| California State Teachers' Retirement System | |
|---|---|
| California State Teachers' Retirement System Logo | |
| Agency overview | |
| Formed | 1913 |
| Headquarters | 100 Waterfront Place, West Sacramento, California |
| Agency executive | Jack Ehnes, CEO |
| Parent agency | California State and Consumer Services Agency |
| Website | |
| www.calstrs.com | |
The California State Teachers' Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California's 852,316 prekindergarten through community college educators and their families.[1] CalSTRS was established by law in 1913 and is part of the California State and Consumer Services Agency.
As of September 2010, CalSTRS is the largest teachers’ retirement fund in the United States.[2] CalSTRS is also currently the eighth largest public pension fund in the world.[3] [4]
Contents |
CalSTRS members, as of June 30, 2010, include employees of approximately 1,600 employers:[5]
The Teachers’ Retirement Fund is a special trust fund established by law that holds the assets of the following programs:
The assets come from contributions by members, employing school districts and the State of California.[6] The fund’s investments create a stream of income to add to those assets.
The CalSTRS investment portfolio includes stocks, bonds, real estate and short-term investments.
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:
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. The board also selects a Chief Investment Officer, currently Christopher J. Ailman, to direct the investments of the Teachers’ Retirement Fund in accordance with board policy.
The Teachers’ Retirement Board is responsible for maintaining the Teachers’ Retirement Fund in order to pay benefits to CalSTRS members and their survivors. The board has supported a variety of corporate governance initiatives and actions aimed at keeping the fund stable. A few of the actions taken include:[7]
On May 28, 2009, CalSTRS announced that individual proxy votes will be publicly available online through a partnership with ProxyDemocracy.org, a nonprofit organization that offers free online investment information about portfolio companies.[10][11]
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 holds stock in over 3,800 North American companies.[10]
Opened in June 2009, the CalSTRS headquarters building in West Sacramento is expected to meet members' needs through 2049. Growth in membership, the difference and complexity of the needs of a new generation of retiring teachers, and the need to operate more efficiently and sustainably led to the decision to build a new headquarters.
The building, a $266 million, 13-story office tower above two levels of public space[12], is part of the Sacramento Riverfront Master Plan.
The headquarters was designed to meet the Gold certification LEED designation set by the U.S. Green Building Council.[13]
A few of the features[14] designed into the building to qualify for LEED Gold certification are:
It is expected that construction of the CalSTRS headquarters will add momentum to California Governor Arnold Schwarzenegger’s push for “green” buildings and speed up a similar movement in private construction[14].