The CalSTRS Funding Plan, enacted in Assembly Bill 1469 as part of the 2014-15 budget, puts the CalSTRS Defined Benefit Program on the path to full funding in 32 years through incremental shared contribution increases among the program’s three contributors: CalSTRS members, employers and the state.
Decade-long efforts to bridge the Defined Benefit Program’s funding gap concluded with a plan that puts the CalSTRS Defined Benefit Program on the path to full funding in 32 years. Assembly Bill 1469, enacted as part of the 2014-15 budget, increases member, employer and state contributions over several years and sets the program on a sustainable course.
The CalSTRS Funding Plan is the result of years of focused discussions, stakeholder outreach, legislative visits and hearings. Since 2006, guided by the Teachers’ Retirement Board, CalSTRS committed to promoting the development of a comprehensive strategy to address the long-term funding needs of the system.