Board meeting - November 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 comment via telephone at (866) 236-6010. Board members may participate in this meeting via teleconference.

Public Call Letter

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

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

November 12, 2025

Regular Meeting - 9:00 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01 Attachment 02

Item 2 - Board Security Update (Gov. Code, sec. 11126(c)(18)(A))

Session: Closed | Type: Information | Presenter: Brian J. Bartow / Jeff Isham

Investment Committee - 9:30 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 Presentation 01

Item 4 - 2024 Annual Cost & Collaborative Model Savings Report

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

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

Item 5 - FY 2024-25 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 3, 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 - Chief Investment Officer's Report (Gov. Code, sec. 11126(c)(16))

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

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

Session: Closed | Type: Information | Presenter: Geraldine Jimenez, Rosie Lucchesini-Jack, David Murphy, Scott Chan, Kirsty Jenkinson, and Aeisha Mastagni

Item 11a - 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 Investment Group

Item 11b - 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) and Julie Donegan

Item 11c - 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 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 - Semi-Annual Investment Compliance Report (Gov. Code, sec. 11126(c)(16))

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

Item 14 - Approval of Minutes of September 3, 2025, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

Audits and Risk Management Committee - 3:05 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 September 3, 2025, Audits and Risk Management Committee – Open Session

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

Item 02

Item 3 - Financial Consultant Request for Proposal

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

Item 03 Attachment 01

Item 4 - Audit Services Update

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

Item 04 Attachment 01 Attachment 02

Item 5 - FY 2025-26 Enterprise Risk Management & Compliance Services Maturity Plan Progress Report

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

Item 05 Attachment 01 Attachment 02

Item 6a - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2025 - Basic Financial Statements, Required Supplementary Information, and Other Supplementary Information

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

Session: Open | Type: Action | Presenter: Crowe LLP - Kevin Smith, Jen Aras, Dan O'Malley, and Hamzeh Qattan

Item 06a Attachment 01 Attachment 02 Attachment 03 Attachment 04 Presentation 01

Item 6b - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2025 - Other Pension Information – State Teachers’ Retirement Plan

Independent Auditor’s Report
Report to Those Charged with Governance
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, Dan O'Malley, and Hamzeh Qattan

Item 06b Attachment 01 Attachment 02 Attachment 03

Item 7 - 2025 Management Letter

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

Item 07

Item 8 - Enterprise Risk Management Report

Session: Open | Type: Information | Presenter: Lynn Bashaw

Item 08 Attachment 01 Attachment 02 Attachment 03 Presentation 01

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 for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

November 13, 2025

Regular Meeting - 9:00 a.m.

Item 3 - Approval of Minutes of the September 2-4, 2025, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 4 - Committee Reports

Investment Committee
Appeals Committee

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

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 - Chief Executive Officer Report

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

Item 07 Attachment 01 Attachment 02

Item 8 - 2026-2027 Board Meeting Calendar – First Reading

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

Item 08 Attachment 01

Item 9 - Education Item: Compensation Policy Overview for Designated Executive and Investment Staff

Session: Open | Type: Information | Presenter: Kristel Turko / Scott Chan / Josh Wilson and Susan Lemke, Mercer

Item 09 Presentation 01

Item 10 - Adoption of Proposed Operating Budget – Second Reading

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

Item 10 Attachment 01 Attachment 02 Presentation 01

Item 11 - Adoption of Creditable Compensation Simplification Regulations

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

Item 11 Attachment 01 Attachment 02 Attachment 03

Item 12 - Adoption of Updates to the Administrative Remedy Regulations

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

Item 12 Attachment 01 Attachment 02

Item 13 - Adoption of Updates to the Board Elections Regulations

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

Item 13 Attachment 01 Attachment 02

Item 14 - Innovation Program Update

Session: Open | Type: Information | Presenter: Lisa Blatnick / Vaishali Dwarka

Item 14 Presentation 01

Item 15 - Review of CalSTRS Basic Financial Statements

Session: Open | Type: Information | Presenter: Bankole Fatunla / Julie Underwood

Item 15 Attachment 01 Presentation 01

Item 16 - Review of CalSTRS Funding Levels and Risks Report

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

Item 16 Attachment 01 Presentation 01

Item 17 - BenefitConnect Operations Update

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

Item 17 Presentation 01 Presentation 02

Item 18a - Disclosure of Incentives for Statutory Positions for the 2024-25 Plan Year

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

Item 18a Attachment 01

Item 18b - State and Federal Legislation

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

Item 18b Attachment 01 Attachment 02

Item 19a - 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 19b - Approval of Minutes of the September 2-4, 2025, Regular Meeting – Open Session

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

Item 19b

Item 19c - Board Member Education

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

Item 19c

Item 19d - Contracts Requiring Board Approval

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

Item 19d

Item 19e - Review of CEO Delegation

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

Item 19e Attachment 01

Item 20 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 21 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 22 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 22

Item 23 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson