CalSTRS Member Benefits - CalSTRS Speaks

Pension Fix CalSTRS Needs is Long-Term Funding Plan

William Yee — Thu, 03 May 2012 20:19:09 +0000

Bloomberg

CalSTRS Deputy CEO Ed Derman responds to an April 23 commentary, "New California Taxes Pay for Pensions, Not Schools," on Bloomberg:

Pension Fix CalSTRS Needs is Long-Term Funding Plan

The April 23 commentary by David Crane, at the very least makes misleading assumptions and diverts attention from the real issues CalSTRS faces.

Unlike most other pension plans, the CalSTRS board has no authority to increase contributions, but instead must rely upon legislative action by the Legislature and Governor. As a former board member, Crane should understand this. Contrary to his claim that CalSTRS waited too long to seek increases, CalSTRS has been communicating this need to the Legislature and the Governor since 2006. In fact, Crane was sitting on the board when discussions that led to those efforts took place.

Read more at Bloomberg

May. 3, 2013

CalSTRS Responds on "Pension Perception"

William Yee — Tue, 01 May 2012 16:07:10 +0000

Los Angeles Daily News

Re "Pension Perception" (Editorial, April 13):

The editorial inaccurately blames pension spiking and members who continue receiving benefits after felony convictions for the unfunded liability at CalSTRS. The law requires CalSTRS to make such payments. Fortunately, both are rare.

CalSTRS CIO Discusses Euro Zone Crisis and Investments on CNBC

William Yee — Mon, 30 Apr 2012 21:22:25 +0000

Chris Ailman, CalSTRS CIO, talks with CNBC's "Closing Bell" regarding the impact of the euro zone crisis on the global economy and where CalSTRS is investing.

Watch the video at CNBC

Apr. 30, 2013

Another View: CalSTRS is Seeking Predictable Funding

William Yee — Mon, 21 Nov 2011 18:22:33 +0000

The Sacramento Bee

Since the recession, when the teachers' retirement fund lost $43.4 billion in value, CalSTRS has said the fund cannot invest its way back to financial health. The discussion of CalSTRS' funding situation has picked up steam since, as nonpartisan entities such as the Legislative Analyst's Office and Bureau of State Audits raised similar concerns, often using CalSTRS' analyses and cost projections.

CalSTRS Response to Governor Brown’s 12-point Pension Reform Proposal

William Yee — Thu, 27 Oct 2011 23:30:08 +0000

CalSTRS appreciates that Governor Brown has taken a very important step in addressing the critical and complex issues facing the state’s public pension systems. We look forward to receiving more detail on the proposal and having the opportunity to review it in depth.

Oct. 27, 2012

CalSTRS Clarifies Effect of Proposed GASB Accounting Rules for State Legislators

William Yee — Tue, 25 Oct 2011 21:10:34 +0000

On Tuesday, October 25, CalSTRS CEO Jack Ehnes sent a letter to the members of the California State Assembly and Senate in order to clarify issues and address concerns regarding the effect new accounting rules set by the Governmental Accounting Standards Board (GASB) may have on how the CalSTRS pension fund liabilities are reported.

Read the letter »

Oct. 25, 2012

Sacramento's Kings

William Yee — Wed, 14 Sep 2011 16:40:47 +0000

aiCIO Magazine

CalSTRS Chief Investment Officer Chris Ailman speaks to aiCIO magazine of the responsibilities and challenges of managing investments in today’s volatile financial and political environment.

Sacramento's Kings

After a year that saw public pensions derided as legacies of quasi-socialism, for being unable to meet their target investment return, and for being bastions of unsophisticated management, reality set in midsummer: Public funds, lo and behold, had impressive investment returns in fiscal 2011.

Read more at aiCIO Magazine

Sep. 14, 2012

Another View: CalSTRS Has Safeguards to Deal With Pension Spiking

William Yee — Mon, 22 Aug 2011 16:00:02 +0000

The Sacramento Bee

CalSTRS' efforts to guard against pension spiking have recently been mischaracterized or overlooked.

The average CalSTRS member retires near age 62 after more than 25 years of service with a pension that replaces about 60 percent of salary. Members receive no Social Security benefits for CalSTRS-covered employment and generally do not receive employer-paid health care benefits after age 65. Of the more than 200,000 retirees who receive CalSTRS pensions, about 2 percent exceed $100,000.

Opinion: Public Pensions, Setting the Record Straight on Reform Proposal

William Yee — Thu, 18 Aug 2011 15:55:04 +0000

Capitol Weekly

Senator Simitian’s SB 27 would create changes to the state’s public pension systems to reduce incidents of pension spiking – the inappropriate inflation of retirement benefits. Recently CalSTRS’ position on this important bill – as well as our own internal efforts to police pension spiking – have been mischaracterized.

CalSTRS Responds on Pension Spiking

William Yee — Fri, 12 Aug 2011 15:39:56 +0000

The San Diego Union-Tribune

Regarding the July 22 editorial, “CalSTRS wrong to oppose pension fixes”:

CalSTRS has a role in preventing pension spiking – and it is one we take very seriously. However, it’s important to recognize what the law says CalSTRS can and cannot do.

Read more at The San Diego Union-Tribune

Aug. 12, 2012