CalSTRS Commends Dick’s Sporting Goods
WEST SACRAMENTO, Calif. (March 8, 2018) – Today, Harry Keiley, the Chair of the Investment Committee for the California State Teachers’ Retirement Board, made the following statement regarding last week’s announcement by Dick’s Sporting Goods that they will no longer sell guns to customers under the age of 21, they will cease selling high capacity magazines, and they will no longer sell assault-style weapons:
“It is encouraging to see major retailers like Dick’s Sporting Goods take action and decisive steps to do what they can to keep dangerous weapons of war out of the hands of minors. Classrooms are meant to be sacred spaces for our children to learn and grow; where fear and violence have absolutely no place and will not be tolerated.
“As trusted fiduciaries for California’s more than 933,000 educators, the Teachers’ Retirement Board is dedicated to securing our members’ financial future well into their retirement years. And as an active shareowner and the world’s largest teacher pension fund, CalSTRS commends the leadership exemplified by Dick’s Sporting Goods for taking steps to protect the company’s reputation and long-term value, while also expressing sensitivity and empathy for the heinous gun-related tragedies that have impacted our country over the last several years. We view this as a small but significant step in the effort to make Americans safe from gun violence.”
The California State Teachers’ Retirement System, with a portfolio valued at $231.6 billion as of January 31, 2018, is the largest educator-only pension fund in the world. CalSTRS serves California’s more than 933,000 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 2017 brochure.
See how CalSTRS demonstrates its strong commitment to long-term corporate sustainability principles in its annual Global Reporting Initiative sustainability report: Global Stewardship at Work.