HomeMy WebLinkAboutCalifornia State Teachers' Retirement System - Public Financial ReportFINANCIAL REPORT
CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM
A COMPONENT UNIT OF THE STATE OF CALIFORNIA
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
POPULAR ANNUAL
TABLE OF CONTENTS AWARD: GFOA CERTIFICATE
2
CalSTRS Popular Annual Financial Report 2021
Advancing sustainability forward 3
State Teachers’ Retirement Plan financial summary 4
Pension2 financial statements 7
Funded ratio and net pension liability 8
Members 9
Investments 11
CalSTRS’ impact on California’s economy 13
Teachers’ Retirement Board 14
Government Finance Officers Association
Award for Outstanding Achievement in Popular Annual Financial Reporting
Presented to the
California State
Teachers Retirement System
For its Annual Financial Report for the Fiscal Year Ended 2020
Executive Director/CEO
CalSTRS Popular Annual Financial Report 2021 3
CalSTRS was established in 1913 as the pension plan for California’s public school educators. We began by serving 120 retired members and 15,000 active
members. Today, we are the largest
educator-only pension fund in the world
and the second largest pension fund in the
U.S., serving more than 980,000 members
and their beneficiaries.
With $308.6 billion in portfolio assets as of June 30, 2021, we model best practices in sustainable investment practices and customer service to our members. Our commitment to stewardship ensures we are here for our members long after they dedicate their careers to education as we continue to
deliver on our mission: Securing the financial future and sustaining the
trust of California’s educators.
Since March 2020, most of our staff have been working remotely. Despite the challenges presented by the COVID-19 global pandemic, we maintained and exceeded our own high standards of customer service, and we earned a historic 27.19% net rate of return on investments.
This Popular Annual Financial Report summarizes our system’s
performance for the 2020–21 fiscal year. Complete financial
information and a statistical overview can be found in our 2021
Annual Comprehensive Financial Report.
Highlights of some of our current initiatives are discussed below.
Net Zero Action Plan
Recognizing that investment risks associated with climate change materially impact the value of CalSTRS’ Investment Portfolio, the Teachers’ Retirement Board has committed to achieving net zero
greenhouse gas emissions across our portfolio by 2050, aligning with
the science-based targets of the Paris Agreement.
Since 2004, we have invested in climate-oriented solutions and integrated climate risk considerations into our investment and stewardship activities.
The CalSTRS Collaborative Model
The CalSTRS Collaborative Model is an investment strategy to manage more assets internally—to reduce costs, control risks and increase expected returns—and leverage our external partnerships to achieve similar benefits. These efforts are projected to support a strong investment portfolio—all for the benefit of California educators and
their beneficiaries.
Pension Solution project
We are replacing our legacy pension administration system with modern functionality. Through this multiyear project, we seek to increase our
ability to respond to customer and business needs; enhance services to members and their beneficiaries, staff and employers; gain long-term operational efficiencies; and improve internal controls.
Sustainable investment and stewardship
We regularly engage with portfolio companies based on our
stewardship priorities. In 2020–21, our focus was on corporate
and market accountability, board effectiveness, the transition to
a low-carbon economy and a responsible firearms industry. We
continue to expand our engagement efforts to drive positive change
within our portfolio.
Enterprise risk management
We regularly review enterprise-level risks related to the accomplishment of our strategic goals and objectives, while considering internal and external factors that could be catalysts for emerging risks. The COVID-19 pandemic illustrated how our
strong risk management program allowed us to effectively execute
our existing emergency business continuity plans to ensure core
business functions—paying benefits, collecting contributions and
managing investments—were maintained while shifting most staff
to working remotely.
Funding
The CalSTRS Funding Plan, set in motion via Chapter 47, Statutes of 2014 (California Assembly Bill 1469–Bonta), established a schedule of contribution rate increases shared between members, employers and the state to bring CalSTRS toward full funding by 2046. The funding plan is a model of shared responsibility and
works with investment portfolio performance to advance us along
the path of long-term sustainability. As a result of the funding plan,
today we are better positioned than 10 years ago to react to a
potential recession and remain on track to achieve full funding.
Helping members build their futures
Our members have unique financial education and awareness needs. We provide retirement tools, such as member service centers, workshops and webinars, websites and publications to support our members throughout their careers. We strive to be their
trusted guide to retirement.
Respectfully submitted,
Cassandra Lichnock Chief Executive Officer CalSTRS
Securing the financial future and sustaining the trust of California’s educators.
ADVANCING SUSTAINABILITY FORWARD
4 CalSTRS Popular Annual Financial Report 2021
Assets and deferred outflows of resources 2021 2020 Percent change
Investment assets1 $339,539,096 $274,030,480 23.9%
Cash 130,768 151,903 (13.9%)
Investment receivables 6,350,337 3,302,364 92.3%
Member, employer, state and other receivables 4,790,924 3,589,214 33.5%
Capital and other assets 474,571 385,685 23.0%
Deferred outflows of resources 43,445 77,097 (43.6%)
Total assets and deferred outflows of resources $351,329,141 $281,536,743 24.8%
Liabilities and deferred inflows of resources
Investment liabilities 266,489 235,813 13.0%
Investments purchased payable 9,373,616 4,236,611 121.3%
Loans and bonds payable 4,039,759 2,836,805 42.4%
Benefits in process of payment 1,707,677 1,615,087 5.7%
Net pension and OPEB liabilities 706,259 849,609 (16.9%)
Securities lending obligation 23,782,637 24,057,981 (1.1%)
Securities sold short 376,402 208,581 80.5%
Other 486,176 395,718 22.9%
Deferred inflows of resources 296,673 116,794 154.0%
Total liabilities and deferred inflows of resources $41,035,688 $34,552,999 18.8%
Net position restricted for pensions $310,293,453 $246,983,744 25.6%
1Includes securities lending collateral of $23.9 billion and $24.0 billion as of June 30, 2021, and June 30, 2020, respectively.
Fiduciary net position
(Dollars in thousands)
STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY
The following tables are for the State Teachers’ Retirement Plan (STRP), which consists of the Defined Benefit (DB) Program, Defined Benefit Supplement (DBS) Program, Cash Balance Benefit (CBB) Program and Replacement Benefits (RB) Program.
Statement of fiduciary net position
The statement of fiduciary net position presents information on assets and liabilities, with the difference between the two
reported as net position. The tables that follow present comparative information and changes to the plan net position for the STRP for fiscal years 2020–21 and 2019–20.
Your reward—a secure retirement. Our reward—getting you there.
CalSTRS Popular Annual Financial Report 2021 5
STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY (CONTINUED)
Statement of changes in fiduciary net position
The statement of changes in fiduciary net position shows how the STRP’s net position changed during the fiscal year, reflecting
contributions earned, net investment returns, benefit payments made and the costs of plan administration.
Additions 2021 2020 Percent change
Member contributions $3,742,508 $3,735,042 0.2%
Employer contributions 5,758,216 6,080,060 (5.3%)
State of California contributions 3,730,902 4,446,836 (16.1%)
Net investment income 67,038,620 10,103,078 563.5%
Other income 90,454 101,423 (10.8%)
Total additions $80,360,700 $24,466,439 228.5%
Deductions
Benefit payments 16,606,579 15,921,966 4.3%
Refunds of member contributions 101,549 102,711 (1.1%)
Administrative expenses 251,556 218,868 14.9%
Borrowing costs 89,604 94,689 (5.4%)
Other expenses 1,703 6,349 (73.2%)
Total deductions $17,050,991 $16,344,583 4.3%
Increase in net position 63,309,709 8,121,856 679.5%
Net position restricted for pensions
Beginning of the year 246,983,744 238,861,888 3.4%
End of the year $310,293,453 $246,983,744 25.6%
Changes in fiduciary net position
(Dollars in thousands)
Total net position for the STRP increased by approximately $63.3 billion, or 25.6%, to $310.3 billion. Changes in net position are
primarily caused by three factors—contributions, investment income and benefit payments. The most significant reason for the
current change was positive net investment income in the STRP resulting from a time-weighted investment return of 27.19% (net
of fees) for fiscal year 2020–21.
Other funds and programs
The above financials are for the STRP, which consists of the Defined Benefit Program, Defined Benefit Supplement Program,
Cash Balance Benefit Program and Replacement Benefits Program. CalSTRS Pension2® Program is shown on page 7. For the
Medicare Premium Payment Program and the Teachers’ Deferred Compensation Fund, please refer to the CalSTRS 2020–21
Annual Comprehensive Financial Report.
Although this report is largely based on CalSTRS’ 2020‒21 Annual Comprehensive Financial Report, this report is not prepared
in accordance with generally accepted accounting principles (GAAP). Only the financial data of certain plans (defined benefit
and defined contribution plans) are included in this report. Additionally, information is presented in a summarized manner, and
certain financial statements and note disclosures required by GAAP are omitted. A copy of this report as well as our 2020‒21
Annual Comprehensive Financial Report can be viewed online at CalSTRS.com/publications.
6 CalSTRS Popular Annual Financial Report 2021
How benefits are funded
Over the last 30 years, approximately 64.2% of retirement benefits have been funded by investment returns with the remainder coming from a combination of member, employer and state contributions.
The chart below compares STRP contributions to benefit payments for the last decade. As shown below, prior to the enactment
of the CalSTRS Funding Plan in June 2014, there had been a growing gap between contributions and benefit payments. The gap
decreased as contribution rates for members, employers and the state increased as per the funding plan.
The gap was further reduced when the state made supplemental contribution payments of approximately $2.2 billion and $1.1 billion in fiscal years 2018–19 and 2019–20, respectively. The $1.1 billion was sent to CalSTRS to help reduce the state’s
share of CalSTRS’ unfunded actuarial obligation, while the $2.2 billion was a payment made by the state, on behalf of employers,
to provide short-term rate relief to employers. This rate relief was provided through temporary reductions to the employer
supplemental contribution rate, which led to employer contributions in fiscal year 2020–21 being lower than expected.
Note: Each data set shown by fiscal year in the chart above is presented in the order of state contributions on top, employer
contributions in the middle, and member contributions on the bottom.
Funding for benefit payments by source (last 30 years)
64.2%
investment income
14.4%
employer
contributions
12.7%
member
contributions
8.7%
statecontributions
STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY (CONTINUED)
16
18
12
14
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Benefit payments
State contributions
Employer contributions
Member contributions
2017–18 2018–19 2019–20 2020–212016–172015–162014–152013–142012–132011–120
2
4
6
8
10
STRP contributions and benefit payments
CalSTRS Popular Annual Financial Report 2021 7
Assets 2021 2020 Percent change
Investments $1,749,031 $1,291,689 35.4%
Member, employer and other receivables 20,495 24,892 (17.7%)
Total assets $1,769,526 $1,316,581 34.4%
Liabilities
Other $3,725 $2,694 38.3%
Total liabilities $3,725 $2,694 38.3%
Net position restricted for pensions $1,765,801 $1,313,887 34.4%
Fiduciary net position
(Dollars in thousands)
Additions 2021 2020 Percent change
Member contributions $234,508 $211,519 10.9%
Employer contributions 1,283 716 79.2%
Net investment income 309,510 37,246 731.0%
Other income 408 317 28.7%
Total additions $545,709 $249,798 118.5%
Deductions
Distributions and withdrawals $82,895 $66,352 24.9%
Refunds of member contributions 6,613 6,122 8.0%
Administrative expenses 4,287 3,331 28.7%
Total deductions $93,795 $75,805 23.7%
Increase in net position $451,914 $173,993 159.7%
Beginning net position 1,313,887 1,139,894 15.3%
Ending net position $1,765,801 $1,313,887 34.4%
Changes in fiduciary net position
(Dollars in thousands)
Net position for Pension2 increased by $451.9 million, or 34.4%, as total additions of $545.7 million exceeded combined total
deductions of $93.8 million. Investment assets increased 35.4%, or $457.3 million, primarily due to participant contributions
made in fiscal year 2020–21 combined with net positive returns on investments held by plan participants. Additionally, net investment income increased 731.0%, or $272.3 million, due to positive return on investments held by plan participants in fiscal
year 2020‒21 compared to lower returns in fiscal year 2019‒20.
The Pension2 Program is CalSTRS’ voluntary defined contribution plan. Pension2 offers participants the opportunity to invest
through tax-advantaged payroll deductions in low-cost, flexible 403(b), Roth 403(b), 457(b) and Roth 457(b) plans for additional retirement savings. The tables below present comparative information and changes to Pension2’s net position for fiscal years
2020–21 and 2019–20.
PENSION2 FINANCIAL STATEMENTS
8 CalSTRS Popular Annual Financial Report 2021
FUNDED RATIO AND NET PENSION LIABILITY
The June 30, 2020, actuarial valuation, which is the most recent valuation available, showed an increase of $172 million in the
unfunded actuarial obligation of the DB Program to a total of $105.9 billion and an increase in the funded ratio from 66.0% to
67.1%. This increase is primarily attributable to increased contributions resulting from increased contribution rates per the CalSTRS Funding Plan. The funded ratio, which is the amount of assets on hand to pay for obligations, is projected to gradually increase
under the funding plan as contributions increase, with steady progress toward full funding by 2046.
Defined Benefit Program funded ratio
Net pension liability
The net pension liability (NPL) for the State Teachers’ Retirement Plan (DB, DBS, CBB and RB programs) represents the excess of the total pension liability over fiduciary net position. The NPL is a calculation based on Governmental Accounting Standards
Board requirements and reflects total accrued benefits earned by plan members through the employment-exchange process less
the value of plan assets available to fund the liability.
State Teachers’ Retirement Plan
Net pension liability of employers and nonemployer contributing entity
The NPL decreased by 53.0% primarily due to an increase in the STRP’s fiduciary net position, which was primarily caused by
positive investment returns earned in fiscal year 2020–21.
2019–20
2020–21
0
0
10
50,000
20
100,000
30
150,000
40
200,000
60
300,000
70
350,000
80
400,000
355,801
310,293
45,508
343,893
246,984
96,909
90
100%
50
250,000
2011
Total pension liability
2012 2013 2014
Plan fiduciary net position
2015 2016 2017
Net pension liability
2018
69%67%69%
64%63%64%67%69%
2019 2020
66%67%
Fun
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d
s
tatus
Do
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CalSTRS Popular Annual Financial Report 2021 9
Members retiring in 2021
Fiscal year 2021 2020
Number retiring 12,785 11,706
Average age 63.2 63.3
Average years of service 24.7 24.3
Average annual final compensation $98,880 $95,376
Average annual Member-Only Benefit $57,756 $55,368
Average active member age
and years of service
Fiscal year 2021 2020
Average age 45.4 45.3
Average years of service 12.9 12.4
Average annual salary $83,289 $80,182
Years of service at retirement in 2021
Membership in the CalSTRS DB Program includes California public school employees (prekindergarten through community college)
who are involved in activities that support public education, including teaching, mentoring, selecting and preparing instructional materials, providing vocational or guidance counseling, or supervising people engaged in those activities. Membership is in effect
as long as contributions remain on deposit with CalSTRS. Members are employed by approximately 1,800 public school districts,
community college districts, county offices of education, charter schools, state agencies and regional occupational programs.
Pension2, the CalSTRS defined contribution plan, is open to all public school employees—certificated and classified.
Membership in 20211
Fiscal year 2021 2020
Active members 429,681 448,419
Inactive members 230,770 213,056
Total active and inactive members 660,451 661,475
Service retirement benefits 281,302 276,070
Disability benefits 9,973 10,095
Survivor benefits 29,138 28,353
Total retirees and beneficiaries 320,413 314,518
Total members, retirees and beneficiaries 980,864 975,993
1 The figures presented in the table above differ from those presented in the Financial section of the Annual Comprehensive Financial Report, which are rounded for presentation purposes.
MEMBERS
Active members: 429,681
28.0%72.0%
Total: 660,451
28.0%72.0%
Inactive members: 230,770
30.0%70.0%
Approximate number
of employers as of
June 30, 2021: 1,800
Defined Benefit Program
25–30 years 18.6%
10–15 years 7.5%
0–5 years 1.3%5–10 years 6.7%
15–20 years 12.8%
20–25 years 19.2%
40+ years 1.8%
30–35 years 22.3%
35–40 years 9.9%
10 CalSTRS Popular Annual Financial Report 2021
Number of Pension2 members
Fiscal year 2021 2020
403(b) 457(b)403(b) 457(b)
Contributing 13,378 1,179 11,643 872
Non-contributing 9,705 393 7,761 324
Total 23,083 1,572 19,404 1,196
Pension2 Program
Over the last 10 years, the number of active members making contributions
has increased 2%, from about 421,000 to 430,000, and the number of
retirees and beneficiaries collecting benefits has increased 22%, from about
262,000 to 320,000.
Change in number of active members versus retirees and beneficiaries
Defined Benefit Program (continued)
MEMBERS (CONTINUED)
Active+2%Retirees and beneficiaries
+22%
Percent change in 10 years
0
100,000
200,000
300,000
400,000
500,000
2014 2015 2016 2017 2018 2019 2020 2021
Active Retirees and beneficiaries
2012 2013
Me
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c
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CalSTRS Popular Annual Financial Report 2021 11
CalSTRS’ primary goal is to maintain a financially sound retirement system. CalSTRS’ philosophy is “long-term patient capital”—
investing for long-term net cash flows and capital gain potential at a reasonable price. The presentation of investment values and related returns in this section is based on investment industry practices and provides timely information that is easily
compared to benchmarks and peer results. These values and returns may not match the Financial section of the Annual
Comprehensive Financial Report, which presents this same information in accordance with GAAP. For more current investment
information, as well as videos detailing key aspects of the investment portfolio, see CalSTRS.com.
Investment allocation
The Teachers’ Retirement Board adopts long-term strategic allocation targets to be implemented over several years. The
following charts provide the distribution of the STRP investments based on portfolio allocation and market value of investments.
Market value of investments
Asset allocation
Total investment portfolio of $308.6 billion
as of June 30, 2021
(fiscal years ended June 30)
1Strategic Overlay consists of the Currency Management Program and Derivative Overlay.
Dol
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
$188,651 $208,700
$165,820
$189,080 $191,409
$150,611
$223,829 $236,938 $246,028
$308,560
Public Equity 49.7%
Risk Mitigating Strategies 8.7%
Innovative Strategies 0.5%
Cash/Liquidity 2.6%Real Estate 12.3%
Fixed Income 10.4%
Private Equity 12.0%
Strategic Overlay1 0.1%
Inflation Sensitive 3.7%
INVESTMENTS
12 CalSTRS Popular Annual Financial Report 2021
INVESTMENTS (CONTINUED)
Investment performance
The CalSTRS Investment Portfolio (Total Fund) posted a 27.19% one-year return calculated on a net of fees time-weighted return
basis for fiscal year 2020–21. The following charts show CalSTRS’ returns versus custom benchmarks as of June 30, 2021.
Benchmarks are goals and standards used to measure investment performance.
$0-$100 million $100-$200 million $200-$300 million $300-$400 million $400-$500 million Over $500 million
MEMBER SERVICE CENTER
Benet payments by amount
Yolo Alpine
Yuba
Mono
SierraMendocino
Shasta
Nevada
Modoc
Trinity
Glenn
Humboldt
Lassen
Del
Norte
Lake
Butte
Colusa
Plumas
Siskiyou
Calaveras
Tehama
Sutter
El Dorado
Marin
Napa
Merced
Santa Cruz
Sonoma
San Francisco
Monterey
Placer
Tulare
Stanislaus
Solano
Fresno
Contra Costa
Alameda
Santa
Clara
San Mateo
San Luis Obispo
San Bernardino
Kern
Los Angeles
RiversideOrange
San Diego
Ventura
Santa Barbara
Kings
Tuolumne
Imperial
Mariposa
Madera
InyoSan Benito
San Joaquin
AmadorSacra-
mento
Time-weighted returns
as of June 30, 2021
Total Fund (net of fees)Custom benchmark (policy weighted blend of asset class benchmarks)
0
5
10
15
20
30 27.19
12.17 11.78 9.69 7.58 8.56
24.98
11.34 11.04 9.67 7.54 8.45
25
1 year 3 years 5 years 10 years 20 years 30 years
Return p
er
cen
t
age
One-year time-weighted returns by portfolio types
as of June 30, 2021
CalSTRS return (net of fees)Custom benchmark
0
10
20
30
40
60
50
41.81 41.18
Public Equity
1.18 0.40
Fixed Income
7.43
1.47
Real Estate
51.93
47.82
Private Equity
6.29 5.78
Risk Mitigating Strategies
18.04
14.03
Inflation Sensitive
11.66
5.29
Innovative Strategies
0.25 0.09
Cash
Return p
er
cen
t
age
CalSTRS Popular Annual Financial Report 2021 13
CALSTRS’ IMPACT ON CALIFORNIA’S ECONOMY
CalSTRS contributes to California’s economy through the benefits it pays to its members, who may then spend that money in the communities in which they live. CalSTRS paid an estimated $13.0 billion in benefits to 235,676 retirees living in California during fiscal year 2020–21. The following map and chart show the number of retired members living in each county and a range of the amount of
benefits paid to those members, as well as the locations of the CalSTRS member service centers.
Defined Benefit Program
Retirees who live in California—characteristics by county
$0-$100 million $100-$200 million $200-$300 million $300-$400 million $400-$500 million Over $500 million
MEMBER SERVICE CENTER
Benet payments by amount
Yolo Alpine
Yuba
Mono
SierraMendocino
Shasta
Nevada
Modoc
Trinity
Glenn
Humboldt
Lassen
Del
Norte
Lake
Butte
Colusa
Plumas
Siskiyou
Calaveras
Tehama
Sutter
El Dorado
Marin
Napa
Merced
Santa Cruz
Sonoma
San Francisco
Monterey
Placer
Tulare
Stanislaus
Solano
Fresno
Contra Costa
Alameda
Santa
Clara
San Mateo
San Luis Obispo
San Bernardino
Kern
Los Angeles
RiversideOrange
San Diego
Ventura
Santa Barbara
Kings
Tuolumne
Imperial
Mariposa
Madera
InyoSan Benito
San Joaquin
AmadorSacra-
mento
STATISTICALC:24 M:68 Y:100 K:12R:176 G:97 B:39
HEX#B06127
County Number of retirees Estimated benefits paid in FY 2020–211
Alameda 7,769 $430,526,904 Alpine 14 520,632 Amador 435 20,076,120 Butte 2,236 107,247,504 Calaveras 600 28,202,400 Colusa 121 5,918,352 Contra Costa 7,708 403,282,560 Del Norte 264 12,047,904 El Dorado 2,364 122,124,240 Fresno 6,673 352,094,172 Glenn 136 6,591,648 Humboldt 1,427 59,386,032 Imperial 866 53,248,608 Inyo 165 7,076,520 Kern 4,496 250,876,800 Kings 616 33,101,376 Lake 505 22,652,280 Lassen 237 11,165,544 Los Angeles 44,301 2,563,964,676 Madera 1,429 72,038,748 Marin 2,381 117,173,772 Mariposa 263 11,522,556 Mendocino 1,139 50,872,296 Merced 1,609 90,245,592 Modoc 93 3,520,980 Mono 201 10,024,272 Monterey 3,246 173,492,208 Napa 1,429 73,204,812 Nevada 1,642 77,633,760 Orange 21,961 1,385,387,724 Placer 4,554 241,762,752 Plumas 316 13,715,664 Riverside 13,799 765,513,324 Sacramento 9,546 481,805,712 San Benito 322 18,265,128 San Bernardino 10,072 567,335,616 San Diego 22,030 1,209,182,640 San Francisco 2,939 152,005,080 San Joaquin 4,188 228,916,080 San Luis Obispo 4,528 227,504,832 San Mateo 3,786 222,207,912 Santa Barbara 3,082 158,661,360 Santa Clara 9,326 550,718,952 Santa Cruz 2,980 151,193,280 Shasta 1,681 78,388,392 Sierra 68 3,080,400 Siskiyou 640 27,002,880 Solano 3,181 161,734,764 Sonoma 4,613 230,889,876 Stanislaus 3,301 188,909,628 Sutter 780 42,831,360 Tehama 775 37,181,400 Trinity 132 5,513,904 Tulare 3,204 177,591,312 Tuolumne 709 34,950,864 Ventura 7,219 403,426,596 Yolo 1,228 58,811,376 Yuba 351 16,772,184 Total 235,676 13,011,094,260
¹The annualized benefits based on the June 2021 monthly benefits, which also include purchasing power protection payments from the Supplemental Benefit Maintenance Account.
JENNIFER URDAN
Public Representative Term: August 12, 2020– December 31, 2023
FIONA MA
State Treasurer
Ex Officio Member
TEACHERS’ RETIREMENT BOARD
Note: Board members are listed as of the date this report is issued.
The Teachers’ Retirement Board administers CalSTRS and sets policies and rules to ensure benefits are paid according to the law.
The 12-member board is composed of:
• Three active CalSTRS members elected by current educators.
• One retired CalSTRS member appointed by the Governor and confirmed by the Senate.
• Three public representatives appointed by the Governor and confirmed by the Senate.
• One school board representative appointed by the Governor and confirmed by the Senate.
• Four board members who serve in an ex officio capacity by virtue of their office: Director of Finance, State Controller, State Superintendent of Public Instruction and State Treasurer.
The board appoints a chief executive officer to administer CalSTRS consistent with the board’s policies and rules and selects a
chief investment officer to direct the CalSTRS Investment Portfolio in accordance with board policy.
BETTY YEE
State Controller Ex Officio Member
WILLIAM PREZANT
Public Representative
Term: March 26, 2019–
December 31, 2022
KEELY BOSLER
Director of Finance Ex Officio Member
KEN TANG
School Board Representative
Term: November 4, 2021–
December 31, 2023
TONY THURMOND
State Superintendent of Public Instruction Ex Officio Member
DENISE BRADFORD
K-12 Classroom Teacher Term: January 1, 2020– December 31, 2023
JOY HIGA
Public Representative
Term: January 19, 2018–
December 31, 2021
HARRY M. KEILEY
Board Chair K–12 Classroom Teacher Term: January 1, 2020– December 31, 2023
KAREN YAMAMOTO
Retiree Representative Term: February 13, 2020– December 31, 2023
SHARON HENDRICKS
Board Vice Chair Community College Instructor Term: January 1, 2020– December 31, 2023
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P.O. Box 15275
Sacramento, CA
95851-0275
Overnight delivery to
CalSTRS Headquarters
100 Waterfront PlaceWest Sacramento, CA
95605
VISIT
Find your nearest CalSTRS
office at CalSTRS.com/
localoffices.
Call ahead to verify the
hours and services of your
local office.
FAX
916-414-5040
CalSTRS resources
14 CalSTRS Popular Annual Financial Report 2021