WEST SACRAMENTO, Calif. (May 9, 2019) – The Teachers’ Retirement Board today received the results of the actuarial valuation for the CalSTRS Defined Benefit Program as of June 30, 2018. The actuarial valuation provides a snapshot-in-time of the system’s financial health, in addition to monitoring the system’s funding status and its ability to meet long-term commitments.
WEST SACRAMENTO, Calif. (May 9, 2019) – The trustees of the California State Teachers’ Retirement System today elected Sharon Hendricks as board chair and Harry Keiley as vice chair for the 2019-20 term.
WEST SACRAMENTO, Calif. (April 25, 2019)– The California State Teachers’ Retirement System today released its fifth annual Sustainability Report. The report, based on data from fiscal year 2017-18, uses the Global Reporting Initiative Standards: Core option.
In 1853, with the passage of the Act of March 3, 1853 (10 Stat. 244), the Federal Government gifted 5.5 million acres to the State of California to be used for the support of public education. Between 1855 and 1984, nearly 90 percent of the “school lands” (all of the high quality land) was sold, leaving behind mostly desert land, most of which falls within the boundaries of the lands protected by the California Desert Protection Act.
Since 1984, the remaining lands have been under the trusteeship of the State Lands Commission, or SLC, with the proceeds from land sales reinvested into the trust and only the lease income flows to the Teacher Retirement System’s Supplemental Benefit Maintenance Account. The School Land Bank Fund currently holds 468,000± acres of land and another 790,000± acres of mineral rights where the surface rights have been previously sold.
In fiscal year 2013–14, school lands generated gross revenues of $9.9 million for CalSTRS, a decrease of six percent from the previous year. Net revenue to CalSTRS from solid mineral leases decreased substantially from $3,575,009 the previous year to $1,673,233 million, which is over a 53 percent decrease from the previous year. The decline in production at the Mesquite Gold Mine is the primary reason for the marked decrease in royalty revenue. Oil and gas lease revenue increased to $2.42 million this year compared to $1.98 million last year.
AB 982 Update – AB 982, which became law in 2011, directed the State Lands Commission and the Department of the Interior to enter into a MOA, Memorandum of Agreement, designed to facilitate land exchanges to consolidate State school land parcels consistent with renewable energy development of the DRECP, Desert Renewable Energy Conservation Plan.
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The California State Teachers’ Retirement System website has been developed in compliance with California Government Code §11135, which requires that all electronic and information technology developed or purchased by the State of California is accessible to people with disabilities. There are various types of physical disabilities that impact user interaction on the web. Vision loss, hearing loss, limited manual dexterity, and cognitive disabilities are examples, with each having different means by which to access electronic information effectively.