CalSTRS

The California State Teachers' Retirement System, branded as CalSTRS, provides retirement, disability, and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913¹, and is part of the State of California's Government Operations Agency. As of September 2020, CalSTRS was the largest teachers' retirement fund in the United States. CalSTRS was also the 11th-largest public pension fund in the world. As of June 30, 2025, CalSTRS managed a portfolio worth $367.7 billion.

The California State Teachers' Retirement System, branded as CalSTRS, provides retirement, disability, and survivor benefits for California's 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913, and is part of the State of California's Government Operations Agency. As of September 2020, CalSTRS was the largest teachers' retirement fund in the United States. CalSTRS was also the 11th-largest public pension fund in the world. As of June 30, 2025, CalSTRS managed a portfolio worth $367.7 billion.

Membership

CalSTRS members, as of June 30, 2019, included employees of approximately 1,778 employers: School districts Community college districts County offices of education Regional occupational programs

Teachers' Retirement Fund

The Teachers' Retirement Fund is a special trust fund established by law that holds the assets of the following programs: Defined Benefit Defined Benefit Supplement Cash Balance Benefit The assets come from contributions by members, employing school districts, investment earnings and appropriations from the State of California's General Fund. The fund's investments create a stream of income to add to those assets. The CalSTRS investment portfolio includes companies' shares, bonds, real estate and short-term investments.

Finances

As of June 30, 2022, CalSTRS managed a portfolio worth approximately $348 billion and held approximately $48 billion of liabilities, leaving a net pension position of $300 billion at that date.

Governance

The Teachers' Retirement Board is responsible for maintaining the Teachers' Retirement Fund in order to pay benefits to CalSTRS members and their survivors.

Teachers' Retirement Board

The Teachers' Retirement Board sets policies, makes rules for and administers CalSTRS. The Board is also responsible for ensuring benefits are paid by the system in accordance with law. The 12-member Teachers' Retirement Board is made up of: Three member-elected positions representing current educators Five members appointed by the Governor of California and confirmed by the California Senate A retired CalSTRS member Three public representatives A school board representative Four ex officio members: Director of Finance State Controller State Superintendent of Public Instruction State Treasurer

Executive staff

In February 2002, the board appointed Jack Ehnes as chief executive officer of CalSTRS to administer the system consistent with the board's policies and rules. In addition, Christopher J. Ailman served as chief investment officer of CalSTRS since October 2000, directing the system’s investments in accordance with Teachers’ Retirement Board policy. He stepped down in 2024. In June 2021, Ehnes retired from the position , and chief operating officer Cassandra Lichnock filled the position.

Advisory committees

Two advisory committees meet regularly to provide forums for active participation in the formation of CalSTRS policies and procedures. The Employer Advisory Committee is composed of county and district employer representatives and CalSTRS staff and meets quarterly, and the Client Advisory Committee includes CalSTRS staff and members from various organizations representing CalSTRS members and benefit recipients and meets regularly coinciding with Board meeting dates.

Operations

Like other large pension plans, CalSTRS had previously announced its proxy-vote intentions on selective companies. The addition of online disclosure opens the process to all CalSTRS portfolio companies, allowing other shareholders to know how the pension fund will vote. As of May 2009, CalSTRS held stock in over 3,800 North American companies.

Headquarters

]] The CalSTRS headquarters building in West Sacramento opened in June 2009 and is designed to serve members through 2049. It was built to address membership growth, changing retirement needs, and goals for greater efficiency and sustainability. The building cost $266 million and is a 13-story office tower above two levels of public space. It is part of the Sacramento Riverfront Master Plan. The CalSTRS headquarters was designed to meet LEED Gold standards and includes several sustainability features. These include water-efficient systems, recycled construction materials, locally sourced materials, and building design that maximizes natural light. In October 2011, the building received LEED Platinum certification for Existing Buildings: Operations and Maintenance.

See also

California Public Employees' Retirement System (CalPERS) California State Controller California State Treasurer Defined benefit pension plan

References

External links

Teachers' Retirement System in the California Code of Regulations from ProxyDemocracy.org CalSTRS Public Profile from SWFI

Text derived from https://en.wikipedia.org/w/index.php?oldid=1368360262 under CC BY-SA 4.0; modifications have been made.