Board meeting - September 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 at (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 on upon the end of the previous meeting.

September 2, 2025

Regular Meeting - 1:00 p.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Discuss and Revise the Resolutions for Chief Executive Officer (CEO) and Chief Investment Officer (CIO) Base Salary (Gov. Code 11126 (a)(b)(g)(1))

Session: Closed | Type: Action | Presenter: Kristel Turko

Item 3 - Annual Evaluation – Chief Executive Officer (Gov. Code, sec. 11126(a))

Session: Closed | Type: Action | Presenter: Denise Bradford / Amy McDuffee, Mosaic Governance Advisors, LLC

Item 4 - Annual Evaluation – Chief Investment Officer (Gov. Code, sec. 11126(a))

Session: Closed | Type: Action | Presenter: Harry Keiley / Amy McDuffee, Mosaic Governance Advisors, LLC

September 3, 2025

Investment Committee - 9:00 a.m.

Item 1 - Approval of Committee 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 - Chief Investment Officer's Report

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

Item 03 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 4a - Receive General Consultant – Semi-Annual Performance Report, Period Ending June 30, 2025

Session: Open | Type: Information | Presenter: Stephen McCourt and Allan Emkin/Meketa Investment Group

Item 04a Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 4b - Receive Real Estate Consultant - Semi-Annual Performance Report, Period Ending March 31, 2025

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

Item 04b Attachment 01 Attachment 02 Presentation 01

Item 4c - Receive Private Equity Consultant - Semi-Annual Performance Report, Period Ending March 31, 2025

Session: Open | Type: Information | Presenter: John Haggerty and Ryan Marie Decker/ Meketa Investment Group

Item 04c Attachment 01 Attachment 02 Presentation 01

Item 5 - Total Fund Management Division Update

Session: Open | Type: Information | Presenter: June Kim and Josh Diedesch

Item 05

Item 6 - Report Pursuant to Assembly Bill 2833

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

Item 06 Attachment 01 Attachment 02

Item 7 - Annual Review of Delegation to Staff

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

Item 07 Attachment 01 Attachment 02

Item 8 - Approval of Minutes of the May 7, 2025, Investment Committee Meeting – Open Session

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

Item 08

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

Item10

Item 11 - Chief Investment Officer's Report (Gov. Code, sec. 11126(c)(16))

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

Item 12a - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending June 30, 2025 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Stephen McCourt and Allan Emkin / Meketa InvestmentGroup

Item 12b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending March 31, 2025 (Gov. Code, sec. 11126(c)(16))

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

Item 12c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending March 31, 2025 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: John Haggerty and Ryan Marie Decker / Meketa Investment Group

Item 13 - Total Fund Management Division Update (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: June Kim and Josh Diedesch

Item 14 - Shared Vision – Peer Fireside Chat: Differentiation in the Global Investment Landscape

Session: Open | Type: Information | Presenter: Scott Chan, George Lewis/OTPP, Edwin Denson/ SWIB, and
Mike Backeberg/Australian Super

Item 14

Item 15 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: June Kim, Rosie Lucchesini-Jack, and David Murphy

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 - Approval of Minutes of May 7, 2025, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

Audits & Risk Management Committee - 4:05 p.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes of the May 8, 2025, Audits and Risk Management Committee – Open Session

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

Item 02

Item 3 - Quality Assurance and Improvement Program

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

Item 03 Attachment 01 Attachment 02 Attachment 03

Item 4 - Revisions to the ARM Policies – First Reading

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

Item 04 Attachment 01 Attachment 02

Item 5 - FY 2024-25 Audit Plan Results and Audit Services Update

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz / Chris Wall / Marlene Noss

Item 05 Attachment 01 Attachment 02 Attachment 03 Attachment 04 Attachment 05 Attachment 06 Attachment 07 Attachment 08 Presentation 01

Item 6 - Compliance and Ethics Hotline Report

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

Item 06 Presentation 01

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 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

September 4, 2025

Board Governance Committee - 9:00 a.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of the Minutes of the May 8, 2025, Board Governance Committee Meeting – Open Session

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

Item 02

Item 3 - Duties of the Board Chair and Vice-Chair – Policy Update

Session: Open | Type: Action | Presenter: Brian Bartow

Item 03 Attachment 01 Attachment 02

Item 4 - Policy Review Policy – Policy Update

Session: Open | Type: Action | Presenter: Brian Bartow

Item 04 Attachment 01 Attachment 02

Item 5 - Governance Consultant Request for Proposal

Session: Open | Type: Information | Presenter: Brian Bartow

Item 6 - General Counsel’s Governance Report

Session: Open | Type: Information | Presenter: Brian Bartow

Item 06

Item 7 - Teachers’ Retirement Board Charter – First Reading

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

Item 07 Attachment 01 Attachment 02

Item 8 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Draft Agenda for 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

Regular Meeting (continued) - 9:55 a.m.

Item 5 - Approval of Minutes of the May 8, 2025, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 6 - Committee Reports (Gov. Code, Sec. 11126)

Investment Committee
Appeals Committee

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

Item 7 - Investment Performance Impact on Incentive Pay for the 2024-2025 Plan Year (Gov. Code, sec. 11126)

Session: Closed | Type: Information | Presenter: Kristel Turko

Item 8 - Report on Cybersecurity (Gov. Code, sec. 11126 (c)(18)(A)

Session: Closed | Type: Information | Presenter: Dylan Pletcher

Item 9 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 10 - 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 11 - Proposed 2026-27 Operating Budget – First Reading

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

Item 11 Attachment 01 Attachment 02 Presentation 01

Item 12 - Chief Executive Officer Report

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

Item 12 Attachment 01 Attachment 02

Item 13 - Updates to the Board Elections Regulations – First Reading

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

Item 13 Attachment 01 Attachment 02

Item 14 - Pension Solution Project Update

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

Item 14 Attachment 01 Presentation 01 Presentation 02

Item 15a - 2025-26 Service Performance Metrics

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

Item 15a

Item 15b - State and Federal Legislation

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

Item 15b Attachment 01 Attachment 02

Item 16a - Committee Reports

Investment Committee
Appeals Committee
Audits and Risk Management Committee
Board Governance Committee
Compensation Committee

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

Item 16b - Approval of Minutes of the May 8, 2025, Regular Meeting – Open Session

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

Item 16b

Item 16c - Board Member Education

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

Compensation Committee - 1:40 p.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Labor Market Benchmark Study

Session: Open | Type: Information | Presenter: Josh Wilson, Mercer / Kristel Turko

Item 02

Item 3 - Review of Compensation Policy & Administrative Procedures

Session: Open | Type: Information | Presenter: Josh Wilson, Mercer / Kristel Turko

Item 03

Item 4 - Approval of Minutes of the May 7-8, 2025, Compensation Committee Meeting – Open Session

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

Item 04

Item 5 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 6 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 06

Item 7 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Appeals Committee - 2:35 p.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes for the May 6, 2025, Appeals Committee Meeting – Open Session

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

Item 02

Item 3a - Consideration of Proposed Administrative Decision: In the Matter of the Benefit Calculation at Re-Retirement for Performance of Less Than Two Years of Creditable Service By: Bryan Reece

Session: Open | Type: Action | Presenter: Charles Glauberman / Ashley Lopez-Trotter

Item 03 Attachment 01

Item 4 - Annual Summary of Appeal Activity for Fiscal Year 2024-25

Session: Open | Type: Information | Presenter: Andrea Crowl

Item 04 Attachment 01

Item 5 - Annual Summary of Designation of Precedential Decisions for Fiscal Year 2024-25

Session: Open | Type: Information | Presenter: Andrea Crowl

Item 05

Item 6 - Staff Report

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

Item 7 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Approval of Minutes for the May 6, 2025, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 10 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))

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

Item 11a - Consideration of Proposed Administrative Decision (Gov. Code, sec. 11126(c)(3)): In the Matter of the Benefit Calculation at Re-Retirement for Performance of Less Than TwoYears of Creditable Service By: Bryan Reece

Session: Closed | Type: Information | Presenter: Chairperson

Item 12a - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Benefit Calculation at Re-Retirement for Performance of Less Than Two Years of Creditable Service By: Bryan Reece

Session: Open | Type: Action | Presenter: Chairperson