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Payment calendarCheck mailed November 25Direct deposit November 27

Board meeting - November 2023

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

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

For labor dispute issues contact the General Counsel office at legalservices@calstrs.com.

Public Call Letter

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

November 1, 2023

Investment Committee - 10:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3 - Investment Policy Revision: Portfolio Restrictions Investment Policy – First Reading

Session: Open |Type: Information | Presenters: Christopher Ailman, Brian Bartow, and Aeisha Mastagni

Item 03Item 03 Attachment 01 - Divestment Policy – Annotated Version  Item 03 Attachment 02 - Portfolio Restrictions Investment Policy – First Reading Annotated Version Item 03 Attachment 03 - Portfolio Restrictions Investment Policy – First Reading Clean Version Item 03 Attachment 04 - Meketa Concurrence MemorandumItem 03  Presentation 01 - Portfolio Restrictions InvestmentPolicy

Item 4a - Annual Investment Cost Report

Session: Open |Type: Information | Presenters: April Wilcox, Shifat Hasan, and Mike Dunigan

Item 04aItem 04a Attachment 01 - Cost BreakdownItem 04a Attachment 02 - Cost Breakdown by Category Item 04a Attachment 03 - Asset Class TrendsItem 04a Attachment 04 - Peer ComparisonItem 04a and 04b Presentation 01 - 2022 Annual Investment Cost Report

Item 4b - Collaborative Model Savings Report

Session: Open |Type: Information | Presenters: April Wilcox, Shifat Hasan, and Mike Dunigan

Item 04bItem 04b Attachment 01 - Scope and Methodology Item 04b Attachment 02 - Savings per Asset Class 

Item 5 - Liquidity Oversight Management – Leverage Education

Session: Open |Type: Information | Presenters: Scott Chan, Geraldine Jimenez, Michael DiRe, Josh Diedesch, and April Wilcox

Item 05Item 05 Presentation 01 - Liquidity Oversight 

Item 6 - Chief Investment Officer’s Report

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

Item 06Item 06 Attachment 01 - Investment Portfolio Risk ReportItem 06 Presentation 01 - Chief Investment Officer’s Report

Item 7a - Diversity, Equity, and Inclusion Education - Diversity in Management of Investments: Staff Update

Session: Open |Type: Information | Presenters: Scott Chan, Shifat Hasan, and LaShae Badelita

Item 07aItem 07a Presentation 01 - CalSTRS Staff, CalSTRS Diversity in the Management of Investments

Item 7b - Diversity, Equity, and Inclusion Education - Best Practices in Diversity, Equity, and Inclusion

Session: Open |Type: Information | Presenters: June Kim and Panel

Item 07bItem 07b  Presentation 01 - Jennifer Choi, Institutional Limited Partners AssociationItem 07b Presentation 02 - Shelly Heier, Verus InvestmentsItem 07b Presentation 03 - Sarah Maynard, CFA Institute

Item 8 - Special Mandates Report

Session: Open |Type: Information | Presenters: Stephen McCourt, Meketa Investment Group

Item 08Item 08 Attachment 01 - Meketa Opinion Memo

Item 9 - Approval of Minutes of the September 13, 2023, Investment Committee Meeting – Open Session

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

Item 09

Item 10 - FY 2022-23 GIPS Performance Report

Session: Open | Type: Consent Information | Presenters: Chairperson

Item 10Item 10 Attachment 01 - GIPS Asset Owners Report

Item 11 - Review of Information Requests

Session: Open | Type: Information | Presenters: Chairperson

Item 12 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenters: Chairperson

Item 12

Item 13 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

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

Item 14 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

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

Item 15 - Director of Investment Services – Semi-Annual Compliance Report (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenters: April Wilcox and Shifat Hasan

Item 16 - Approval of Minutes of the September 13, 2023, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

November 2, 2023

Audits & 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 March 1, 2023, Audits and Risk Management Committee

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

Item 02

Item 3 - 2023 Audit Services’ Audit Plan Progress Report

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

Item 03Item 03 Attachment  01 - 2023 Employer Audit Progress ReportItem 03 Attachment 02 - 2023 Internal Audit Progress ReportItem 03 Attachment 03  - Audit Resolution 

Item 4 - January 1, 2023, through October 31, 2023, Enterprise Compliance Services Plan Final Progress Report

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

Item 04Item 04 Attachment 01 - Enterprise Compliance Services Plan Results

Item 5 - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2023

a) Basic Financial Statements, Required Supplementary Information, and Other Supplementary Information for the Year Ended June 30, 2023

  1. Independent Auditor’s Report
  2. Report to Those Charged with Governance
  3. Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters
  4. Proposed Resolution

b) Other Pension Information – State Teachers’ Retirement Plan for the Year Ended June 30, 2023

  1. Independent Auditor’s Report
  2. Report to Those Charged with Governance
  3. Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters

Session: Open | Type: Action | Presenter: Crowe LLP – Kevin Smith, Jen Aras, and Dan O’Malley

Item 05aItem 05a Attachment 01 - Independent Auditor’s Report Item 05a Attachment 02 - Auditor’s Communication to Those Charged with Governance Item 05a Attachment 03 - Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Item 05a Attachment 04 - Proposed ResolutionItem 05bItem 05b Attachment 01 - Independent Auditor’s Report Item 05b Attachment 02 - Auditor’s Communication to Those Charged with Governance Item 05b Attachment 03 - Independent Auditor’s Reports on Internal Control Over Financial Reporting, on Compliance, and Other Matters Item 05a and 05b Presentation 01 - Annual Independent Financial Statement Audits

Item 6 - 2023 Management Letter

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz / Julie Underwood

Item 06

Item 7 - Enterprise Risk Management and Compliance Services 18-Month Maturity Plan

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

Item 07Item 07 Attachment 01 - Enterprise Risk Management and Compliance Services 18-Month Maturity Plan Item 07 Presentation 01 - 18-Month Maturity Plan Presentation

Item 8 - 2024 Six-Month Audit Plan

Session: Open | Type: Action | Presenter: Cheryl Cervantes Dietz / Roseanne Oyoung / Chris Wall

Item 08Item 08 Attachment 01 - 2024 Six Month Audit Plan Item 08 Presentation 01 - Six-Month Audit Plan Summary

Item 9 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 10 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 10

Item 11 - Opportunity or Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Regular Meeting - 11:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Approval of Minutes of the September 12-14, 2023, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 3 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

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

Item 4 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 5 - 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 6 - Chief Executive Officer Report

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

Item 06Item 06 Attachment 01 - Leasing Activity Dashboard

Item 7 - HQE Update & Budget Approval

Session: Open | Type: Action | Presenter: Lisa Blatnick

Item 07Item 07 Presentation 01 - Headquarters Expansion Budget Summary

Item 8 - Pension Solution Project Update and Contract and Budget Augmentation Approvals

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

Item 08 Attachment 01Item 08 Attachment 01 - Independent Project Oversight Report Item 08 Attachment 02 - Pension Solution GlossaryItem 08 Presentation 01 - Teachers’ Retirement Board Pension Solution Project UpdateItem 08 Presentation 02 - Independent Project Oversight Consultants’ Presentation

Item 9 - Adoption of Proposed 2024-25 Operating Budget

Session: Open | Type: Action | Presenter: Julie Underwood / Pritpal Bains

Item 09Item 09 Attachment 01 - Proposed 2024-25 Operating Budget Resolution Item 09 Attachment 02 - Proposed 2024-25 Operating Budget Item 09 Presentation 01 - Proposed 2024–25 Operating Budget Overview

Item 10 - Adoption of the CalSTRS 2% at 62 Paid Each Pay Period Regulation

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

Item 10Item 10 Attachment 01 - Final proposed text of CalSTRS 2% at 62 Compensation Paid Each Pay Period regulation Item 10 Attachment 02 - Resolution of the Teachers’ Retirement Board

Item 11 - State and Federal Legislation – Consideration of Board-Sponsored Legislation and Regulations

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

Item 11Item 11 Attachment 01 - Legislative Proposal: Creditable Compensation Simplification Item 11 Attachment 02 - Regulatory Proposal: Updates to Board Elections RegulationsItem 11 - Attachment 03 - Legislative Matrix

Item 12 - Review of CalSTRS Basic Financial Statements as of June 30, 2023

Session: Open | Type: Information | Presenter: Julie Underwood / Art Martinez

Item 12Item 12 Attachment 01 - CalSTRS Fiscal Year 2022-23 Basic Financial Statements Item 12 Presentation 01 - Financial statement review

Item 13 - Review of Funding Levels and Risk Report

Session: Open | Type: Information | Presenter: David Lamoureux / Rick Reed

Item 13Item 13 Attachment 01 - 2023 Review of Funding Levels and Risks ReportItem 13 Presentation 01 - Summary of Review of Funding Levels and Risks Report

Item 14 - Disclosure of Incentives for Statutory Positions for the 2022-23 Plan Year

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

Item 14Item 14 Attachment 01 - Incentive Award Disclosure 

Item 15 - Appointment to the California Actuarial Advisory Panel

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

Item 15Item 15 Attachment 01 - Board Resolution

Item 16a - Committee Reports 

  1. Investment Committee
  2. Appeals Committee
  3. Audits and Risk Management Committee
  4. Benefits and Services Committee
  5. Board Governance Committee

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

Item 16b - Approval of Minutes of the September 14, 2023, Regular Meeting – Open Session

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

Item 16b

Item 16c - Board Member Education - Revised

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

Item 16c

Item 16d - Contracts Requiring Board Approval

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

Item 16d

Item 17 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 18 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 19 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 19

Item 20 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Appeals Committee - 4:00 p.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 for the September 15, 2023, Appeals Committee Meeting – Open Session

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

Item 02

Item 3 - Consideration of Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Patricia McLain

Session: Open | Type: Information | Presenter: Jaismin Kaur / Jody Cozad

Item 03Item 03 Attachment 01 - Proposed DecisionItem 03 Attachment 02 - Statement from Patricia McLain

Item 4 - Staff Report

Session: Open | Type: Information | Presenter: Reina G. Minoya

Item 5 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 6 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 7 - Approval of Minutes for the September 15, 2023, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 8 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))

Session: Closed | Type: Information | Presenter: Reina G. Minoya

Item 9 - Consideration of Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Patricia McLain

Session: Closed | Type: Information | Presenter: Chairperson

Item 10 - Deliberation of In the Matter of the Appeal Regarding the Final Compensation Calculation of: Dorothy Cole (Gov. Code, sec. 11126(c)(3))

Session: Closed | Type: Information | Presenter: Chairperson

Item 11 - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Patricia McLain

Session: Open | Type: Action | Presenter: Chairperson

Item 12 - Announcement of Action Taken on In the Matter of the Appeal Regarding the Final Compensation Calculation of: Dorothy Cole

Session: Open | Type: Action | Presenter: Chairperson