Board meeting - March 2026

Unless otherwise specified, meetings will beheld 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 contact the General Counsel office at legalservices@calstrs.com.

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

March 4, 2026

Investment Committee - 9:00 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 - Chief Investment Officer’s Report

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

Item 03 Attachment 01 Attachment 02 Presentation 01

Item 4 - Shared Vision: Research Insights

Session: Open | Type: Information | Presenter: Scott Chan and Geraldine Jimenez

Item 04 Presentation 01

Item 5a - Semi-Annual Performance Reports -- Receive General Consultant – Semi-AnnualPerformance Report, Period Ending December 31, 2025

Session: Open | Type: Information | Presenter: Steve McCourt and Stephanie Sorg, Meketa Investment Group

Item 05a Attachment 01 Attachment 02 Presentation 01

Item 5b - Semi-Annual Performance Reports -- Receive Real Estate Consultant - Semi-Annual Performance Report, Period Ending September 30, 2025

Session: Open | Type: Information | Presenter: Ben Maslan and Taylor Mammen, RCLCO Fund Advisors

Item 05b Attachment 01 Presentation 01

Item 5c - Semi-Annual Performance Reports -- Receive Private Equity Consultant - Semi-Annual Performance Report, Period Ending September 30, 2025

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

Item 05c Attachment 01 Presentation 01

Item 6 - Approval of Minutes of the January 29, 2026, 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: Chairperson

Item 10a - Semi-Annual Performance Reports -- Receive General Consultant – Semi-Annual Performance Report Including RMS and SISS Semi-Annual Monitoring Report, Period Ending December 31, 2025 (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Steve McCourt, Allan Emkin, Stephanie Sorg, Meketa Investment Group

Item 10b - Semi-Annual Performance Reports -- Receive Real Estate Consultant - Semi-Annual Performance Report, Period Ending September 30, 2025 (Gov. Code, sec. 11126(c)(16))

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

Item 10c - Semi-Annual Performance Reports -- Receive Private Equity Consultant - Semi-Annual Performance Report, Period Ending September 30, 2025 (Gov. Code, sec. 11126(c)(16))

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

Item 11 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Rosie Lucchesini-Jack, David Murphy, Aeisha Mastagni, Lynn
Paquin, Inv. Consultants

Item 12 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

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

Item 13 - 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 14 - Approval of Minutes of January 29, 2026, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

March 5, 2026

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

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Audits and Risk Management Consultant Finalist Interviews

Session: Open | Type: Action | Presenter: Chairperson

Item 02 Attachment 01

Item 3 - Approval of Minutes of the November 12, 2025, Audits and Risk Management Committee – Open Session

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

Item 03

Item 4 - Audit Services Plan Update

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

Item 04 Attachment 01 Attachment 02 Attachment 03 Attachment 04 Attachment 05 Attachment 06

Item 5 - FY 2026-27 Audit Services Proposed Audit Plan

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

Item 05 Attachment 01 Attachment 02 Attachment 03

Item 6 - Input on FY 2026-27 ARM Committee Work Plan

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

Item 06 Attachment 01

Item 7 - Enterprise Risk Management Report

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

Item 07 Attachment 01 Attachment 02 Attachment 03

Item 8 - Enterprise Risk Management and Compliance Services FY 2026-27 Work Plan

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

Item 08 Attachment 01 Attachment 02

Item 9 - Financial Statement Client Services Plan for FY 2025-26

Session: Open | Type: Information | Presenter: Crowe, LLP Jen Aras / Rich Perilloux / Dan O’Malley / Hamzeh Qattan

Item 09 Presentation 01

Item 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

Item 11

Item 12 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Compensation Committee - 11:15 a.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Report on Labor Market Benchmarking for Statutory Positions Under the Board's Compensation Setting Authority

Session: Open | Type: Action | Presenter: Kristel Turko / Josh Wilson and Susan Lemke, Mercer / Maureen Reailly, McLagan AON

Item 02 Attachment 01 Presentation 01

Item 3 - Approval of Minutes of the January 28, 2026, Compensation Committee - Open Session

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

Item 03

Item 4 - Review of Information Requests

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

Item 5 - Draft Agenda for the Next Committee Meeting

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

Item 05

Item 6 - Opportunity for Statements from the Public

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

Regular Meeting - 1:00 p.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Governing In the Age of AI: Defining the Board’s Role

Session: Open | Type: Information | Presenter: Dr. Param Singh, Carnegie Mellon University

Item 02 Attachment 01 Presentation 01

Item 3 - Chief Executive Officer Report

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

Item 03 Presentation 01

Item 4 - Innovation Update

Session: Open | Type: Information | Presenter: Lisa Blatnick

Item 04 Presentation 01

Item 5a - Sustainable Workforce Update

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

Item 05a

Item 5b - State and Federal Legislation

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

Item 05b Attachment 01 Attachment 02

Item 6a - Committee Reports

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

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

Item 6b - Approval of Minutes of the January 28, 2026, Regular Meeting – Open Session

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

Item 06b

Item 6c - Board Member Education

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

Item 06c

Item 6d - Contracts Requiring Board Approval

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

Item 06d

Item 7 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 09

Item 10 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 11 - Approval of Minutes of the November 12-13, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 12 - Approval of Minutes of the July 8-10, 2025, Offsite Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 13 - Committee Reports (Gov. Code, Sec. 11126)

Investment Committee
Appeals Committee

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

Item 14 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 15 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

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