Board meeting - March 2025

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.

March 12, 2025

Investment Committee - 9:00 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Opportunties for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3 - Chief Investment Officer's Report

Session: Open | Type: Information | Presenter: Scott Chan, Kirsty Jenkinson, and Michael DiRe

Item 03 Attachment 01 Attachment 02 Presentation 01

Item 4 - Shared Vision – Risk Mitigating Strategies Investment Policy Revision – First Reading

Session: Open | Type: Information | Presenter: Geraldine Jimenez, Steven Tong, and Jeffrey Jaro

Item 04 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 5a - Receive General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2024

Session: Open | Type: Information | Presenter: Allan Emkin, Mika Malone, and Stephanie Sorg / Meketa Investment Group

Item 05a Attachment 01 Attachment 02 Presentation 01

Item 5b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending September 30, 2024

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

Item 05b Attachment 01 Presentation 01

Item 5c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending September 30, 2024

Session: Open | Type: Information | Presenter: John Haggerty and Tad Fergusson / Meketa Investment Group

Item 05c Attachment 01 Presentation 01

Item 6 - Approval of Minutes of the January 8, 2025, 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 - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending December 31, 2024 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Steve McCourt, Stephanie Sorg, and Mika Malone / Meketa
Investment Group

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

Session: Closed | Type: Information | Presenter: June Kim, Rosie Lucchesini-Jack, David Murphy, Julie Donegan, Michael McGowan, and Don Palmieri

Item 11 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

Session: Closed | Type: Information | Presenter: Investment staff and Consultants

Item 12 - 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 13 - Consideration of Tactical Investment Decisions and Strategies (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Scott Chan and Brian J. Bartow

Item 14 - Approval of Minutes of January 8, 2025, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

March 13, 2025

Investment Committee - 9:00 a.m.

Item 15 - General Consultant Finalist Interviews

Finalist #1
Finalist #2

Session: Open | Type: Action | Presenter: Chairperson

Item 15 Attachment 01 Attachment 02 Attachment 03

Regular Meeting - 11:45 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes of the January 9, 2025, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

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

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 06 Attachment 01

Item 7 - Economic Impact Study

Session: Open | Type: Information | Presenter: Tom Buffalo

Item 07 Attachment 01 Presentation 01

Item 8 - Enterprise Sustainability Activities and Annual Report

Session: Open | Type: Information | Presenter: Lisa Blatnick / Scott Chan / Nancy Mancilla, ISOS Group

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 - State and Federal Legislation

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

Item 10 Attachment 01 Attachment 02

Item 11 - Assembly Bill 1997 Effective Date

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

Item 11 Attachment 01

Item 12 - Initiate Rulemaking Process for Creditable Compensation Simplification regulations

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

Item 12 Attachment 01

Item 13 - Initiate Rulemaking Process for Updates to the Administrative Remedy regulations

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

Item 13 Attachment 01

Item 14a - 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 14b - Approval of Minutes of the January 9, 2025, Regular Meeting – Open Session

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

Item 14b

Item 14c - Board Member Education

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

Item 14c

Item 14d - Contracts Requiring Board Approval

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

Item 14d

Item 14e - Senate Bill 327 Effective Date

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

Item 14e Attachment 01

Item 15 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 16 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 17 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 17

Item 18 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

March 12, 2025

Item 1 - Approval of Agenda

Item 2 - Opportunties for Statements from the Public

Item 3 - Chief Investment Officer's Report

Item 4 - Shared Vision – Risk Mitigating Strategies Investment Policy Revision – First Reading

Item 5a - Receive General Consultant – Semi-Annual Performance Report, Period Ending December 31, 2024

Item 5b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending September 30, 2024

Item 5c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending September 30, 2024

Item 6 - Approval of Minutes of the January 8, 2025, Investment Committee Meeting – Open Session

Item 7 - Review of Information Requests

Item 8 - Draft Agenda for the Next Committee Meeting

Item 9 - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending December 31, 2024 (Gov. Code, sec. 11126(c)(16))

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

Item 11 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

Item 12 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Item 13 - Consideration of Tactical Investment Decisions and Strategies (Gov. Code, sec. 11126(c)(16))

Item 14 - Approval of Minutes of January 8, 2025, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

March 13, 2025

Item 15 - General Consultant Finalist Interviews

Item 1 - Approval of Agenda

Item 2 - Approval of Minutes of the January 9, 2025, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

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

Item 5 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

Item 6 - Chief Executive Officer Report

Item 7 - Economic Impact Study

Item 8 - Enterprise Sustainability Activities and Annual Report

Item 9 - Pension Solution Project Update

Item 10 - State and Federal Legislation

Item 11 - Assembly Bill 1997 Effective Date

Item 12 - Initiate Rulemaking Process for Creditable Compensation Simplification regulations

Item 13 - Initiate Rulemaking Process for Updates to the Administrative Remedy regulations

Item 14a - Committee Reports

Item 14b - Approval of Minutes of the January 9, 2025, Regular Meeting – Open Session

Item 14c - Board Member Education

Item 14d - Contracts Requiring Board Approval

Item 14e - Senate Bill 327 Effective Date

Item 15 - Items Referred by Committee for Board Decision

Item 16 - New Business / Review of Information Requests

Item 17 - Draft Agenda for Next Meeting

Item 18 - Opportunity for Statements from the Public

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