Board meeting - May 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 LetterAll meeting times are approximate depending upon the end of the previous meeting.
May 6, 2025
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Approval of Minutes for the September 24, 2024, Appeals Committee Meeting – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 02Item 3 - Consideration of Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Jodi Palassou
Session: Open | Type: Action | Presenter: John Shipley
Item 03Attachment 01Item 4 - Education Item: Lifecycle of Employer Audits
Session: Open | Type: Information | Presenter: Chris Wall / Jody Cozad
Item 04Presentation 01Item 5 - Education Item: Top 5 in 5
Session: Open | Type: Information | Presenter: Andrea Crowl
Item 05Presentation 01Item 6 - Review of 2025-26 Work Plan
Session: Open | Type: Information | Presenter: Reina Minoya
Item 06Attachment 01Item 7 - Review of Appeals Committee Charter
Session: Open | Type: Information | Presenter: Reina Minoya
Item 07Attachment 01Item 8 - Staff Report
Session: Open | Type: Information | Presenter: Reina Minoya
Item 9 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 10 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 11 - Approval of Minutes for the September 24, 2024, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)
Session: Closed | Type: Consent Action | Presenter: Chairperson
Item 12 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))
Session: Closed | Type: Information | Presenter: Reina Minoya
Item 13 - Consideration of Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Jodi Palassou
Session: Closed | Type: Information | Presenter: Chairperson
Item 14 - Announcement of Action Taken on Proposed Administrative Decision (Gov. Code, sec. 11126(c)(3): In the Matter of the Retirement Benefits of:
Jodi Palassou
Session: Open | Type: Action | Presenter: Chairperson
May 7, 2025
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Interviews and Selection of Primary Compensation Strategist
- Finalist #1
- Finalist #2
Session: Open | Type: Action | Presenter: Chairperson
Item 02Attachment 01Attachment 02Item 3 - Committee Work Plan Input
Session: Open | Type: Information | Presenter: Kristel Turko
Item 03Attachment 01Item 4 - Approval of Minutes of the January 8, 2025, Compensation Committee Meeting – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 04Item 5 - Administrative Procedure Changes Pursuant to CEO Delegation
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 05Attachment 01Item 6 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 7 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 07Item 8 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Opportunities for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 3a - Net Zero Strategy - Conversation with Bridgewater Associates
Session: Open | Type: Information | Presenter: Kirsty Jenkinson and Brian Rice; Daniel Hochman/ Bridgewater Associates
Item 03aAttachment 01Attachment 02Presentation 01Item 3b - Net Zero Strategy - Annual Branch-Wide Updates
Session: Open | Type: Information | Presenter: Scott Chan, Kirsty Jenkinson, and Brian Rice
Item 03bAttachment 01Attachment 02Attachment 03Presentation 01Item 4 - Diversity in Management of Investments Annual Update
Session: Open | Type: Information | Presenter: Sarah Maile, LaShae Badelita, and Aeisha Mastagni
Item 04Attachment 01Presentation 01Item 5 - Chief Investment Officer's Report
Session: Open | Type: Information | Presenter: Scott Chan
Item 05Attachment 01Presentation 01Item 6a - Shared Vision
a. Investment Services Operational Review
b. Technology Strategy
Session: Open | Type: Information | Presenter: April Wilcox
Item 06Attachment 01Presentation 01Presentation 02Presentation 03Item 7 - SISS Investment Policy Revision – First Reading
Session: Open | Type: Information | Presenter: Kirsty Jenkinson
Item 07Attachment 01Attachment 02Attachment 03Presentation 01Item 8 - Investment Policy Statement: Strategic Asset Allocation Targets – Step 3 – First Reading
Session: Open | Type: Information | Presenter: June Kim and Josh Diedesch
Item 08Attachment 01Attachment 02Attachment 03Item 9 - Securities Lending Policy Delegation Update
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 09Attachment 01Attachment 02Attachment 03Item 10 - Investment Charter Review
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 10Attachment 01Item 11 - Approval of Minutes of the March 12, 2025, Investment Committee Meeting – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 11Item 12 - Input on FY 2025-26 Committee Work Plan
Session: Open | Type: Information | Presenter: Chairperson
Item 12Attachment 01Item 13 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 14 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 14Item 15 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))
Session: Closed | Type: Information | Presenter: Investment Staff and Consultants
Item 16 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))
Session: Closed | Type: Information | Presenter: Investment Staff and Consultants
Item 17 - 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 18 - 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 19 - Approval of Minutes of March 12, 2025, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)
Session: Closed | Type: Consent Action | Presenter: Chairperson
May 8, 2025
Item 2 - Interviews and Selection of Primary Compensation Strategist
- Finalist #3
- Finalist #4
Deliberation on Compsensation Strategist
Session: Open | Type: Action | Presenter: Chairperson
Item 02Attachment 01Attachment 02Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Approval of Minutes of the November 6, 2024, Audits and Risk Management Committee – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 02Item 3 - Audit Services Plan Update
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 03Attachment 01Attachment 02Attachment 03Attachment 04Item 4 - Fiscal year 2025-26 Audit Services Proposed Audit Plan
Session: Open | Type: Action | Presenter: Cheryl Cervantes Dietz / Chris Wall / Erin Satterwhite
Item 04Attachment 01Attachment 02Presentation 01Item 5 - Financial Statement Audit Client Service Plan for FY 2024-2025
Session: Open | Type: Information | Presenter: Crowe LLP – Kevin Smith / Jen Aras
Item 05Presentation 01Item 6 - Enterprise Risk Management & Compliance Services Maturity Plan Closeout Report (18-Month Workplan)
Session: Open | Type: Information | Presenter: Julie Underwood / Lynn Bashaw
Item 06Attachment 01Attachment 02Presentation 01Item 7 - FY 2025-26 Enterprise Risk Management & Compliance Services Maturity Plan
Session: Open | Type: Information | Presenter: Lynn Bashaw
Item 07Attachment 01Attachment 02Presentation 01Item 8 - Enterprise Risk Management Report
Session: Open | Type: Information | Presenter: Lynn Bashaw
Item 08Attachment 01Attachment 02Presentation 01Item 9 - Input on FY 2025-26 Committee Work Plan
Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz / Julie Underwood
Item 09Attachment 01Item 10 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 11 - Draft Agenda for the Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Attachment 01Item 12 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 1 - Approval of Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Approval of Minutes of the March 13, 2025, 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 - Setting of CEO/CIO Performance Targets/Compensation for the 2025-26 Performance
Session: Closed | Type: Information | Presenter: Kristel Turko
Item 5 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))
Session: Closed | Type: Information | Presenter: Cassandra Lichnock
Item 6 - 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 7 - Annual Board Chair & Vice-Chair Elections
Session: Open | Type: Action | Presenter: Chairperson
Item 07Item 8 - CalSTRS Strategic Plan 2025-2028 – Costing Discussion and Second Reading
Session: Open | Type: Action | Presenter: Cassandra Lichnock / Julie Underwood/ Art Martinez / Amy McDuffee, Mosaic Governance Advisors
Item 08Attachment 01Presentation 01Item 9a - Actuarial Valuations - Valuation of the Defined Benefit Program and
Setting of Contribution Rates
Session: Open | Type: Action | Presenter: Rick Reed / David Lamoureux and Nick Collier/ Scott Preppernau,
Milliman
Item 9b - Actuarial Valuations - Valuation of the Defined Benefit Supplement
Program and Consideration for the Adoption of an Additional Earnings Credit
Session: Open | Type: Action | Presenter: Rick Reed / David Lamoureux and Nick Collier/ Scott Preppernau,
Milliman
Item 9c - Valuation of the Cash Balance Benefit Program and Consideration for the Adoption of an Additional Earnings Credit
Session: Open | Type: Action | Presenter: Rick Reed / David Lamoureux and Nick Collier / Scott Preppernau,
Milliman
Item 10 - Review of Lump Sum Death Benefit
Session: Open | Type: Action | Presenter: Rick Reed / David Lamoureux
Item 10Attachment 01Attachment 02Item 11 - Initiate Rulemaking Process for Updates to Format for Employer Reports Regulations
Session: Open | Type: Action | Presenter: Joycelyn Martinez-Wade
Item 11Attachment 01Attachment 02Item 12 - State and Federal Legislation
Session: Open | Type: Information | Presenter: Joycelyn Martinez-Wade
Item 12Attachment 01Attachment 02Item 13 - Chief Executive Officer Report
Session: Open | Type: Information | Presenter: Cassandra Lichnock
Item 13Attachment 01Item 14 - Review/refresh Board priorities for FY 2025-26
Session: Open | Type: Information | Presenter: Amy McDuffee
Item 14Attachment 01Item 15 - Pension Solution Project Update
Session: Open | Type: Information | Presenter: Ashish Jain / Anthony Suine / Chriss Cabodi, Guidehouse
Item 15Attachment 01Presentation 01Presentation 02Item 16a - 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 16b - Approval of Minutes of the March 13, 2025, Regular Meeting – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 16bItem 16c - Board Member Education
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 16cItem 16d - Contracts Requiring Board Approval
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 16dItem 16e - Adoption of Contribution Rates and Interest Rates for Fiscal Year 2025-26
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 16eAttachment 01Attachment 02Attachment 03Attachment 04Attachment 05Attachment 06Attachment 07Item 17 - Actuarial Valuation of the Medicare Premium Payment Program
Session: Open | Type: Consent Information | Presenter: Chairperson
Item 17Attachment 01Item 18 - Items Referred by Committee for Board Decision
Session: Open | Type: Information | Presenter: Chairperson
Item 19 - New Business / Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 20 - Draft Agenda for Next Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 20Item 21 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson
Item 1 - Approval of Committee Agenda
Session: Open | Type: Action | Presenter: Chairperson
Item 01Attachment 01Item 2 - Approval of the Minutes of the January 9, 2025, Board Governance Committee Meeting – Open Session
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 02Item 3 - Policy Review – Annual Review of Board Governance Committee Charter – Revision Approval
Session: Open | Type: Consent Action | Presenter: Chairperson
Item 03Attachment 01Attachment 02Item 4 - General Counsel’s Governance Report
Session: Open | Type: Information | Presenter: Brian Bartow
Item 04Attachment 01Attachment 02Attachment 03Attachment 04Item 5 - Board Continuing Education Program Update
Session: Open | Type: Information | Presenter: Amy McDuffee and Saba Hashmi, Mosaic Governance Advisors
Item 05Attachment 01Presentation 01Item 6 - Fiscal Year Committee Workplan
Session: Open | Type: Information | Presenter: Brian Bartow
Item 06Attachment 01Item 7 - Review of Information Requests
Session: Open | Type: Information | Presenter: Chairperson
Item 8 - Draft Agenda for Next Committee Meeting
Session: Open | Type: Information | Presenter: Chairperson
Item 08Item 9 - Opportunity for Statements from the Public
Session: Open | Type: Information | Presenter: Chairperson