced coverag
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for up to four investment management firms with expertise in managing environmentally focused sustainable investment strategies. The final filing date for proposals is June 21 with selections expected in the fall of 2006.
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for up to five Executive Search firms specializing in recruiting high quality investment management professionals. The final filing date for proposals is May 31 with selections expected in the fall of 2006.
New York, NY – The California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS) today announced a joint effort to build a first-of-its-kind database of emerging managers and financial service providers.
Sacramento, CA – The California State Teachers’ Retirement System announced today plans to invest in West Sacramento as part of the Sacramento Riverfront Master Plan by constructing a 14-story headquarters building. Groundbreaking is planned for fall 2006 with move in expected in spring of 2009.
Sacramento, CA – The Teachers’ Retirement Board will sponsor State Senate Bill 1207 (Alarcon) and officially support the provisions in Congressional Bill H.R. 4291 (Frank). Senate Bill 1207 bolsters corporate governance at the board level by strengthening shareholders voting rights in publicly-traded corporations based in California. H.R.4291 would require company disclosure of executive compensation plans in its annual reports and proxy statements.This bill would require a separate vote for general equity compensation plans and so-called Change-in-control severance agreements.
Sacramento, CA – The Teachers’ Retirement Board reaffirmed its opposition to Assembly Constitutional Amendment 23, authored by Assembly member Keith Richman (R-Northridge), after reviewing independent analyses at its meeting today. The proposed legislation would close the current CalSTRS defined benefit plan to public school educators hired after July 1, 2007. Newly hired employees would have a new defined benefit plan and an additional 401(k)-style account for their and their employers’ voluntary contributions.
Sacramento, CA – The board of the California State Teachers’ Retirement System re-elected Carolyn Widener as Chair and Dana Dillon as Vice-Chair for the 2006 term during its regularly scheduled meeting today, at its headquarters in Sacramento.
Sacramento, CA – The California State Teachers’ Retirement System today issued a request for proposal to establish a pool of managers for both the High Yield bond and Core Plus mandates. This request for proposal introduces a new mandate for Core Plus managers that will actively manage approximately $4.5 to $6 billion. The High Yield bond manager allocation will remain at its current level of between $1.5 billion and $2.5 billion. The final filing date for proposals is April 12 with selections expected in early summer.
Sacramento, CA – The California State Teachers’ Retirement System, second largest public pension fund in the nation, posted a 10.2 percent return for 2005, achieving $137.1 billion in assets on December 31, 2005, an $11 billion increase over 2004.
Sacramento, CA – CalSTRS has revealed the first round of survey results from its multiyear study of attitudes about diversity in the investment management industry. The study was developed as part of CalSTRS’ comprehensive diversity efforts launched in early 2005 to improve understanding of how women and minorities are perceived in the investment management industry.
Sacramento, CA – California State Teachers’ Retirement System has selected Baillie Gifford Overseas Ltd., Lazard Asset Management LLC, Mondrian Investment Partners Ltd., Templeton Asset Management Ltd., and T. Rowe Price International Inc. to manage its new active Emerging Markets program. The managers will invest about 10 percent of CalSTRS’ international equity portfolio, approximately $3 billion, in emerging markets.
Sacramento, CA – The Teachers’ Retirement Board voted to oppose Assembly Constitutional Amendment 23 at its meeting today. The bill by Assembly Member Keith Richman (R-Northridge) would effectively close the current CalSTRS defined benefit plan to public school educators hired after July 1, 2007. Those newly hired employees could only choose between one of two retirement plans, a 401(k)-style plan or a 401(k) style plan combined with a defined benefit plan.
Sacramento, CA – California State Teachers’ Retirement System has today released the results of its study on market opportunities for sustainable investments in public securities conducted by Pension Consulting Alliance, Inc.The study, commissioned by CalSTRS, outlines the growing opportunities for institutional investors to achieve a “double bottom line” in sustainable investments.A double bottom line return means that a rea
Sacramento, CA – California State Teachers’ Retirement System recently underwrote a line of credit for New York City Municipal Water Finance Authority’s variable rate bonds. CalSTRS partnered with State Street Bank & Trust to provide a line of credit totaling $200 million for the Authority. The transaction will allow the Authority to pay down its commercial paper and fund a portion of its capital projects.
Sacramento, CA – Three California public pension funds today announced they have recovered more than $257.4 million from a non-class action lawsuit filed against former WorldCom Inc. executives and investment banks after the financial collapse of WorldCom, Inc.
San Diego, CA – CalSTRS, CalPERS and the University of California, Davis, Graduate School of Management, today announced a new partnership aimed at attracting top-tier business students to careers in investment management.
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for up to six fund managers for the enhanced index portion of its domestic equity portfolio. The final filing date for proposals is November 10 with selections expected in the spring of 2006.
Sacramento, CA – A state-of-the-art personal investment Web site, administered by the California State Teachers’ Retirement System, has received recognition from a national retirement organization.
Sacramento, CA – The California State Teachers’ Retirement System has expanded its credit enhancement program from transactions only within California, Oregon and Nevada to transactions nationwide. Entities throughout the U.S.
SACRAMENTO, CA – The California State Teachers’ Retirement System (CalSTRS), the nation’s third largest public pension fund, has joined a key group of environmental leaders as a new member of the California Climate Action Registry (the Registry), a non-profit organization recognized as a standard setter for tracking and reporting greenhouse gas (GHG) emissions.As a participant in the Registry, CalSTRS will voluntarily measure
SACRAMENTO, CA – The California State Teachers’ Retirement System continued the effort it inaugurated last week to expand the diversity of ideas and people throughout its $132 billion investment portfolio. This comprehensive approach will look at the way investment decisions can integrate diversity to yield good investment returns and simultaneously reflect the new face of California.
Sacramento, CA – The California State Teachers’ Retirement System announces the start of a unique effort to expand the diversity of ideas and people throughout its $129 billion investment portfolio. This comprehensive approach will look at the way investment decisions can integrate diversity to yield good investment returns and simultaneously reflect the new face of California.
Sacramento, CA – The California State Teachers’ Retirement System posted double-digit investment returns for its fiscal year. CalSTRS announced its third straight year of positive performance, with an all-time high total assets of $128.9 billion on June 30, 2005, and an 11.09 percent return on investments.
Sacramento, CA – The California State Teachers’ Retirement System has reached a preliminary settlement of $17.5 million with PricewaterhouseCoopers in a class action lawsuit accusing the accounting firm of violating its professional responsibilities in its audits of Homestore.com Inc. in 2000 and 2001.
Sacramento, CA – Sacramento County Superior Court Judge Judy Holzer Hersher today ruled in favor of California State Teachers’ Retirement System in its lawsuit against the state to restore a $500 million state contribution withheld on July 1, 2003.
If you are 45 years or older as of June 30, 2004 you can now view your 2005 Annual Statement Estimate Letter on myCalSTRS. This letter provides you with two retirement estimates based on information received from your employer as of June 30, 2004. These estimates give you an idea of what CalSTRS benefits to expect as you make your overall retirement plans. In addition to the estimates of your monthly retirement benefit, is information regarding your Defined Benefit Supplement account.
Sacramento, CA – The California State Teachers’ Retirement System will launch on April 20 a search for up to six active equity managers to invest about 10 percent of its international equity portfolio, approximately $3 billion, in emerging markets. This action follows the CalSTRS board’s conclusion of an extensive study of the opportunities and risks in investing in emerging markets.
Sacramento, CA – A bill that would repay over time a $500 million state contribution that has been withheld from the California State Teachers’ Retirement System was passed by the Assembly Committee on Public Employees, Retirement and Social Security this morning on a unanimous vote, bringing CalSTRS one step closer to recovering these funds without continued litigation.
Sacramento, CA – The Board of the California State Teachers’ Retirement System elected officers for the 2005 term during its regularly scheduled meeting today, April 7, 2005, at its headquarters in Sacramento.
Sacramento – The California State Teachers’ Retirement System and the California Public Employees’ Retirement System announced today that they will host a conference on environmental investing on March 29, 2005 at The Fairmont in San Jose, California.
Sacramento, CA – The California State Teachers’ Retirement System posted a 13.1 percent return for 2004, reaching a record high of $126.1 billion in assets on December 31, 2004. Earning $13.5 billion more than the previous year, the investment portfolio outdid its benchmarks in four of its five investment categories.
Sacramento – The California State Teachers’ Retirement System has recently unveiled a new retirement planning Web site that will change the way employees of local school districts, community colleges and county offices of education select their retirement savings investment options.
Sacramento – The Teachers’ Retirement Board today voted to oppose a 2005-06 state budget proposal that could affect the contributions paid by current and future educators to both their core retirement benefit program and a supplemental retirement income program.
Sacramento –The Teachers’ Retirement Board today voted to oppose two proposals that would replace guaranteed defined benefit pensions with 401(k)-style defined contribution plans for teachers and other public employees hired on or after July 1, 2007.
Sacramento, CA – The California State Teachers’ Retirement System has announced the selection of INVESCO Private Capital as manager for its newly established “CalSTRS New and Next Generation Manager Fund.” INVESCO Private Capital has offices in Denver, Palo Alto and New York.
Sacramento – The California State Teachers’ Retirement System broke new ground in the arena of environmental investing this week with the convening of its first-ever Clean Technology Advisory Board.
Sacramento – In the last days of the 2003-04 bill signing season, Governor Arnold Schwarzenegger took action on nine bills affecting the California State Teachers’ Retirement System and its members. All bills affecting benefits were signed into law by the governor, including:
It is the middle of the bill signing season and Governor Arnold Schwarzenegger has until September 30 to take action on legislation approved by the Legislature during the 2003-04 Regular Session. While there are a number of bills affecting the California State Teachers’ Retirement System that remain on the Governor’s desk, below are the bills that he has acted upon thus far.
With the close of the bill signing season, Governor Schwarzenegger has acted upon all legislation affecting CalSTRS sent to him by the Legislature during the 2003-04 Regular Session. CalSTRS members will be pleased to learn that the Governor signed into law all the CalSTRS benefit legislation that reached his desk.
SACRAMENTO, CA — The California State Teachers’ Retirement System, the third largest pension fund in the nation, and Countrywide Home Loans, Inc., a national leader in residential finance, have teamed up to offer an improved home loan program designed to bring home ownership within reach for more eligible California public school employees.
Sacramento, CA – The California State Teachers’ Retirement System has posted its year-end returns for 2003-04.The public pension fund – the third largest in the United States – announced its second straight year of positive performance, with total assets of $116.2 billion on June 30, 2004, and a 17.38 percent return on investments for the year.
Sacramento, CA – The California State Teachers’ Retirement System has announced that it will be implementing changes in its Real Estate Policy and Equity Portfolio Policy. The changes, which were recommended by staff and approved unanimously at the July 7 meeting of the Teachers’ Retirement Board, were as follows:
Sacramento, CA – The California State Teachers’ Retirement System announced today that it has sent a letter to the Securities and Exchange Commission commenting on the proposed change in the trade-through rule.The current rule, which applies to stocks listed on the New York Stock Exchange, requires brokers and dealers to trade on the market or exchange that offers the best price.The proposed modification to this rule would allow investors to opt out of the trade-through rule on a trade-by-trade basis.CalSTRS believes that investors should be given the option of choosing between speed and pr
Sacramento, CA – The California State Teachers’ Retirement System is expanding its alternative investment program by increasing the geographic scope of its partnerships.
At the regularly scheduled June meeting of the Teachers’ Retirement Board, the Investment Committee voted to expand its geographic locations for alternative investments to the entire globe. Prior to this action, the policy was limited to the United States, Canada, the United Kingdom and Western Europe.
Sacramento, CA – The California State Teachers’ Retirement System announced today that it has selected Pension Consulting Alliance, Inc. as its general consultant to assist the Investment Committee with the oversight of the investment portfolio. The firm was awarded a five-year contract after the CalSTRS Investment Committee listened to presentations from three finalist firms.
Allan Emkin, the lead consultant for PCA, has served as the general investment consultant to CalSTRS for the past 19 years.
SACRAMENTO – The California State Teachers’ Retirement System announced today that Institutional Shareholder Services has released a report recommending that its clients vote in favor of the CalSTRS shareholder proposal calling for the separation of the CEO and board chair positions at Qwest Communications International Inc. The vote will be announced at the Qwest annual meeting on May 25, 2004. Last month, another influential proxy advisor, Glass Lewis & Co., also advised its clients to vote for the CalSTRS proposal.
SACRAMENTO – Concern regarding a sharp decline in the value of Qwest Communications International Inc. and a desire for improved corporate governance practices have prompted the California State Teachers’ Retirement System to seek shareowner support for its proposal to separate the role of Qwest’s board chair from its chief executive officer.
SACRAMENTO -The California State Teachers’ Retirement System announced today the names of a dozen domestic companies that have been placed on the $116 billion fund’s Work Plan for the 2004-05 proxy season. Over the next year, CalSTRS will work closely with these companies with the expectation of improvements in their corporate governance practices and in their financial performance.
SACRAMENTO, CA – Six of the nation’s largest institutional investors today publicly called for a meeting with The Walt Disney Company Board of Directors to discuss the performance and future of the company.
Marsh & McLennan Companies, Inc. announced today that it is adding Zachary Carter to the slate of nominees for election to its board of directors at its May 20, 2004 annual meeting. A group of institutional investors, AFSCME Employees Pension Plan, New York State Common Retirement Fund, California Public Employees’ Retirement System and the California State Teachers’ Retirement System, praised the move and announced they were withdrawing their proxy resolution.
SACRAMENTO – The California State Teachers’ Retirement System, lead plaintiff in a class action lawsuit against Homestore.com, Inc., announced today a federal court judge has given final approval to a settlement of approximately $93 million. The suit accused Homestore.com Inc., an Internet real estate company, of falsifying financial statements and engaging in accounting irregularities in 2000 and 2001.
U.S. District Court Judge Marsha J. Pechman, in issuing her ruling March 16, also extended the deadline for class members to submit claim forms until May 31, 2004.
Sacramento – The California State Teachers’ Retirement System announced today that its investment portfolio has reached an all-time high of $116.7 billion. This milestone surpasses its previous high by $166 million, which was set more than three years ago, on September 1, 2000.
The CalSTRS portfolio has rebounded more than $30 billion in the last 17 months, from a record low of $85.5 billion in October 2002. The fund has also seen its rate of return jump to 23.1 percent for calendar year 2003, after two years of negative returns.
Sacramento – Officials of the California State Teachers’ Retirement System expressed disappointment this week upon learning that the federal budget, as currently proposed, does not include appropriations for the seventh payment due the fund for the sale of the Elk Hills school lands.
Sacramento, CA – The Board of the California State Teachers’ Retirement System elected officers for the 2004 term during its regularly scheduled meeting today, February 4, 2004, at CalSTRS’s headquarters in Sacramento.
The Teachers’ Retirement Board members nominate and elect their own Chair and Vice-Chair each February; the officer positions are for one year’s duration, although the members’ terms are for a total of four years. The 2004 officers are:
SACRAMENTO – The California State Teachers’ Retirement System has announced the selection of Christine Ford as the Deputy Chief Executive Officer for Administrative Services. Ford, a certified public accountant and former auditor who is currently a deputy director at the California Department of Aging, will begin her new position at the nation’s third-largest public pension fund on January 19, 2004.
The Securities and Exchange Commission needs to hear from California’s educators – the individual shareholders of the CalSTRS investment portfolio – in regard to rule S7-19-03, which gives shareholders the right to nominate their own candidates to replace unresponsive and irresponsible board members during elections. Simple logic dictates that, faced with the possibility of removal, directors will be forced to pay greater attention to the issues that matter to shareholders.
SACRAMENTO — In a historic, first-time-ever vote, current California educators elected three members to the governing body of the California State Teachers’ Retirement System.
In election results announced today, the two board representatives of kindergarten through twelfth grade educators are:
Washington, DC — Four of the nation’s most powerful public pension funds, in a heightened response to the Putnam mutual fund scandal, announced they are using an anticipated Securities and Exchange Commission (SEC) rule to more easily nominate and elect better leadership on Putnam’s parent company board.
Sacramento, CA – The California State Teachers’ Retirement System announced today it has terminated its relationship with Putnam Investments.
Putnam has recently come under scrutiny for failing to act when its compliance office reported improper trading activities. Although the infractions did not directly affect the CalSTRS portfolio, CalSTRS Chief Investment Officer Christopher Ailman said at today’s Investment Committee meeting he has concluded there were other fund managers who could better service the account.
Sacramento, CA – The California State Teachers’ Retirement System has announced the selection of three investment management firms for its newly established External Equities Developing Manager Program: FIS Funds Management, Inc., of Philadelphia, Penn.; Northern Trust Global Advisors, Inc., of San Francisco; and Russell Investment Group of Tacoma, Wash.
Sacramento, CA – The California State Teachers’ Retirement System today sent a letter to the Securities and Exchange Commission criticizing the reform proposal for the New York Stock Exchange that was recently approved by NYSE members. The proposal is now facing review by the SEC, which has the power to ultimately ratify or reject it.
SACRAMENTO — Governor Gray Davis has named Silvia Saucedo as a member of the Teachers’ Retirement Board. Saucedo was appointed to the public representative seat on the 12-member governing body for the California State Teachers’ Retirement System.
Saucedo is an attorney for the law firm of Allen, Matkins, Leck, Gamble & Mallory, LLP, in downtown Los Angeles. She specializes in real estate and land use.
Sacramento, CA – Christopher J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System, issued the following statement regarding the discussion held today by the Teachers’ Retirement Board about CalSTRS’ relationship with Putnam Investments:
“The Board expressed its deep concern regarding recent events at Putnam Investments and directed investment staff and the Board’s investment consultant to expeditiously determine whether CalSTRS’ existing relationship with Putnam is in the best interests of the System.”
A new law provides retirement incentives that increase monthly benefits for members of the CalSTRS Defined Benefit (DB) Program retiring from school districts that agree to offer the benefit. These two retirement incentive programs would increase either one or two of the elements used in calculating your CalSTRS service retirement benefit.
The law, Chapter 313, Statutes of 2003 (AB 1207—Corbett), allows an eligible member employed by a participating district to receive either:
The California State Teachers’ Retirement System has filed a lawsuit against the state to restore a $500 million contribution cut in Senate Bill 20x. The contribution supports supplemental payments made to approximately 63,000 retired educators and their survivors. These quarterly payments are made when inflation erodes a recipient’s monthly benefit below 80 percent of its original consumer purchasing power.
The Securities and Exchange Commission took a major step today in recognizing that shareholders have a fundamental right to have access to the proxy. However, questions remain as to the triggers that are being proposed; we need triggers that are responsive to the corporate crises of the past year, and we must define appropriate threshold s for these triggering events. The final rule should be sensitive to the very issues concerning corporate financial malfeasance that have plagued our markets.
Sacramento, CA – The California State Teachers’ Retirement System has called for a reform of the current governance structure of the New York Stock Exchange in a letter sent to H. Carl McCall and Leon Panetta, the co-chairs of the Special Committee on Governance for the Exchange.
Jack Ehnes, CalSTRS chief executive officer and signer of the letter, outlined recommendations for reform in the areas of board independence, committee structure, regulatory responsibilities and transparency. The recommendations include:
SACRAMENTO – The California State Teachers’ Retirement System has surpassed the $2 billion mark for investing in the state’s urban and rural communities to help promote economic growth.
As of June 30, CalSTRS investments in these communities totaled $2.08 billion, or more than 2 percent of the system’s approximately $100 billion pension fund. This milestone is the first time CalSTRS has exceeded its goal of putting 2 percent of its investment into California’s emerging communities.
SACRAMENTO – Homestore Inc. has agreed to reform its corporate policies and to pay approximately $64 million in cash and stock to settle a class action lawsuit accusing the Internet real estate company of falsifying financial statements and engaging in accounting irregularities.
SACRAMENTO—In another sign the economy is on the rebound, the California State Teachers’ Retirement System recorded its first positive portfolio return in three years. The nation’s third largest public pension fund posted a 3.4 percent return, with assets totaling $100 billion, for the fiscal year ending June 30.
Sacramento, CA – The California State Teachers’ Retirement System today called on its members and other shareholders to join it in supporting the Securities and Exchange Commission’s upcoming study of proxy rules. The SEC is soliciting public views through June 13.To assist interested parties in e-mailing comments to the SEC, CalSTRS posted a suggested message and submission instructions on its Web site, www.calstrs.ca.gov.
Sacramento, CA – The California State Teachers’ Retirement System today launched a search for one or two fund-of-funds managers to invest in a $100 million portfolio of private equity new and next generation managers. Final filing date for investment offerings is July 7. A copy of the Private Equity Investment Search document is available in the Investments section of the CalSTRS Web site, www.calstrs.ca.gov.
Washington, DC – A cross-section of institutional investors, state treasurers and labor unions said today that an extraordinary shareholder vote at Thursday’s Ingersoll-Rand annual meeting proves momentum is building in the campaign to get American companies to return to U.S. soil from their off-shore tax sanctuaries.
Washington, DC – Concerned about loss of shareholder rights and long-term investment returns, a cross-section of U.S.institutional investors, state treasurers and labor unions took out a full-page ad in USA Today on Tuesday (May 27) urging Ingersoll-Rand to “Come Home to America” from its off-shore tax haven in Bermuda.
“Ingersoll-Rand, with hundreds of millions of dollars in defense and homeland security contracts, operates from a mailing address on the sandy shores of Bermuda,” the ad reads. “That’s bad for shareholders.”
Sacramento, CA – The California State Teachers’ Retirement System today released recommendations by Graef Crystal for reform of executive stock option plans. The paper, commissioned by CalSTRS, details what Crystal calls “the perfect stock option plan.” Crystal’s recommendations will aid CalSTRS in future executive compensation proxy votes and discussions with companies regarding corporate governance best practices.
Washington, DC – Concerned about loss of shareholder rights and long-term investment returns, a cross-section of U.S.institutional investors, state treasurers and labor unions took out a full-page ad in The Wall Street Journal today urging Tyco and other expatriate companies to “Come Home to America” from their offshore tax havens.
“Ahh, Bermuda,” says the ad. “A nice place for a vacation…but should U.S. companies take legal refuge there?”
Washington, DC – Major institutional investors including public pension funds, union funds, state treasurers and others today applauded the Institutional Shareholder Services decision in favor of a shareholder proposal urging reincorporation of Bermuda-based Tyco back to the United States. ISS found Tyco has failed to make its case for locating in an off-shore tax haven.
Sacramento, CA – The California State Teachers’ Retirement System has selected Cambridge Associates LLC as its advisor for U.S. alternative investment partnerships. Cambridge Associates will recommend U.S. partnerships, perform due diligence and assist and advise CalSTRS staff on those investment opportunities.
“Cambridge has the experience, philosophy and background we need to continue the excellence of our AI portfolio,” said Real Desrochers, CalSTRS director of alternative investments. “They have an outstanding ability to help us add value to the AI portfolio.”
Sacramento, CA – Qwest Communications and several of the nation’s top banking and financial service companies were named as defendants Tuesday in a lawsuit filed by the California State Teachers’ Retirement System in the financial collapse of Qwest.
The complaint alleges Qwest and the companies engaged in fraudulent schemes that cost the California teachers fund millions of dollars when the truth about Qwest’s faltering financial condition was first disclosed.
Sacramento, CA – AOL/Time Warner, Cendant Corporation and 14 other Internet-based firms were named Friday in an amended complaint alleging they contributed to the financial collapse of Homestore.com.
Sacramento, CA – The California State Teachers’ Retirement System seeks program advisers for U.S. partnerships in its alternative investment portfolio. A request for proposal was issued September 17 and the proposals are due October 21. A copy of the RFP is posted on the CalSTRS Web site at www.calstrs.ca.gov.
Sacramento, CA – The California State Teachers’ Retirement System today called on Congress to adopt the tough protections in the Public Company Accounting Reform And Investor Protection Act of 2002, recently passed by the Senate.CalSTRS sent a letter urging passage of the act to each member of the House-Senate Conference Committee working out differences between the act and actions taken earlier by the House of Representatives.
SACRAMENTO AND LOS ANGELES-Three California public pension funds, representing $275 billion in assets, today announced a joint lawsuit to recover losses against WorldCom executives and the major underwriters of WorldCom bonds issued in May of 2001.
Sacramento, CA – The California State Teachers’ Retirement System today expanded its financial market reform initiatives to include protections against conflicts of interest by its brokers and investment managers.
CalSTRS will give significant consideration to compliance with the investment protection principles when selecting and retaining brokers and investment managers. CalSTRS will also conduct annual compliance reviews once the principles are adopted by the firms.
Sacramento, CA – The California State Teachers’ Retirement System has selected Altius Associates Limited as its advisor for international alternative investment partnerships. Altius Associates, with offices in London, Copenhagen and Richmond, Virginia, will recommend non-U.S. partnerships, perform due diligence and assist and advise CalSTRS staff on those investment opportunities.
Sacramento, CA – The California State Teachers’ Retirement System today adopted the Lehman Brothers U.S. Aggregate Index (excluding tobacco) as its benchmark to track the performance of its internally managed long-term fixed income portfolio. The nation’s third largest pension fund, at $100 billion, examined various customized and broad market-weighted indices before selecting the Lehman Brothers index.
Sacramento, CA – The California State Teachers’ Retirement System today selected McKinsey & Company as alternative investment consultant to its Investment Committee.
McKinsey & Company was chosen through a competitive process to work closely with the committee to monitor and comment on the AI portfolio performance and policies. McKinsey and Company will not review specific transactions.
Sacramento, CA – The California State Teachers’ Retirement System today adopted the Russell 3000 (excluding tobacco) as its benchmark to track the performance of the broad U.S. equity market. The nation’s third largest pension fund examined three indices before selecting the Russell 3000.
Sacramento, CA – The California State Teachers’ Retirement System today named Joseph W. Cotchett and Bruce L. Simon of Cotchett, Pitre, Simon & McCarthy as lead counsel in a securities class action suit against Homestore.com, Inc. and several former executives. CalSTRS is lead plaintiff in this lawsuit alleging Homestore falsified financial statements and engaged in accounting irregularities.
Sacramento, CA – The California State Teachers’ Retirement System governing body has approved an extensive plan to promote financial market reforms. The Teachers’ Retirement Board set priorities for action as CalSTRS advances its corporate governance reform views on a national level.
Sacramento, CA – The California State Teachers’ Retirement System today announced the U.S. District Court in Los Angeles has named CalSTRS lead plaintiff in more than 19 consolidated lawsuits against Homestore.com, Inc. and several former executives.
“We’re pleased to take on this responsibility to represent the many who have suffered from unfair dealings by a few,” said Jack Ehnes, CalSTRS chief executive officer. “Shareholders must actively pursue these claims to put a spotlight on improper business practices while seeking recovered lost value.”
Sacramento – The California State Teachers’ Retirement System announced today it has cast its vote to oppose the merger of Hewlett-Packard Company with the Compaq Computer Corporation.
Sacramento, CA – The California State Teachers’ Retirement System seeks consultants for a new governance structure in its alternative investment portfolio. Two requests for proposals were issued February 8, with final filing dates of April 5. The RFPs are available on the CalSTRS Web site at www.calstrs.ca.gov.
Sacramento, CA – Jack Ehnes has been selected as the new Chief Executive Officer of the California State Teachers’ Retirement System. The Teachers’ Retirement Board announced its choice for the top administrative post today. Ehnes, 50, replaces James D. Mosman, who is leaving CalSTRS to become Executive Director of the National Council on Teacher Retirement.
Sacramento, CA – James D. Mosman, Chief Executive Officer of the California State Teachers’ Retirement System, announced his resignation today. Mosman, 52, leaves in December to become Executive Director of the National Council on Teacher Retirement.
Sacramento, CA — Christopher J. Ailman, chief investment officer at the Washington State Investment Board, has been named chief investment officer of the California State Teachers’ Retirement System. Ailman will manage the $115.8 billion portfolio starting October 10.
A 20-year veteran in investment management, Ailman has been WSIB’s investment chief for four years. Before going to Washington, Ailman spent eleven years at the Sacramento County Employees’ Retirement System where he served as CIO of the pension fund for the county.
Sacramento, CA–The California State Teachers’ Retirement System recorded a 12.69 percent return on its investments for the past fiscal year. The nation’s third largest pension fund had assets totaling $112.66 billion—a $12.8 billion increase from the previous 12-month period.
Sacramento, CA – Mike DiRe has been selected as director of real estate for the California State Teachers’ Retirement System. DiRe, 38, has fifteen years experience in real estate and finance, most recently as a real estate portfolio manager at the California Public Employees’ Retirement System.
Sacramento, CA – The California State Teachers’ Retirement System has selected Pendleton James Associates to conduct a nationwide search for its new chief investment officer.
Pendleton James Associates is one of the top investment management consulting firms in the U.S., and has more than 20 years experience in the investment management job market.
Sacramento, CA – Patrick Mitchell, chief investment officer of the California State Teachers’ Retirement System, has resigned. He leaves July 15, 2000, to pursue other career opportunities.
“This was not at all an easy decision to make, but the new economy is providing wonderful opportunities right now. The timing is excellent for me to begin the next phase of my life and career,” Mitchell said.
Sacramento, CA — The California State Teachers’ Retirement System posted an 18.3 percent return on its investments for the past year. Assets for the nation’s third largest pension fund totaled $110.7 billion on Dec. 31, 1999, a $17.4 billion increase from Dec. 31, 1998.
Sacramento, CA -The California State Teachers’ Retirement System recorded a 13.35 percent return on its investments for the past year. CalSTRS’ assets totaled $99.9 billion on June 30, 1999 – an $11.8 billion increase from the previous 12-month period.
Sacramento, CA –The Teachers’ Retirement Board announced at its meeting today that, for the first time in its history, the Teachers’ Retirement Fund exceeds $100 billion in assets. To reach this financial milestone, the fund’s investment portfolio grew more than $13 billion since June 1998, continuing a five-year trend of annual returns of more than 14 percent.
Sacramento, CA –The California State Teachers’ Retirement System has hit the goal of every pension plan. The Teachers’ Retirement Board learned today CalSTRS has enough money to cover the benefits already earned by California’s current educators without outside funds from the state.
The actuarial valuation presented to the board shows that as of June 30, 1998, CalSTRS had 104 percent of the funds needed to pay the cost of the benefit plan in effect in 1998.
