Board meeting - November 2024

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

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

Members of the public may provide public comment via telephone by calling (866) 236-6010. Board members may participate in this meeting via teleconference.

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 6, 2024

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

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes of the September 25, 2024, Audits and Risk Management Committee – Open Session

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

Item 02

Item 3 - Fiscal Year 2024-25 Audit Services Audit Activities

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

Item 03 Attachment 01 Attachment 02 Attachment 03 Attachment 04

Item 4a - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2024 - Basic Financial Statements, Required Supplementary Information, and OtherSupplementary Information for the Year Ended June 30, 2024

Item 04a Attachment 01 Attachment 02 Attachment 03 Attchament 04

Item 4b - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2024 - Other Pension Information – State Teachers’ Retirement Plan for the Year Ended June 30, 2024

Item 04b Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 5 - 2024 Management Letter

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

Item 05

Item 6 - Enterprise Risk Management & Compliance Services Maturity Plan Progress Report (18-Month Work Plan)

Session: Open | Type: Information | Presenter: Lynn Bashaw / Phil Burkholder / Meagan Dean

Item 06 Attachment 01 Attachment 02 Presentation 01

Item 7 - Education: Global Internal Audit Standards

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz

Item 07 Attachment 01 Presentation 01

Item 8 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 09

Item 10 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Investment Committee - 10:50 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3 - 2023 Annual Cost & Collaborative Model Savings Report

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

Item 03 Attachment 01 Attachment 02 Attachment 03 Attachment 04 Attachment 05 Presentation 01

Item 4 - Chief Investment Officer’s Report

Session: Open | Type: Information | Presenter: Scott Chan

Item 04 Attachment 01 Presentation 01

Item 5 - FY 2023-24 Global Investment Performance Standards (GIPS®) Asset Owner Report

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

Item 05 Attachment 01

Item 6 - Approval of Minutes of the September 25, 2024, 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 9 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: June Kim, David Murphy, and Rob Ross

Item 10 - Investment Pacing Models: Managing Illiquid Portfolios (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Mike DiRe, Robert Ross, Tom Baker, and Harmony Kingston

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

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

Item 13 - Approval of Minutes of September 25, 2024, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

November 7, 2024

Regular Meeting - 9:00 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Chief Executive Officer Report

Session: Open | Type: Information | Presenter: Chairperson

Item 02 Attachment 01

Item 3 - Adoption of Proposed 2025-26 Operating Budget

Session: Open | Type: Action | Presenter: Julie Underwood

Item 03 Attachemnt 01 Attachment 02 Presentation 01

Item 4 - State and Federal Legislation – Consideration of Board-Sponsored Legislation and Regulations

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

Item 04 Attachment 01 Attachment 02

Item 5 - Review of CalSTRS Basic Financial Statements

Session: Open | Type: Information | Presenter: Art Martinez / Bankole Fatunla

Item 05 Attachment 01 Presentation 01

Item 6 - 2024 Review of Funding Levels and Risk Report

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

Item 06 Attachment 01 Presentation 01

Item 7 - Innovation Update

Session: Open | Type: Information | Presenter: Vaishali Dwarka / Jennifer Hall, Accenture

Item 07 Presentation 01

Item 8 - Diversity, Equity, and Inclusion (DEI) Assessment Update

Session: Open | Type: Information | Presenter: Kristel Turko, TJ Kochhar / Davita Vance-Cooks, Dr. Kim Turner, Aaron Brink-Johnson, Guidehouse

Item 08 Presentation 01

Item 9 - Pension Solution Project Update

Session: Open | Type: Information | Presenter: Ashish Jain, Anthony Suine / Chriss Cabodi, Guidehouse

Item 09 Attachment 01 Presentation 01 Presentation 02

Item 10 - Disclosure of Incentives for Statutory Positions for the 2023-24 Plan Year

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

Item 10 Attachment 01

Item 11a - Committee Reports

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

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

Item 11b - Approval of Minutes of the September 24-26, 2024, Regular Meeting – Open Session

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

Item 11b

Item 11c - Board Member Education

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

Item 11c

Item 11d - Contracts Requiring Board Approval

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

Item 11d

Item 12 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 13 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 14 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 14

Item 15 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 16 - Approval of Minutes of the September 24-26, 2024, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 17 - Committee Reports (Gov. Code, Sec. 11126)

Investment Committee
Appeals Committee

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

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

November 6, 2024

Item 1 - Approval of Agenda

Item 2 - Approval of Minutes of the September 25, 2024, Audits and Risk Management Committee – Open Session

Item 3 - Fiscal Year 2024-25 Audit Services Audit Activities

Item 4a - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2024 - Basic Financial Statements, Required Supplementary Information, and OtherSupplementary Information for the Year Ended June 30, 2024

Item 4b - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2024 - Other Pension Information – State Teachers’ Retirement Plan for the Year Ended June 30, 2024

Item 5 - 2024 Management Letter

Item 6 - Enterprise Risk Management & Compliance Services Maturity Plan Progress Report (18-Month Work Plan)

Item 7 - Education: Global Internal Audit Standards

Item 8 - Review of Information Requests

Item 9 - Draft Agenda for the Next Committee Meeting

Item 10 - Opportunity for Statements from the Public

Item 1 - Approval of Agenda

Item 2 - Opportunities for Statements from the Public

Item 3 - 2023 Annual Cost & Collaborative Model Savings Report

Item 4 - Chief Investment Officer’s Report

Item 5 - FY 2023-24 Global Investment Performance Standards (GIPS®) Asset Owner Report

Item 6 - Approval of Minutes of the September 25, 2024, Investment Committee Meeting – Open Session

Item 7 - Review of Information Requests

Item 8 - Draft Agenda for the Next Committee Meeting

Item 9 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Item 10 - Investment Pacing Models: Managing Illiquid Portfolios (Gov. Code, sec. 11126(c)(16))

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

Item 12 - Director of Investment Services – Semi-Annual Compliance Report (Gov. Code, sec. 11126(c)(16))

Item 13 - Approval of Minutes of September 25, 2024, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

November 7, 2024

Item 1 - Approval of Agenda

Item 2 - Chief Executive Officer Report

Item 3 - Adoption of Proposed 2025-26 Operating Budget

Item 4 - State and Federal Legislation – Consideration of Board-Sponsored Legislation and Regulations

Item 5 - Review of CalSTRS Basic Financial Statements

Item 6 - 2024 Review of Funding Levels and Risk Report

Item 7 - Innovation Update

Item 8 - Diversity, Equity, and Inclusion (DEI) Assessment Update

Item 9 - Pension Solution Project Update

Item 10 - Disclosure of Incentives for Statutory Positions for the 2023-24 Plan Year

Item 11a - Committee Reports

Item 11b - Approval of Minutes of the September 24-26, 2024, Regular Meeting – Open Session

Item 11c - Board Member Education

Item 11d - Contracts Requiring Board Approval

Item 12 - Items Referred by Committee for Board Decision

Item 13 - New Business / Review of Information Requests

Item 14 - Draft Agenda for Next Meeting

Item 15 - Opportunity for Statements from the Public

Item 16 - Approval of Minutes of the September 24-26, 2024, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

Item 17 - Committee Reports (Gov. Code, Sec. 11126)

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

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

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