CalSTRS Gets Two New Board Members

The California State Teachers’ Retirement System (aka CalSTRS) claims to be the largest teachers’ retirement fund in the United States with assets of $148,000,000,000 at October 31, 2011. A 12 member board administers CalSTRS. The Board is comprised as follows:

- The Governor appoints five members , including three public members;

- Four members serve ex-officio:

o Superintendent of Public Instruction

o State Treasurer

o State Controller

o Director of Finance;

- The CalSTRS membership elects three members.

Education Code Section 22200. The Treasurer and Controller are also ex officio members of the Board of Administration of the California Public Employees Retirement System. Although both the CalSTRS and CalPERS boards are vocal proponents of diversity with respect to private company boards, each is by law dominated by current and former public employees and their representatives.

Governor Jerry Brown recently announced the appointment of two new members to the CalSTRS Board. The California Senate must confirm both individuals.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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