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Payment calendarCheck mailed November 25Direct deposit November 27

Board meeting - September 2023

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

CalSTRS Board Room, 100 Waterfront Place, West Sacramento, CA 95605

There will be an additional location for Investment Committee Open Session on Wednesday, September 13, 2023, from 11:00 a.m. to 12:30 p.m., at 401 Golden Shore, Long Beach, CA 90802

For labor dispute issues contact the General Counsel office at legalservices@calstrs.com.

Amended Public Call Letter

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

September 12, 2023

Regular Meeting - 1:30 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Regular Meeting agenda 

Item 2 - Annual Evaluation – Chief Executive Officer (Gov. Code, sec. 11126(a))

Session: Closed | Type: Action | Presenters: Harry Keiley / Amy McDuffee, Mosaic Governance Advisors, LLC

Item 3 - Annual Evaluation – Chief Investment Officer (Gov. Code, sec. 11126(a))

Session: Closed | Type: Action | Presenters: William Prezant / Amy McDuffee, Mosaic Governance Advisors, LLC

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

Session: Closed | Type: Action | Presenters: Brian Bartow

September 13, 2023

Investment Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda 

Item 2 - Opportunities for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 3a - Receive General Consultant – Semi-Annual Performance Report, Period Ending June 30, 2023

Session: Open | Type: Information | Presenters: Allan Emkin and Stephanie Sorg, Meketa Investment Group

Item 03aItem 03a Attachment 01 - Investment Performance At-A-Glance, Period Ending June 30, 2023  Item 03a Attachment 02 - Summary of the Semi-Annual Performance Report, Period Ending June 30, 2023 Item 03a Attachment 03  -  Semi-Annual Performance Report, Period Ending June 30, 2023 

Item 3b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending March 31, 2023

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

Item 03b Item 03b Attachment 01 - RFA’s Q1 2023 Semi-Annual Performance Summary for the Real Estate Program  Item 03b Attachment 02 - RFA’s Q1 2023 Semi-Annual Performance Report for the Real Estate Program Item 03b Presentation 

Item 3c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending March 31, 2023

Session: Open | Type: Information | Presenters: John Haggerty, Meketa Investment Group

Item 03cItem 03c Attachment 01 - Meketa Investment Group’s Q1 2023 Semi-Annual Performance Report Summary for the Private Equity Program Item 03c Attachment 2 -  Meketa Investment Group’s Q1 2023 Semi-Annual Report for the Private Equity Program  Item 03c Presentation

Item 4 - Investment Policy Statement (IPMP Modernization Project), Total Public Equity Benchmark – Second Reading

Session: Open | Type: Action | Presenters: Shifat Hasan and Melissa DaRonco

Item 04 Item 04 Attachment 01 - Meketa Investment Group Concurrence Memo  Item 04 Attachment 02 - Investment Policy Statement – Redline Version Item 04 Attachment 03 - Investment Policy Statement – Clean Version Item 04 Presentation

Item 5 - Liquidity Oversight Management

Session: Open | Type: Information | Presenters: Scott Chan, Geraldine Jimenez, Michael DiRe, Josh Diedesch, and April Wilcox

Item 05Item 05 Presentation

Item 6 - Investment Policy Revision – Reference Portfolio Benchmark – First Reading

Session: Open | Type: Information | Presenters: Christopher Ailman and Scott Chan

Item 06Item 06 Attachment 01 - RVK, Inc Memorandum

Item 7 - Chief Investment Officer’s Report

Session: Open | Type: Information | Presenters: Christopher Ailman and Scott Chan

Item 07Item 07 Attachment 01 - Portfolio Restrictions Cost Analysis Report June 2023 Item 07 Attachment 02 -  Investment Portfolio Risk Report Item 07 Attachment 03 - Special Mandates Policy Annual Report FY 22-23Item 07 Presentation

Item 8 - Approval of Minutes of the May 4, 2023, Investment Committee Meeting – Open Session

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

Item 08

Item 9 - Report Pursuant to Assembly Bill 2833

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

Item 09 Item 09 Attachment 01 - Assembly Bill 2833 Item 09 Attachment 02 - 2833 Senate Bill 439 (Section 6254.26) Item 09 Attachment 03 - CalSTRS Report Pursuant to Assembly BillItem 09 Attachment 04 - Glossary

Item 10 - Annual Review of Delegation to Staff

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

Item 10Item 10 Attachment 01 - Annual Review of Delegation (Red-Line Version)  Item 10 Attachment 02 - Annual Review of Delegation (Clean Version) 

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 13a - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending June 30, 2023 (Gov. Code, sec. 11126(c)(16))

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

Item 13b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending March 31, 2023 (Gov. Code, sec. 11126(c) (16))

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

Item 13c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending March 31, 2023 (Gov. Code, sec. 11126(c) (16))

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

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

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

Item 15 - 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 16 - Approval of Minutes of the May 4, 2023, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

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

Board Governance Committee - 3:15 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Potential Policy Creation and/or Revisions – Policies Related to Board Committees

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

Item 02Item 02 Attachment 01 - Potential Policy Creation and/or Revisions 

Item 3 - Approval of the Minutes of the March 1, 2023, Board Governance Committee Meeting – Open Session

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

Item 03

Item 4 - Evaluation of Board Education Program

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

Item 04Item 04 Presentation

Item 5 - Process for Board Policy Manual Review

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

Item 05

Item 6 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 7 - Draft Agenda for Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 07

Item 8 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

September 14, 2023

Regular Meeting - 9:00 a.m. 

Item 5 -  Approval of Minutes of the May 3, 2023, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 6 - Committee Reports (Gov. Code, Sec. 11126)

  • Investment Committee
  • Appeals Committee

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

Item 7 - Report on Cybersecurity (Gov. Code, sec. 11126 (c)(18)(A))

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

Item 8 - Board Meeting Decorum and Security Protocols Update (Gov. Code, sec. 11126(c)(18)(A))

Session: Closed | Type: Information | Presenters: Melissa Norcia / Brian J. Bartow / Jeff Isham

Item 9 - Investment Performance Impact on Incentive Pay for the 2022-2023 Plan Year (Gov. Code, sec. 11126)

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

Item 10 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 11 - 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 12 - Chief Executive Officer Report

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

Item 12Item 12 Attachment 01 - Ombuds ReportItem 12 Attachment 02 - Waterfront Leasing Activity DashboardItem 12 Presentation

Item 13 - Pension Solution Project Update & Contract Approval

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

Item 13Item 13 Attachment 01 - Guidhouse Pension Solution Oversight ReportItem 13 Attachment 02 - Pension Solution GlossaryItem 13 Presentation 01Item 13 Presentation 02

Item 14 - Exploring Innovation and Strategy at CalSTRS

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

Item 14Item 14 Presentation

Item 15 - Labor Market Benchmarking Study Update

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

Item 15

Item 16 - Proposed 2024-25 Operating Budget Concepts

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

Item 16Item 16 Presentation

Item 17 - Enterprise Risk Management Report

Session: Open | Type: Information | Presenters: Phillip Burkholder / Lynn Bashaw

Item 17Item 17 Attachment 01 - Heat MapItem 17 Attachment 02 - Risk Score ReportItem 17 Presentation

Item 18 - State and Federal Legislation

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

Item 18Item 18 Attachment 01 - SB 765 (Portantino) AnalysisItem 18 Attachment 02 - Potential Legislation PlaceholderItem 18 Attachment 03 - Legislative Matrix

Item 19a - Committee Reports

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

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

Item 19b - Approval of Minutes of the May 3, 2023, Regular Meeting – Open Session

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

Item 19b

Item 19c - Board Member Education

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

Item 19c

Item 19d - Contracts Requiring Board Approval

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

Item 19d

Item 19e - Review of CEO Delegation

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

Item 19eItem 19e Attachment 01 - Consent Review of CEO Delegation of Authority

Item 19f - Approval of Annual Incentive Award for the Chief Executive Officer

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

Item 19g - Approval of the Annual Incentive Award for the Chief Investment Officer

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

Item 19h - Initiate Rulemaking Process for Updates to Penalties and Interest Regulations

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

Item 19hItem 19h Attachment 01 - Proposed Text for Penalties and Regulations

Item 20 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 21 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 22 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 22

Item 23 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Benefits & Services Committee - 3:00 p.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Approval of Minutes of the May 3, 2023, Benefits and Services Committee Meeting – Open Session

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

Item 02

Item 3 - 2023 Member Survey

Session: Open | Type: Information | Presenter: Tom Buffalo

Item 03Item 03 Attachment 01 - 2023 Member Survey ReportItem 03 Presentation

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

September 15, 2023

Appeals Committee - 9:00 a.m. 

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01Item 01 Attachment 01 - Committee Agenda

Item 2 - Approval of Minutes for the May 3, 2023, Appeals Committee Meeting – Open Session

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

Item 02

Item 3 - Annual Summary of Appeal Activity for Fiscal Year 2022-2023

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

Item 03Item 03 Attachment 01 - Annual Summary of Appeals Activity

Item 4 - Annual Summary of Designation of Precedential Decisions for Fiscal Year 2022-2023

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

Item 04

Item 5 - Staff Report

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

Item 6 - Review of Information Requests

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 3, 2023, AppealsCommittee Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 9 - Confer with Legal Counsel Regarding Pending Litigation (Gov. Code, Sec. 11126(e))

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

Item 10 - Deliberation of In the Matter of the Appeal Regarding the Final Compensation Calculation of: Dorothy Cole (Gov. Code, sec. 11126(c)(3))

Session: Closed | Type: Information | Presenter: Chairperson

Item 11 - Announcement of Action Taken on In the Matter of the Appeal Regarding the Final Compensation Calculation of: Dorothy Cole

Session: Open | Type: Information | Presenter: Chairperson