Board meeting - September 2024

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 public comment via telephone by calling (866) 236-6010. Board members may participate in this meeting via teleconference.

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

Public Call Letter

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

September 24, 2024

Appeals Committee - 11:00 a.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes for the June 7, 2024, Appeals Committee Meeting – Open Session

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

Item 02

Item 3 - Consideration of Proposed Decision: In the Matter of the Retirement Benefits of: John Boyett

Session: Open | Type: Action | Presenter: Charles Glauberman / Sue Xiong

Item 03 Attachment 01

Item 4 - Annual Summary of Appeal Activity for Fiscal Year 2023-2024

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

Item 04 Attachment 01

Item 5 - Annual Summary of Designation of Precedential Decisions for Fiscal Year 2023-2024

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

Item 05 Attachment 01

Item 6 - Staff Report

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

Item 7 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Item 9 - Approval of Minutes for the June 7, 2024, Appeals Committee Meeting – Closed Session (Gov. Code, sec. 11126)

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

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

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

Item 11 - Consideration of Proposed Administrative Decision (Gov. Code, sec. 11126(c)(3)): In the Matter of the Retirement Benefits of: John Boyett

Session: Closed | Type: Information | Presenter: Chairperson

Item 12 - Announcement of Action Taken on Proposed Administrative Decision: In the Matter of the Retirement Benefits of: John Boyett

Session: Open | Type: Action | Presenter: Chairperson

Regular Meeting - 1:30 p.m.

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

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

Session: Closed | Type: Action | Presenter: Denise Bradford / Amy McDuffee and Saba Hashmi, Mosaic Governance Advisors, LLC

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

Session: Closed | Type: Action | Presenter: Harry Keiley / Amy McDuffee and Saba Hashmi, Mosaic Governance Advisors, LLC

Item 4 - Continuation of CIO Onboarding Discussion (Gov Code, sec. 11126(a), (b), (g)(1))

Session: Closed | Type: Action | Presenter: Harry Keiley and Scott Chan

September 25, 2024

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

Item 1 - Approval of Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment01

Item 2 - Approval of Minutes of the May 1, 2024, Audits and Risk Management Committee – Open Session

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

Item 02

Item 3 - Audit Services Charter - First Reading

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

Item 03 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 4 - Compliance and Ethics Hotline Report

Session: Open | Type: Information | Presenter: Lynn Bashaw / Meagan Dean

Item 04 Presentation 01

Item 5 - 2024 Six-Month Audit Plan Results and Fiscal Year 2024-25 Audit Services Update

Session: Open | Type: Information | Presenter: Cheryl Cervantes Dietz / Roseanne Oyoung / Chris Wall

Item 05 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 6 - Enterprise Risk Management Report

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

Item 06 Attachment 01 Attachment 02 Presentation 01

Item 7 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 8 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 08

Item 9 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Investment Committee - 10:25 a.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

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, 2024

Session: Open | Type: Information | Presenter: Stephen McCourt, Mika Malone, and Stephanie Sorg, Meketa Investment Group

Item 03a Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 3b - Receive Real Estate Consultant - Semi-Annual Performance Report, Period Ending March 31, 2024

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

Item 03b Attachment 01 Attachment 02 Presentation 01

Item 3c - Receive Private Equity Consultant - Semi-Annual Performance Report, Period Ending March 31, 2024

Session: Open | Type: Information | Presenter: John Haggerty and Tad Fergusson, Meketa Investment Group

Item 03c Attachment 01 Attachment 02 Presentation 01

Item 4 - Chief Investment Officer’s Report

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

Item 04 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 5 - Private Equity Investment Policy Revision – First Reading

Session: Open | Type: Information | Presenter: Margot Wirth, Robert Ross, and Georgia Pappas

Item 05 Attachment 01 Attachment 02 Attachment 03 Presentation 01

Item 6 - Report Pursuant to Assembly Bill 2833

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

Item 06 Attachment 01 Attachment 02 Attachment 03

Item 7 - Annual Review of Delegation to Staff

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

Item 07 Atatchment 01 Attachment 02 Attachment 03

Item 8 - Approval of Minutes of the May 1, 2024, Investment Committee Meeting – Open Session

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

Item 08

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 11a - Receive General Consultant – Semi-Annual Performance Report Includes RMS and SISS Semi-Annual Monitoring Report, Period Ending June 30, 2024 (Gov. Code, sec. 11126(c)(16))

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

Item 11b - Receive Real Estate Consultant – Semi-Annual Performance Report, Period Ending March 31, 2024 (Gov. Code, sec. 11126(c) (16))

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

Item 11c - Receive Private Equity Consultant – Semi-Annual Performance Report, Period Ending March 31, 2024 (Gov. Code, sec. 11126(c) (16))

Session: Closed | Type: Information | Presenter: John Haggerty and Tad Fergusson/ Meketa Investment Group

Item 12 - Tactical Investment Strategy Discussion (Gov. Code, sec. 11126(c)(16))

Session: Closed | Type: Information | Presenter: June Kim, Rosie Lucchesini-Jack, and David Murphy

Item 13 - Consideration of Investment Decision (Gov. Code sec 11126 (c)(16))

Session: Closed | Type: Information | Presenter: Scott Chan and Julie Donegan

Item 14 - 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 15 - Approval of Minutes of May 1, 2024, Investment Committee Meeting – Closed Session (Gov. Code, sec 11126)

Session: Closed | Type: Consent Action | Presenter: Brian J. Bartow

Compensation Committee - 3:50 p.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Compensation Consulting Services Solicitation

Session: Open | Type: Action | Presenter: Christine De Leon / Kristel Turko

Item 02 Attachment 01

Item 3 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 4 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 04

Item 5 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

September 26, 2024

Board Governance Committee - 9:00 a.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Policy Revision and/or Creation – Board Governance Manual Section 2.F.2 Administration of Meetings

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

Item 02 Attachment 01 Attachment 02

Item 3 - General Counsel’s Governance Report

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

Item 03 Attachment 01 Attachment 02

Item 4 - Approval of the Minutes of the March 7, 2024, Board Governance Committee Meeting – Open Session

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

Item 04

Item 5 - Policy Revision and/or Creation – Board Governance Manual Section 4.J. No Contact Policy

Session: Open | Type: Consent Action | Presenter: Brian Bartow

Item 05 Attachment 01 Attachment 02

Item 6 - Policy Revision and/or Creation – Board Governance Manual Appendix III. Delegation of Authority for Contracts

Session: Open | Type: Consent Action | Presenter: Brian Bartow

Item 06 Attachment 01 Attachment 02

Item 7 - Annual Review of Chief Executive Officer Delegation of Authority – Board Governance Manual Appendix I.

Session: Open | Type: Consent Action | Presenter: Brian Bartow

Item 07 Attachment 01

Item 8 - Board Continuing Education Program Update

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

Item 08 Presentation 01

Item 9 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 10 - Draft Agenda for 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 - 10:00 a.m.

Item 5 - Approval of Minutes of the May 2, 2024, Regular Meeting – Closed Session (Gov. Code, sec. 11126)

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

Item 6 - Committee Reports

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 - Investment Performance Impact on Incentive Pay for the 2023-2024 Plan Year (Gov. Code, sec. 11126)

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

Item 9 - Chief Executive Officer Briefing on Performance and Personnel Issues (Gov. Code, sec. 11126(a), (b), (g))

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

Item 10 - 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 11 - Board Education: AI Follow-Up

Session: Open | Type: Information | Presenter: Lisa Blatnick / April Wilcox / Ashish Jain

Item 11 Presentation 01

Item 12 - Chief Executive Officer Report

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

Item 12 Attachment 01

Item 13 - Proposed 2025-26 Operating Budget Concepts

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

Item 13 Presentation 01

Item 14 - Pension Solution Project Update

Session: Open | Type: Information | Presenter: Ashish Jain / Bill Perez / Anthony Suine / Chriss Cabodi, Guidehouse

Item 14 Attachment 01 Presentation 01 Presentation 02

Item 15 - State and Federal Legislation

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

Item 15 Attachment 01 Attachment 02

Item 16 - Adoption of Updates to Penalties and Interest Regulations

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

Item 16 Attachment 01 Attachment 02

Item 17a - 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 17b - Approval of Minutes of the May 2, 2024, Regular Meeting – Open Session

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

Item 17b

Item 17c - Board Member Education - Revised

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

Item 17c

Item 17d - Contracts Requiring Board Approval

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

Item 17d

Item 17e - Review of CEO Delegation

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

Item 17e Attachment 01

Item 17f - Approval of Annual Incentive Award for the Chief Executive Officer

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

Item 17g - Approval of the Annual Incentive Award for the Former Chief Investment Officer

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

Item 17h - Approval of Committee Assignments

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

Item 17h Attachment 01

Item 18 - Items Referred by Committee for Board Decision

Session: Open | Type: Information | Presenter: Chairperson

Item 19 - New Business / Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 20 - Draft Agenda for Next Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 20

Item 21 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson

Benefits and Services Committee - 2:30 p.m.

Item 1 - Approval of Committee Agenda

Session: Open | Type: Action | Presenter: Chairperson

Item 01 Attachment 01

Item 2 - Approval of Minutes of the May 2, 2024, Benefits and Services Committee Meeting – Open Session

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

Item 02

Item 3 - Annual Member Insights

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

Item 03 Attachment 01 Presentation 01

Item 4 - Defined Contribution Program Update

Session: Open | Type: Information | Presenter: Kate LeBlanc / Carrie Fisher-Stone / Patrick Bivins

Item 04 Presentation 01

Item 5 - Review of Information Requests

Session: Open | Type: Information | Presenter: Chairperson

Item 6 - Draft Agenda for the Next Committee Meeting

Session: Open | Type: Information | Presenter: Chairperson

Item 06

Item 7 - Opportunity for Statements from the Public

Session: Open | Type: Information | Presenter: Chairperson