Payment calendarCheck mailed October 28Direct deposit October 30
11:58 AM

Board meeting - November 2026

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 disputes contact the General Counsel's office at legalservices@calstrs.com.

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

November 3, 2026

Appeals Committee - 2:30 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Approval of Minutes for the May 28, 2026, Appeals Committee Meeting – Open Session

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

Item 02

Item 3 - Consideration of Proposed Administrative Decision: In the Matter of the Rejection of the Disability Benefits Application Submitted By: Matthew Mattison

Session: Open | Type: Action | Presenter: James Lindsay / Ian Coen

Item 03Attachment 01

Item 4 - Trends in Appeal Requests and Resolutions

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

Item 04Presentation 01

Item 5 - Staff Report

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

Item 6 - Review of Information Request

Session: Open | Type: Information | Presenter: Chairperson

Item 7 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Approval of Minutes for the May 28, 2026, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 9 - Trends in Appeal Requests and Resolution

Session: Closed | Type: Information | Presenter: John Shipley

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

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

Item 11 - Consideration of Proposed Administrative Decision (Gov. Code, sec. 11126(c)(3)): In the Matter of the Rejection of the Disability Benefits Application Submitted By: Matthew Mattison

Session: Closed | Type: Information | Presenter: Chairperson

Item 12 - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Rejection of the Disability Benefits Application Submitted By: Matthew Mattison

Session: Open | Type: Action | Presenter: Chairperson

November 4, 2026

Compensation Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Compensation Education: Policy Feedback

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

Item 02Presentation 01Presentation 02

Item 3 - Approval of Minutes of the March 5, 2026, Compensation Committee – Open Session

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

Item 03

Item 4 - Review of Information Requests

Session: Open | Type: Information| Presenter: Chairperson

Item 5 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 05

Item 6 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Investment Committee - 10:15 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 1

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 03Attachment 01Presentation 01

Item 4 - Shared Vision: IB Shared Vision Plan

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

Item 04Attachment 01Attachment 02Presentation 01

Item 5 - ALM & One Fund Approach Education

Session: Open | Type: Information | Presenter: Scott Chan and Josh Diedesch

Item 05Presentation 01

Item 6 - Policy Governance Education

Session: Open | Type: Information | Presenter: April Wilcox, Shifat Hasan, and Melissa DaRonco

Item 06Presentation 01

Item 7 - 2025 Annual Cost & Collaborative Model Savings Report

Session: Open | Type: Information | Presenter: April Wilcox, Mike Dunigan, and Monica Robinson

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

Item 8 - FY 2025-26 Global Investment Performance Standards (GIPS®) Asset Owner Report

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

Item 08Attachment 01

Item 9 - Approval of Minutes of the September 23, 2026, Investment Committee Meeting – Open Session

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

Item 09

Item 10 - Investment Policy Statement: Strategic Asset Allocation Targets – Step 4

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

Item 10Attachment01Attachment 02

Item 11 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 12 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 12

Item 13 - Chief Investment Officer's Report (Gov. Code, sec. 11126(c)(16))

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

Item 14 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: Geraldine Jimenez, Rosie Lucchesini-Jack, David Murphy, Julie
Donegan, and Puneet Kohli

Item 15 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

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

Item 16 - 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 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 September 23, 2026, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

November 5, 2026

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

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Approval of Minutes of the September 24, 2026, Audits and Risk Management Committee – Open Session

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

Item 02

Item 3 - FY 2026-27 Enterprise Risk Management & Compliance Services Work Plan Progress Report

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

Item 03Attachment 01Attachment 02

Item 4 - Audit Services Update

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

Item 04

Item 5a - CalSTRS Independent Financial Statement Auditor Reports for the Year Ended June 30, 2026 -- 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 - Jen Aras / Dan O'Malley

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

Item 5b - 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 - Jen Aras / Dan O'Malley

Item 05bAttachment 01Attachment 02Attachment 03

Item 6 - 2026 Management Letter

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

Item 06Attachment 01

Item 7 - Independent Financial Statement Auditor Request for Proposal

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz

Item 07Attachment 01Presentation 01

Item 8 - Enterprise Risk Management Report

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

Item 08Attachment 01Presentation 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

 

Regular Meeting - 10:45 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Attachment 01

Item 2 - Chief Executive Officer Report

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

Item 02Attachment 01

Item 3 - Review of CalSTRS Basic Financial Statements

Session: Open | Type: Information | Presenter: Julie Underwood and Art Martinez

Item 03Attachment 01Presentation 01

Item 4 - 100 Waterfront Building Modernization – First Reading

Session: Open | Type: Action | Presenter: Jeff  Isham and Julie Donegan

Item 04Presentation 01

Item 5 - Proposed Operating Budget 2027-28 – Second Reading

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

Item 05Attachment 01Attachment 02Presentation 01

Item 6 - Initiate Rulemaking Process for Noncreditable Compensation Clarification Regulations

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

Item 06Attachment 01

Item 7 - Review of CalSTRS Funding Levels and Risks

Session: Open | Type: Information | Presenter: David Lamoureux, Jordan Fassler, and Paul Tschida

Item 07Attachment 01Presentation 01

Item 8a - State and Federal Legislation 

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

Item 08aAttachment 01Attachment 02

Item 8b - Disclosure of Incentives for Statutory Positions for the 2025-26 Plan Year

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

Item 08bAttachment 01

Item 9a - Committee Reports

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

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

Item 9b - Approval of Minutes of the September 22 and 24, 2026, Regular Meeting – Open Session

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

Item 09b

Item 9c - Board Member Education

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

Item 09c

Item 9d - Contracts Requiring Board Approval

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

Item 09d

Item 9e - Succession Planning – Routine Review of CEO and CIO Position Descriptions

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

Item 09eAttachment 01Attachment 01aAttachment 02Attachment 02a

Item 9f - Review of CEO Delegation

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

Item 09fAttachment 01

Item 10 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 11 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 12 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 12

Item 13 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 14 - Approval of Minutes of the September 22 and 24, 2026, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 15 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

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

Item 16 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 17 - Confer with and Receive Advice from Legal Counsel Regarding Pending Litigation (Gov. Code, sec. 11126(e))

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