Board meeting - July 2026

Unless otherwise specific, meetings will be held at the following location:

Westin San Francisco Airport, 1 Old Bayshore Hwy, Millbrae, CA 94030

Public Call Letter

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

July 21, 2026

Regular Meeting (Day One) - 12:45 p.m.

Item 1 - Setting of CEO and CIO Performance Targets for the 2026-27 Performance Year (Gov. Code, sec. 11126(a), (b), (g))

Session: Closed | Type: Action | Presenter: Chairperson

Item 2 - Evaluation of CEO and CIO Base Salary Adjustment (Gov. Code, sec. 11126(a), (b), (g)(1))

Session: Closed | Type: Action | Presenter: Chairperson

Item 3 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 03 Attachment 01

Item 4 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 5 - CalSTRS FY 2026-2027 Board and Committee Work Plans

Session: Open | Type: Action | Presenter: Chairperson

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

Item 6 - BenefitConnect Budget Authority Transfer

Session: Open | Type: Action | Presenter: Julie Underwood

Item 06

Item 7 - Contracts Requiring Board Approval

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

Item 07

Item 8 - Committee Assignments for FY 2026-2027

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

Item 08 Attachment 01

Item 9 - Annual Review of Investment Committee Charter

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

Item 09 Attachment 01 Attachment 02

Item 10 - Chief Executive Officer Report

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

Item 10 Attachment 01 Presentation 01 Presentation 02

Item 11 - Chief Investment Officer Report

Session: Open | Type: Information | Presenter: Scott Chan and April Wilcox

Item 11 Attachment 01 Presentation 01 Presentation 02

Item 12 - Strategic Budget Considerations

Session: Open | Type: Information | Presenter: Julie Underwood and Scott Chan

Item 12 Presentation 01

July 22, 2026

Regular Meeting (Day Two) - 9:00 a.m.

Item 13 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 14 - Development of AI Governance Principles

Session: Open | Type: Information | Presenter: Dr. Param Singh, Carnegie Mellon University / Amy McDuffee, Mosaic

Item 14 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 15 - Shared Vision

Session: Open | Type: Information | Presenter: Scott Chan and Geraldine Jimenez / Amy McDuffee, Mosaic

Item 15 Attachment 01 Attachment 02 Attachment 03 Presentation 01

July 23, 2026

Regular Meeting (Day Three) - 9:00 a.m.

Item 16 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 17 - Board Education: Geopolitical Risk Panel Discussion

Session: Open | Type: Information | Presenter: Kirsty Jenkinson / Marc Gustafson, Eurasia / Jim Coulter, TPG / Karen Karniol-Tambour, Bridgewater

Item 17

Item 18 - Annual Board Self-Evaluation (Gov. Code, (Gov. Code, sec. 11126(a))

Session: Closed | Type: Information | Presenter: Chairperson / Amy McDuffee, Mosaic Governance Advisors