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Payment calendarCheck mailed December 29Direct deposit January 2

Board meeting - March 2023

Unless otherwise specified, meetings will be held at the following location:

CalSTRS Board Room, 100 Waterfront Place, West Sacramento, CA 95605

Public Call Letter

All meeting times are approximate depending upon the end of the previous meeting.

March 1, 2023

Audits and Risk Management Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda 

Item 2 - Approval of Minutes of the November 2, 2022, Audits and Risk Management Committee – Open Session

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 02

Item 3 - 2022 Management Letter Progress Report

Session: Open | Type: Information | Presenters: Cheryl Cervantes Dietz and Julie Underwood

Item 03Item 03 Attachment 01 - Management Letter and Progress Report 

Item 4 - Financial Statement Audit Client Service Plan for FY 2022-23

Session: Open | Type: Information | Presenters: Kevin Smith and Jen Aras, Crowe LLP

Item 04Item 04 PowerPoint 01 - Financial Statement Audit Client Service Plan

Item 5 - 2022 Enterprise Compliance Services Plan Final Progress Report and 2023 Compliance Plan Progress Report

Session: Open | Type: Information | Presenters: Lynn Bashaw and David Somers

Item 05Item 05 Attachment 01 - 2022 Enterprise Compliance Service Plan Results Item 05 PowerPoint 01 - 2022 Enterprise Compliance Services Compliance Plan Results and 2023 Compliance Plan Progress Report

Item 6 - 2022 Audit Services Audit Plan Final Progress Report

Session: Open | Type: Information | Presenters: Cheryl Cervantes Dietz / Roseanne Oyoung / Chris Wall

Item 06Item 06 Attachment 01 -  2022 Audit Servces Plan Final Progress ReportItem 06 Attachment 02 - 2022 Internal Audit Year End Results Item 06  PowerPoint 01 - 2022 Internal Audit Plan Results

Item 7 - Committee Education: Enterprise Risk Management & Compliance Services Framework and Maturity Recommendations

Session: Open | Type: Information | Presenters: Julie Underwood / Lynn Bashaw

Item 07Item 07 Attachment 01 - Maturity Assessment Executive Summary Item 07 PowerPoint 01 - Enterprise Risk Management & Compliance Services Framework and Maturity Recommendations

Item 8 - Review of Information Requests

Session: Open | Type: Information | Presenters: Chairperson

Item 9 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenters: Chairperson

Item 09

Item 10 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenters: Chairperson 

Board Governance Committee - 10:45 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda 

Item 2 - Potential Policy Revisions – Consultant Evaluation Policy

Session: Open | Type: Action | Presenter: Amy McDuffee, Mosaic Governance Advisors 

Item 02 Item 02 Attachment 01 - Potential Policy Revisions  

Item 3 - Approval of the Minutes of the November 2, 2022, Board Governance Committee Meeting – Open Session

Session: Open | Type: Consent Action | Presenter: Chairperson 

Item 03

Item 4 - Potential Policy Creation – Policies Related to Board Committees and Leadership

Session: Open | Type: Information | Presenter: Amy McDuffee, Mosaic Governance Advisors

Item 04Item 04 Attachment 01 - Potential Policy Update and Creation

Item 5 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 6 - Draft Agenda for Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson 

Item 06
Regular Meeting - 12:30 p.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda 

Item 2 - Chief Executive Officer Report

Session: Open | Type: Information | Presenter: Cassandra Lichnock

Item 02Item 02 Attachmen 01 - Waterfront Place Activity Dashboard 

Item 3 - Update on Incorporating Diversity, Equity, and Inclusion Practices Across the Enterprise

Session: Open | Type: Information | Presenter: Lisa Blatnick / Scott Chan

Item 03Item 03 PowerPoint 01 - Update on incorporating Diversity, Equity & Inclusion across the enterprise

Item 4 - Review Board Priorities for FY 23/24

Session: Open | Type: Information | Presenters: Amy McDuffee, Mosaic Governance Advisors / Cassandra Lichnock

Item 04Item 04 Attachment 01 - Board Strategic Plan Priorities

Item 5 - Enterprise Risk Management Report

Session: Open | Type: Information | Presenters: Lynn Bashaw / Phil Burkholder

Item 05Item 05 Attachment 01 - Heat MapItem 05 Attachment 02 - Risk Score ReportItem 05 PowerPoint 01 - Enterprise Risk Management Group

Item 6 - State and Federal Legislation

Session: Open | Type: Action | Presenter: Joycelyn Martinez-Wade

Item 06Item 06 Attachment 01 - SB 252 (Gonzalez) AnalysisItem 06 Attachment 02 - SB 261 (Stern) AnalysisItem 06 Attachment 03 - Potential Legislation PlaceholderItem 06 Attachment 04 - Legislative Matrix

Item 7 - Initiate Rulemaking Process for CalSTRS 2% at 62 Compensation Paid Each Pay Period

Session: Open | Type: Action | Presenter: Joycelyn Martinez-Wade

Item 07Item 07 Attachment 01 - Paid Each Pay Period Text 

Item 8 - Pension Solution Project Update

Session: Open | Type: Action | Presenter: Ashish Jain / Bill Perez / Chriss Cabodi, Guidehouse

Item 08Item 08 Attachment 01 - Oversight ReportItem 08 Attachment 01 - GlossaryItem 08 PowerPoint 01 - Pension Solution UpdateItem 08 PowerPoint 02 - Independent Project Oversight Consultants’ Presentation

Item 9a - Committee Reports 

  • Investment Committee
  • Appeals Committee
  • Audits and Risk Management Committee
  • Benefits and Services Committee
  • Board Governance Committee
  • Compensation Committee

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 9b - Approval of Minutes of the January 25, 2023, Regular Meeting – Open Session

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 09b

Item 9c - Board Member Education - Revised

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 09c

Item 9d - Contracts Requiring Board Approval

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 09d

Item 10 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 11 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 12 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 12

Item 13 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 14 - Approval of Minutes of the January 25, 2023, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

Session: Closed | Type: Consent Action | Presenter: Chairperson

Item 15 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

Session: Closed | Type: Consent Information | Presenter: Chairperson

Item 16 - Report on Cybersecurity (Gov. Code, sec. 11126 (c)(18)(A))

Session: Closed | Type: Information | Presenter: Scott Tirapelle

Item 17 - Board Meeting Decorum and Security Protocols Part 2 (Gov. Code, sec. 11126(c)(18)(A))

Session: Closed | Type: Information | Presenters: Melissa Norcia / Brian J. Bartow / Jeff Isham

Item 18 -  Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

Session: Closed | Type: Information | Presenter: Cassandra Lichnock

Item 19 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Session: Closed | Type: Information | Presenter: Brian J. Bartow

Item 20 - Board Discussion on Personnel Matter (Gov. Code, sec. 11126(a)(b)

Session: Closed | Type: Information | Presenter: Chairperson

 

March 2, 2023

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Commitee Agenda 

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Informaton | Presenter: Chairperson

Item 3 - ALM Study Discussion

Session: Open | Type: Information | Presenters: Geraldine Jimenez, Josh Diedesch and David Lamoureux

Item 03Item 03 Attachment 01 - CalSTRS Funding Plan 2022Item 03 PowerPoint 01 -  2022-23 ALM

Item 4a - Open Session Semi-Annual Performance Reports 

  • Receive General Consultant Semi-Annual Performance Report, Period Ending December 31, 2022

Session: Open | Type: Information | Presenters: Stephen McCourt and Mika Malone/Meketa Investmen Group

Item 04aItem 04a Attachment 01 - Investment Semi-Annual Performance At A Glance Period Ending December 31, 2022Item 04a Attachment 02 - Summary of Semi-Annual Performance Report 

Item 4b - Open Session Semi-Annual Performance Reports 

  • Receive Real Estate Semi-Annual Performance Report, Period Ending September 30, 2022

Session: Open | Type: Information | Presenters: Taylor Mammen and Ben Maslan, RCLCO Fund Advisors (RFA)

Item 04bItem 04b Attachment 01 - Semi-Annual Performance Summary for the Real Estate Program (Q3) Item 04b PowerPoint 01 - RFA’s Q3 2022 Semi-Annual Real Estate Program Summary Review

Item 4c - Open Session Semi-Annual Performance Reports 

  • Receive Private Equity Semi-Annual Performance Report, Period Ending September 30, 2022

Session: Open | Type: Information | Presenter: John Haggerty, Meketa Investment Group

Item 04c Item 04c Attachment 01 - Semi-Annual Performance Summary for the Private Equity Program (Q3) 

Item 5 - Chief Investment Officer's Report

Session: Open | Type: Information | Presenter: Christopher Ailman

Item 05Item 05 Attachment 01 - Investment Committee Portfolio Risk ReportItem 05 Attachment 02 - Divestment Cost Report Item 05 PowerPoint 01 - Chief Investment Officer’s Report

Item 6 - Approval of Minutes of the January 26, 2023, Investment Committee Meeting – Open Session

Session: Open | Type: Consent Action | Presenter: Chairperson

Item 06

Item 7 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 08

Item 9a - Closed Session Semi-Annual Performance Reports

  • Receive General Consultant Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending December 31, 2022 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenters: Stephen McCourt and Mika Malone, Meketa Investment Group

Item 9b - Closed Session Semi-Annual Performance Reports

  • Receive Real Estate Semi-Annual Performance Report, Period Ending September 30, 2022 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenters: Taylor Mammen and Ben Maslan, RCLCO Fund Advisors (RFA)

Item 9c - Closed Session Semi-Annual Performance Reports

  • Receive Private Equity Semi-Annual Performance Report, Period Ending September 30, 2022

Session: Closed | Type: Information | Presenters: John Haggerty, Meketa Investment Group

Item 10 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenters: Investment Staff and Consultants

Item 11 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Session: Closed | Type: Information | Presenter: Brian J. Bartow

Item 12 - Approval of Minutes of the January 26, 2023, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

Session: Closed | Type: Information | Presenter: Chairperson