Payment calendarCheck mailed May 28Direct deposit June 1

Board meeting - May 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 disputes contact the General Counsel's office at legalservices@calstrs.com

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

May 27, 2026

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

Session: Closed | Type: Information | Presenter: Aeisha Mastagni, Brian Bartow, Suzanne Dugan, and Luke Bierman, Cohen Milstein

Item 4 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

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

Item 5 - Chief Investment Officer’s Report

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

Item 05Attachment 01Presentation 01

Item 6 - Shared Vision – Building A Shared Vision

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

Item 06Presentation 01

Item 7 - Net Zero Portfolio Strategy – Annual Update

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

Item 07

Item 8 - DIMI Annual Report

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

Item 08Attachment 01

Item 9 - Annual Review of Investment Committee Charter

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

Item 09Attachment 01Attachment 02

Item 10 - Selection of Private Equity Consultant

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

Item 10Attachment 01Attachment 02

Item 11 - Approval of Minutes of the March 4, 2026, Investment Committee Meeting – Open Session

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

Item 11

Item 12 - Input on FY 2026-27 Committee Work Plan

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

Item 12Attachment 01Presentation 01

Item 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 14

Item 15 - Chief Investment Officer's Report (Gov. Code, sec. 11126(c)(16))

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

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

Session: Closed | Type: Information | Presenter: Geraldine Jimenez, Rosie Lucceshini-Jack, David Murphy, Puneet Kohli, Shifat Hasan, and Nick Abel

Item 17 - Semi-Annual Investment Compliance Report (Gov. Code, sec. 11126(c)(16))

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

Item 18 - Approval of Minutes of March 4, 2026, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

May 28, 2026

Regular Meeting - 9:00 a.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Approval of Minutes of the November 12-13, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 3 - Approval of Minutes of the July 8-10, 2025, OffsiteRegular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 4 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

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

Item 5 - Cybersecurity Update (Gov. Code, sec. 11126(c)(18)(A)

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

Item 6 - Review CEO and CIO Performance Targets for FY 2026-27 (Gov. Code, sec 11126(a),(b),(g)(1))

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

Item 7 - Review CEO/CIO Base Salary Process (Gov. Code, sec 11126(a),(b),(g)(1))

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

Item 8 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 9 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

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

Item 10 - Chief Executive Officer Report

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

Item 10Presentation 01

Item 11 - Board/Staff AI – Technology Working Group Outcomes and Recommendations

Session: Open | Type: Information | Presenter: Cassandra Lichnock / Amy McDuffee, Mosaic

Item 11Attachment 01Presentation 01

Item 12 - Board Work Plan for FY 2026-27

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

Item 12Attachment 01

Item 13 - Annual Board Chair & Vice Chair Elections

Session: Open | Type: Action | Presenter: Chairperson

Item 13

Item 14 - State and Federal Legislation

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

Item 14Attachment 01Attachment 02Attachment 03Attachment 04Attachment 05

Item 15a - Actuarial Valuations - Valuation of the Defined Benefit Program and
Setting of Contribution Rates

Session: Open | Type: Action | Presenter: David Lamoureux / Nick Collier and Scott Preppernau, Milliman

Item 15aAttachment 01Attachment 02Attachment 03Attachment 04Presentation 01

Item 15b - Actuarial Valuations - Valuation of the Defined Benefit Supplement
Program and Consideration for the Adoption of an Additional Earnings Credit

Session: Open | Type: Action | Presenter: David Lamoureux / Nick Collier and Scott Preppernau, Milliman

Item 15bAttachment 01Attachment 02Presentation 01

Item 15c - Valuation of Cash Balance Benefit Program and Consideration for the Adoption of an Additional Earnings Credit

Session: Open | Type: Action | Presenter: David Lamoureux / Nick Collier and Scott Preppernau, Milliman

Item 15cAttachment 01Attachment 02Presentation 01

Item 16 - Actuarial Projection for the Supplemental Benefit Maintenance Account

Session: Open | Type: Action | Presenter: David Lamoureux / Nick Collier and Scott Preppernau, Milliman

Item 16Attachment 01Attachment 02Presentation 01

Item 17 - Options on the Use of the Supplemental Benefit Maintenance Account

Session: Open | Type: Action | Presenter: David Lamoureux

Item 17Attachment 01

Item 18 - Review of Lump Sum Death Benefit

Session: Open | Type: Action | Presenter: David Lamoureux

Item 18Attachment 01Attachment 02Presentation 01

Item 19a - Review/refresh Board Priorities for FY 2026- 27

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

Item 19aAttachment 01Attachment 02

Item 19b - Actuarial Valuation of the Medicare Premium Payment Program

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

Item 19bAttachment 01

Item 19c - Administrative Procedure Changes Pursuant to CEO Delegation

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

Item 19cAttachment 01

Item 19d - 2025-26 Service Performance Metrics

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

Item 19d

Item 20a - Committee Reports

  1. Investment Committee
  2. Appeals Committee
  3. Audits and Risk Management Committee
  4. Board Governance Committee
  5. Compensation Committee

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

Item 20b - Approval of Minutes of the March 5, 2026, Regular Meeting – Open Session

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

Item 20b

Item 20c - Board Member Education

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

Item 20c

Item 20d - Contracts Requiring Board Approval

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

Item 20d

Item 20e - Adopt Contribution Rates and Interest Rates for Fiscal Year 2026-27

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

Item 20eAttachment 01Attachment 02Attachment 03Attachment 04Attachment 05Attachment 06Attachment 07

Item 21 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 22 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 23 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 23

Item 24 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

 

Board Governance Committee - 1:35 p.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Approval of the Minutes of the September 4, 2025, Board Governance Committee Meeting – Open Session

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

Item 02

Item 3 - Annual Review of the Board Governance Committee Charter

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

Item 03Attachment 01

Item 4 - General Counsel’s Governance Report

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

Item 04

Item 5 - Revision to Board Operative Principles - First Reading

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

Item 05Attachment 01Attachment 02Attachment 03Presentation 01

Item 6 - Routine Policy Review - Succession Planning Policy – First Reading

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

Item 06Attachment 01Attachment 02

Item 7 - 2026/27 FY Committee Workplan

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

Item 07Attachment 01

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

Appeals Committee - 2:30 p.m. 

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Approval of Minutes for the September 4, 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 Retirement Benefits of: Carol Garrison

Session: Open | Type: Action | Presenter: Charles Glauberman and Nicole Snyder

Item 03Attachment 01Attachment 02

Item 4 - Educational Item Overview of the Administrative Appeals Process

Session: Open | Type: Information | Presenter: Ashley Lopez-Trotter, Sue Xiong, and John Shipley

Item 04Presentation 01

Item 5 - Review of Committee Charter

Session: Open | Type: Information | Presenter: Amelia Thompson

Item 05Attachment 01

Item 6 - Review of Committee Work Plan for FY 2026-27

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

Item 06Attachment 01

Item 7 - Annual Summary of Appeal Activity for Fiscal Year 2025-26

Session: Open | Type: Information | Presenter: James Lindsay

Item 07Attachment 01

Item 8 - Annual Summary of Designation of Precedential Decisions for Fiscal Year 2025-26

Session: Open | Type: Information | Presenter: James Lindsay

Item 08

Item 9 - Staff Report

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

Item 10 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 11 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 12 - Approval of Minutes for the September 4, 2025, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 13 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))

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

Item 14a - Consideration of Proposed Administrative Decision (Gov. Code, sec. 11126(c)(3)): In the Matter of the Retirement Benefits of: Carol Garrison

Session: Closed | Type: Information | Presenter: Chairperson

Item 15a - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Retirement Benefits of: Carol Garrison

Session: Open | Type: Action | Presenter: Chairperson