Sustainability Report addresses member education and retirement preparedness
Pension Sense blog | April 24, 2023 | Thomas Lawrence
At CalSTRS, we know protecting your financial future takes more than routine investment choices.
That’s why we take an annual snapshot of our organizational sustainability and resiliency efforts with our Sustainability Report.
The latest report was released in February 2023 and analyzed member retirement education; the progress of the CalSTRS Funding Plan; privacy and information security; the path to net zero; sustainable operations; management of our workforce and employee wellness; and diversity, equity and inclusion.
Here are key member-focused findings from the fiscal year 2021–22 report:
- California’s public educators live longer than the average U.S. population, making it essential you have enough savings to last through retirement. With that in mind, we make a point to engage with you and your peers early in your career to promote better retirement security.
- The average retirement age of CalSTRS members who retired during fiscal year 2021–22 was 63.
- The average female CalSTRS member is expected to live to 91 years old, while the average male is expected to live to 88. These average life expectancies continue to exceed the longevity of CalPERS members by three years and Social Security members by five years.
- We saw a 7% increase in the number of members who are more than 100 years old, with 438 centenarian retirees as of June 30, 2022.
- Our oldest service retiree reached 109 years and nine months during 2021–22.
- Last year, at our new educator event and our financial awareness workshops, we engaged with 50% more younger members (up to 44 years old) compared to the year before, far exceeding our 33% target.
- Supplemental savings are key for retirement, which is why we offer voluntary, low-cost Pension2® 403(b), 457(b), Roth 403(b) and Roth 457(b) plans. We will continue to inform you about these options through newsletters, member toolkits, webinars, videos and online calculators.
While it’s easy to get caught up in the everyday grind, we as your retirement fund managers step back to ensure we’re doing right by you. This report is one important piece of that effort.
For information on how to reach CalSTRS, visit the contact us webpage.