The California State Teachers’ Retirement System (CalSTRS) provides retirement, disability and survivor benefits for California’s 965,000 prekindergarten through community college educators and their families. CalSTRS was established by law in 1913 and is part of the State of California’s Government Operations Agency. As of September 2020, CalSTRS is the largest teachers’ retirement fund in the United States. CalSTRS is also currently the eleventh largest public pension fund in the world. As of October 31, 2020, CalSTRS managed a portfolio worth $254.7 billion.
CalSTRS members, as of June 30, 2019, include employees of approximately 1,778 employers:
- School districts
- Community college districts
- County offices of education
- Regional occupational programs
The Teachers’ Retirement Fund is a special trust fund established by law that holds the assets of the following programs:
The assets come from contributions by members, employing school districts, investment earnings and appropriations from the State of California’s General Fund. The fund’s investments create a stream of income to add to those assets.
As of June 30, 2019, CalSTRS managed a portfolio worth approximately $239 billion and pension liabilities of $329 billion, leaving a net pension liability of $90 billion at that date.
The Teachers’ Retirement Board is responsible for maintaining the Teachers’ Retirement Fund in order to pay benefits to CalSTRS members and their survivors.
The Teachers’ Retirement Board sets policies, makes rules for and administers CalSTRS. The Board is also responsible for ensuring benefits are paid by the system in accordance with law.
The 12-member Teachers’ Retirement Board is made up of:
- Three member-elected positions representing current educators
- Five members appointed by the Governor of California and confirmed by the California Senate
- A retired CalSTRS member
- Three public representatives
- A school board representative
- Four ex officio members: