I see CalSTRS news releases mention the fiduciary duty of the CalSTRS trustees. Break that down for me.

As a fiduciary, each Teachers' Retirement Board member is to perform duties and make decisions to guide the system solely for the benefit of CalSTRS members and to do so in an economical manner. That means each of the trustees must think of how the decisions they are asked to make will benefit the members of the system first, before all other considerations.

The Board must conduct and govern its affairs:

• In a prudent manner.
• Using the highest code of ethical conduct.
• And, in a thorough and transparent manner.

So Board members—regardless of background or how they became a board member—must make decisions with one voice: as a fiduciary.