DOCSLIB.ORG

Mercedcera Board of Retirement Investment Agenda for January 28

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Mercedcera Board of Retirement Investment Agenda for January 28 MercedCERA RETIREMENT BOARD INVESTMENT MEETING AGENDA THURSDAY, JANUARY 28, 2021 MERCED COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION 3199 M STREET, MERCED, CA 95348 Important Notice Regarding SARS-COV-2 Based on guidance from the California Department of Public Health and the California Governor’s Office, in order to minimize the spread of the SARS-COV-2 virus, MercedCERA’s building will be closed to the public during MercedCERA Board meetings. Members of the MercedCERA Board will participate in this meeting offsite via conference call. Members of the public may listen to the meeting and offer public comment telephonically by calling into the telephone number provided above and entering the stated conference code. If you have any issues participating in the meeting telephonically or require reasonable accommodation for your participation, please contact MercedCERA staff at 209- 726-2724. Please turn your cell phone or other electronic device to non-audible mode. CALL TO ORDER: 8:15 A.M. ● ROLL CALL. ● APPROVAL OF MINUTES – January 14, 2020 PUBLIC COMMENT Members of the public may comment on any item under the Board’s jurisdiction. Matters presented under this item will not be discussed or acted upon by the Board at this time. For agenda items, the public may make comments at the time the item comes up for Board consideration. Persons addressing the Board will be limited to a maximum of five (5) minutes in total. Please state your name for the record. CLOSED SESSION As provided in the Ralph M. Brown Act, Government Code sections 54950 et seq., the Board may meet in closed session with members of its staff, county employees and its attorneys. These sessions are not open to the public and may not be attended by members of the public. The matters the Board will meet on in closed session are identified below. Any public reports of action taken in the closed session will be made in accordance with Government Code sections 54957.1. (1) CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION (Govt. Code § 54956.9(d)(1)) Name of Case: AFSCME Local 2703, et al. v. MCERA, et al., Cal. Supreme Court Case No. S247095. (2) DISCUSSION AND POSSIBLE ACTION REGARDING INVESTMENTS IN RECOMMEDED FUNDS, ROLL CALL VOTE REQUIRED. (Govt. Code § 54956.81) 1. Discussion and possible action to adopt the recommendation regarding one Fund/Manager – Cliffwater. RETURN TO OPEN SESSION Report on any action taken in closed session. REGULAR CALENDAR BOARD ACTION1/DISCUSSION Pursuant to Govt. Code § 31594 and MercedCERA’s Investment Objectives & Policy Statement due diligence analysis requirement: 1. Discussion and possible action to adopt final employer and employee contribution rates as of June 30, 2020 - Cheiron. 2. Discussion and possible action on Cliffwater LLC presentation regarding survey of public state pension plans – Cliffwater. 3. Discussion and possible action on December performance and any possible action on any managers and/or funds – Meketa Group. 4. Discussion and possible action to adopt the proposed 2021 Educational Investment Calendar and Asset Allocation dates for MercedCERA as recommended by the Investment Subcommittee – Staff. 5. Review calendar of any training sessions and authorize expenditures for Trustees and Plan Administrator. Pursuant to Govt. Code § 31522.8 and MercedCERA’s Trustees Education and Training Policy requirements. Examples of upcoming training and educational sessions: • CALAPRS General Assembly, March 8-9, 2021 (Virtual Conference). • CALAPRS Trustee Roundtable, May 28, 2021 (Virtual Conference). INFORMATION ONLY MercedCERA Upcoming Board Meetings: Please note: The MercedCERA Board Meeting and/or Education Day times and dates may be changed in accordance with the Ralph M. Brown Act by the MercedCERA Board as required. • February 11, 2021 • February 25, 2021 ADJOURNMENT All supporting documentation is available for public review in the office of the Merced County Employees’ Retirement Association, 3199 M Street, Merced, California, 95348 during regular business hours, 8:00 a.m. – 5:00 p.m., Monday through Friday. The Agenda is available online at www.co.merced.ca.us/retirement Any material related to an item on this Agenda submitted to the Merced County Employees’ Retirement Association, after distribution of the Agenda packet is available for public inspection in the office of the Merced County Employees’ Retirement Association. Persons who require accommodation for a disability in order to review an agenda, or to participate in a meeting of the Merced County Employees’ Retirement Association per the American Disabilities 1 “Action” means that the Board may dispose of any item by any action, including but not limited to the following acts: approve, disapprove, authorize, modify, defer, table, take no action, or receive and file. Act (ADA), may obtain assistance by requesting such accommodation in writing addressed to Merced County Employees’ Association, 3199 M Street, Merced, CA 95348 or telephonically by calling (209) 726-2724. Any such request for accommodation should be made at least 48 hours prior to the scheduled meeting for which assistance is requested. Meeting Minutes from January 14, 2021 MercedCERA RETIREMENT BOARD ADMINISTRATIVE MEETING AGENDA MINUTES THURSDAY, JANUARY 14, 2021 MERCED COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION TELEPHONE NUMBER: 1-310-372-7549, CONFERENCE CODE: 975839 CALL TO ORDER: 8:15 A.M. Board Members Present: Ryan Paskin, Scott Johnston, Al Peterson, Scott Silveira, David Ness, Kalisa Rochester, Karen Adams and Janey Cabral. Counsel: Jeff Grant. Staff: Kristen Santos, Martha Sanchez, Mark Harman, Ninebra Maryoonani, Sheri Villagrana, Brenda Mojica and Alexis Curry. APPROVAL OF MINUTES – December 10, 2020 The MercedCERA Board voted via roll call vote to approve the December 10, 2020 Minutes. Cabral/ Peterson U/A (8-0) PUBLIC COMMENT No Comments. CONSENT CALENDAR Consent matters are expected to be routine and may be acted upon, without discussion, as one unit. If an item is taken off the Consent Calendar for discussion, it will be heard as the last item(s) of the Board Action/Discussion as appropriate. RETIREMENTS: Pursuant to Govt. Code § 31663.25 or § 31672 All items of earnable compensation for service or disability retirements listed below are in compliance with the pay code schedule approved by the Board of Retirement. The retirement is authorized; however, administrative adjustments may be necessary to alter the amount due to: audit, late arrival of data, court order, etc. a. Levey, Barbara Assessor 35 Yrs. Svc. Eff.12/19/ 2020 b. Cabrera, Alicia H.S.A 15 Yrs. Svc. Eff. 01/05/2021 c. Floyd, Dennis County Counsel 10 Yrs. Svc. Eff. 12/18/2020 d. Craig, Elaine Workforce Investment 7 Yrs. Svc. Eff. 12/31/2020 e. Valdez, Maria Court Operations 31 Yrs. Svc. Eff. 01/02/2021 f. Turner, Edna Behavioral Health 20 Yrs. Svc. Eff. 12/31/2020 g. Caplener, Nancy Library 21 Yrs. Svc. Eff.01/02/2021 h. McCoy, Dwayne Probation 32 Yrs. Svc. Eff. 01/02/2021 i. Riggs, Monica H.S.A 34 Yrs. Svc. Eff. 01/03/2021 j. Brinsfield, Glenda Hospital 4 Yrs. Svc. Eff. 12/12/2020 k. Salles, Elizabeth Behavioral Health 19 Yrs. Svc. Eff. 01/02/2021 l. Schechter, Jeanne Court Operations 5 Yrs. Svc. Eff. 01/05/2021 m. Garcia, Alicia Recorder 12 Yrs. Svc. Eff: 12/31/2020 n. Kucius, Kathy Behavioral Health 22 Yrs. Svc. Eff: 01/02/2021 o. Moss, Tammy Health Admin. 8 Yrs. Svc. Eff. 12/27/2020 p. Rochester, James Prob. Juvenile 14 Yrs Svc. Eff. 12/30/2020 YTD fiscal year 2020/2021 retirees: 46 YTD fiscal year 2019/2020 retirees: 104 YTD fiscal year 2018/2019 retirees: 103 REFUND OF SERVICE PURCHASE: None DEATH BENEFIT: None MONTHLY & QUARTERLY BUDGET REPORT: Submitted The MercedCERA Board voted via roll call vote to approve the consent calendar as presented. Silveira/ Johnston (7-0), Trustee Rochester abstained from voting. BOARD ACTION1/DISCUSSION 1. Discussion and possible action to adopt annual audit and MercedCERA Comprehensive Annual Financial Report (CAFR) – Brown Armstrong and Staff. The MercedCERA Board voted via roll call vote to approve the motion to adopt the Brown Armstrong Annual Audit and MercedCERA Comprehensive Annual Financial Report (CAFR). Adams/Ness U/A (8-0) 2. Discussion and possible action to adopt election timeline for Seats 2 (General Seat), 7 (Safety Seat) and 8A (Retired Alternate Seat) – Staff. The MercedCERA Board voted via roll call vote to adopt the election timeline and authorize the Merced County Registrar of Voters to conduct the elections for MercedCERA Board Seat 2 (General Seat), Seat 7 (Safety Seat), and Seat 8A (Retired Alternate Seat). Adams/Cabral U/A (8-0) 3. Review calendar of any training sessions and authorize expenditures for Trustees and Plan Administrator. Pursuant to Govt. Code § 31522.8 and MercedCERA’s Trustees Education and Training Policy requirements. Examples of upcoming training and educational sessions: • CALAPRS Administrators Round Table, February 11, 2021 (virtual roundtable) • CALAPRS General Assembly, March 8-9, 2021 (virtual conference). No action taken. INFORMATION ONLY No Information. ADJOURNMENT The meeting adjourned at 8:47AM Respectfully submitted, Ryan Paskin, Chair 1 “Action” means that the Board may dispose of any item by any action, including but not limited to the following acts: approve, disapprove, authorize, modify, defer, table, take no action, or receive and file. Al Peterson, Secretary Date All supporting documentation is available for public review in the office of the Merced County Employees’ Retirement Association, 3199 M Street, Merced, California,
Load more

Recommended publications
  • Private Equity's Health-Care Role Draws Spotlight
    April 19, 2021 PIonline.com $16 an issue / $350 a year THE INTERNATIONAL NEWSPAPER OF MONEY MANAGEMENT Alternatives Dave Cutler Dave Private equity’s health-care role draws spotlight Congress hears about studies on detrimental effects for patients By ARLEEN JACOBIUS Health care is too large a part of SPECIAL REPORT CRYPOTOCURRENCY AND DIGITAL ASSETS the economy for private equity in- vestors to ignore, but a burning spot- light on how managers run some hospitals and nursing homes is Investors inching closer to joining the fray prompting a few asset owners that generally prefer to quietly engage Market infrastructure MORE ON CRYPTOCURRECY Fidelity Digital Assets, which was with general partners to speak up. launched in late 2018 by Fidelity Demand for health care is rising: DIFFERENT RESULT: Sabrina T. Howell improvements drive n 2 Virginia funds warm up to Investments as the first major In the U.S., health-care spending said private equity’s positives in other cryptocurrency growth blockchain investments. Page 14 firm in institutional asset servic- grew 4.6% to $3.8 trillion in 2019, industries don’t translate to health care. n Central bank digital currency ing to offer cryptocurrency custody amounting to 17.7% of gross domes- idea gaining traction. Page 15 By BRIAN CROCE and trade execution operations. tic product, according to the Centers Private equity health-care funds n NFTs loom as next digital asset Mr. Jessop said his company for Medicare & Medicaid Services. outperformed the internal rate of If digital assets were a dance class frontier. Page 16 noticed an uptick in interest In an attempt to ride the wave of return of all private equity for funds floor, institutional investors have around the start of the COVID-19 this growth, private equity invest- raised between 2006 and 2017, been mainly sipping punch on the “We continue to see more de- lockdowns in March 2020.
    [Show full text]
  • Connections Fall 2018 Reaching Your Retirement
    CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM • FALL 2018 REACHING YOUR RETIREMENT SEMIANNUAL PUBLICATION FOR ACTIVE AND INACTIVE CalSTRS MEMBERS Teacher Talk: Spotlight on California’s Educators Science Teacher Shares How to Land Grants, Writes Book From the Galapagos Islands to Alaska and from Finland to the Arctic, Michael Wing has traveled all over the world bringing science lessons back to his students, thanks to grants that allow him to do fieldwork during his travels. He’s even written a book in the pursuit INSIDE: of his passion for science and teaching that helps guide others to do the same. 3 Board Election Planned for Fall 2019 Wing has spent his entire 21-year teaching career at Sir Francis Drake High School. He 4 One-Time Death Benefit learned how to get grants more than 10 years Amounts Increase ago when he was accepted into a program in 5 Apply Now: Money for Your Michael Wing the Galapagos Islands. Science (Ninth and 10th grade) Special Classroom Project He discovered there’s only a small group of 8 Include Health Care Costs Sir Francis Drake High School teachers applying for all the grants they can in Your Retirement Planning Tamalpais Union High School District find and they run into each other regularly in 9 Introducing Our New Hybrid these teacher travel programs. “I became one Benefits Specialists of them. I began applying for stuff. The chore of applying for a grant doesn’t seem onerous at all. That first taste of success meant I could apply for anything and not 10 Working After Retirement: worry about whether I would get it.
    [Show full text]
  • AGENDA BOARD of RETIREMENT April 27, 2021 Boardroom 1:30 P.M
    AGENDA BOARD OF RETIREMENT April 27, 2021 Boardroom 1:30 p.m. 832 12th Street Suite 600 Modesto, CA 95353 The Board of Retirement welcomes you to its meetings, which are regularly held on the fourth Tuesday of each month. Your interest is encouraged and appreciated. CONSENT/ACTION ITEMS: Consent matters include routine administrative actions and are identified under the Consent Items heading. All other items are considered to be action items “Action” means that the Board may dispose of any item by any action, including but not limited to the following acts: approve, disapprove, authorize, modify, defer, table, take no action, or receive and file. BOARD AGENDAS & MINUTES: Board agendas, minutes and copies of items to be considered by the Board of Retirement are customarily posted on the Internet by Friday afternoon preceding a meeting at the following website: www.stancera.org. AUDIO/VIDEO: All Board of Retirement regular meetings are audio and visually recorded. Audio/Video recordings of the meetings are available after the meetings at http://www.stancera.org/agenda. NOTICE REGARDING NON-ENGLISH SPEAKERS: Board of Retirement meetings are conducted in English and translation to other languages is not provided. Please make arrangements for an interpreter if necessary. Pursuant to California Governor Gavin Newsom’s Executive Order N-29-20, The Board of Retirement (“StanCERA”) is authorized to hold public meetings via teleconference and to make public meetings accessible telephonically or otherwise electronically to all members of the public who wish to participate and to provide public comment to the local legislative body during the current health emergency.
    [Show full text]
  • FOR IMMEDIATE RELEASE CONTACT: Mitchel Benson February 3, 2004 (916) 653-4052
    NEWS RELEASE CALIFORNIA STATE TREASURER PHIL ANGELIDES FOR IMMEDIATE RELEASE CONTACT: Mitchel Benson February 3, 2004 (916) 653-4052 STATE TREASURER PHIL ANGELIDES LAUNCHES ‘GREEN WAVE’ ENVIRONMENTAL INVESTMENT INITIATIVE TO BOLSTER FINANCIAL RETURNS, CREATE JOBS AND CLEAN UP THE ENVIRONMENT Landmark Environmental Initiative Will Boost Growing Economic Sector and Reduce Risks to Pensioners and Taxpayers PALO ALTO, CA – State Treasurer Phil Angelides, joined today by environmental, labor and business leaders, launched a landmark environmental Green Wave initiative to bolster financial returns, create jobs and clean up the environment. The four-pronged initiative calls on the State’s two large public pension funds – the California Public Employees’ Retirement System (CalPERS) and the California State Teachers’ Retirement System (CalSTRS) – to marry the jet stream of finance and capital markets with public purpose by committing $1.5 billion to investments in cutting-edge technologies and environmentally responsible companies. The goal of the initiative is to improve long-term financial returns for pensioners and taxpayers through investments in the burgeoning environmental technology sector, while also reducing the risks to the pension funds posed by corporate environmental liabilities. “Now is the time for California to catch the ‘Green Wave’ of smart, environmental investments and responsible corporate environmental leadership,” Angelides – who sits on the boards of both CalPERS and CalSTRS – said at a news conference here at Nanosolar
    [Show full text]
  • Benchmark 2021-B23 Mortgage Trust
    Presale: Benchmark 2021-B23 Mortgage Trust January 26, 2021 PRIMARY CREDIT ANALYST Preliminary Ratings Tamara A Hoffman New York Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%) + 1 (212) 438 3365 A-1 AAA (sf) 21,244,000 30.000 tamara.hoffman @spglobal.com A-2 AAA (sf) 155,183,000 30.000 SECONDARY CONTACT A-4A1(ii) AAA (sf) TBD 30.000 Della Cheung A-4A2(iv) AAA (sf) 200,000,000 30.000 New York A-5(ii) AAA (sf) TBD 30.000 + 1 (212) 438 3691 della.cheung A-AB AAA (sf) 19,922,000 30.000 @spglobal.com X-A (iii) AAA (sf) 1,181,663,000 N/A A-S AAA (sf) 163,615,000 18.750 B AA-(sf) 59,992,000 14.625 C A- (sf) 45,449,000 11.500 X-B(iii)(iv) A- (sf) 105,441,000 N/A X-D(iii)(iv) NR 72,718,000 N/A X-F(iii)(iv) NR 32,723,000 N/A X-G(iii)(iv) NR 14,543,000 N/A X-H(iii)(iv) NR 47,267,145 N/A D(iv) NR 50,902,000 8.000 E(iv) NR 21,816,000 6.500 F(iv) NR 32,723,000 4.250 G(iv) NR 14,543,000 3.250 H(iv) NR 47,267,145 0.000 VRR interest(v) NR 76,545,008 N/A 360A(vi) NR 12,350,000 26.295 360B(vi) NR 16,387,000 15.496 360C(vi) NR 16,388,000 4.696 360D(vi) NR 7,125,000 0.000 www.standardandpoors.com January 26, 2021 1 © S&P Global Ratings.
    [Show full text]
  • Diversity in the Management of Investments 2016 Annual Progress Report
    DIVERSITY IN THE MANAGEMENT OF INVESTMENTS 2016 ANNUAL PROGRESS REPORT TABLE OF Diversity in the Management of Investments CONTENTS 2016 Annual Progress Report CalSTRS Mission, Vision, and Core Values 2 Investments’ Core Values 3 Introduction 4 Consistency of Philosophy and Action 6 Investments’ Strategic Goals 7 A. CalSTRS Investment Staff 8 Exhibit 1: CalSTRS Investments: A California State Civil Service Workforce 10 Exhibit 2: CalSTRS Investments: A Gender Diverse California State Civil Service Workforce 11 Exhibit 3: CalSTRS Investments: An Ethnically Diverse California State Civil Workforce 12 B. The Four Pillars 15 C. The Foundation 21 2016 Asset Class Updates 27 Appendix 1: Investment Performance Benchmarks 43 Appendix 2: Emerging Manager Definitions 45 DIVERSITY IN THE MANAGEMENT OF INVESTMENTS I 2016 ANNUAL PROGRESS REPORT – CALSTRS INVESTMENTS I 1 MISSION Securing the financial future and sustaining the trust of California’s educators. VISION Your Reward – A Secure Retirement Our Reward – Getting You There CORE VALUES The CalSTRS core values are a set of attitudes, beliefs, and behaviors that define CalSTRS and its employees. Customer Service – We never compromise on quality as we strive to meet or exceed the expectations of our customers. Accountability – We operate with transparency and accept responsibility for our actions. Leadership – We model best practices in our industry and innovate to achieve higher standards. Strength – We ensure the strength of our system by embracing a diversity of ideas and people. Trust – We conduct ourselves with integrity, acting ethically in every endeavor. Respect – We respect the needs of our members, co- workers, and others, treating everyone with fairness, honesty, and courtesy.
    [Show full text]
  • COMPREHENSIVE ANNUAL FINANCIAL REPORT 2020 TABLE of CONTENTS 3 Calstrs Comprehensive Annual Financial Report
    Comprehensive Annual FINANCIAL REPORT CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM A COMPONENT UNIT OF THE STATE OF CALIFORNIA FOR THE FISCAL YEAR ENDED JUNE 30, 2020 CALIFORNIA STATE TEACHERS’ RETIREMENT SYSTEM A component unit of the State of California Comprehensive Annual Financial Report for the fiscal year ended June 30, 2020 Prepared by CalSTRS staff CalSTRS Comprehensive Annual Financial Report Introductory section Required supplementary information (unaudited) Letter of transmittal . 9 Schedule of changes in net pension liability Awards and recognition . 16 of employers and nonemployer contributing entity . 83 Teachers’ Retirement Board . 18 Schedule of net pension liability of employers and nonemployer contributing entity . 84 Executive staff . 19 Schedule of pension contributions from employers Year in review . 20 and nonemployer contributing entity . 85 Schedule of money-weighted rate of return Financial section for State Teachers’ Retirement Plan and Medicare Premium Payment Program . 86 Independent auditor’s report . 26 Schedule of changes in net OPEB liability Management’s discussion of employers . 87 and analysis (unaudited) . 29 Schedule of net OPEB liability of employers . 88 Basic financial statements Other supplementary information Statement of fiduciary net position . 46 Schedule of administrative expenses . 89 Statement of changes in fiduciary net position . 47 Schedule of investment expenses . 90 Notes to the basic financial statements Schedule of consultant and professional services expenses . 94 1 . Significant provisions of CalSTRS plans and programs . 48 Investment section 2 . Summary of significant accounting policies . 54 3 . Net pension liability of employers and Investment consultant’s report . 100 nonemployer contributing entity . 58 Investment objectives . 105 4 . Net other postemployment benefit (OPEB) liability of employers .
    [Show full text]
  • California State Teachers' Retirement System Management’S Discussion and Analysis (Unaudited) June 30, 2012
    California State Teachers’ Retirement System (A Component Unit of the State of California) Report of Independent Auditors, Basic Financial Statements, Required Supplementary Information, and Other Supplemental Information For the Fiscal Year Ended June 30, 2012 California State Teachers’ Retirement System (A Component Unit of the State of California) For the Fiscal Year Ended June 30, 2012 Table of Contents Report of Independent Auditors ............................................................................................................. 1-2 Management’s Discussion and Analysis .............................................................................................. 3-17 Basic Financial Statements: Statement of Fiduciary Net Assets ............................................................................................................. 18 Statement of Changes in Fiduciary Net Assets ........................................................................................... 19 Notes to the Basic Financial Statements ................................................................................................ 20-51 Required Supplementary Information (Unaudited): Schedule of Funding Progress… ........................................................................................................... 53-54 Schedule of Contributions from Employers and Other Contributing Entities ....................................... 55-57 Other Supplemental Information: Schedule of Administrative Expenses ........................................................................................................
    [Show full text]
  • Member Handbook
    Member Handbook 2002–2003 The CalSTRS Member Handbook was prepared by the staff of the California State Teachers’ Retirement System to assist CalSTRS Defined Benefit Program members in understanding their member benefits. The summarized data pertain to the Teachers’ Retirement Law and procedures effective January 1, 2003. The Member Handbook is intended as a ready source of information about CalSTRS and not as a legal document or a substitute for the law. If differences appear between the law and the handbook, the law must prevail. The State Teachers’ Retirement Law consists of Part State of California 13, also known as the E. Richard Barnes Act, Part Gray Davis, Governor 13.5 and Part 14 of Division 1 of the California Education Code. The law establishes the State Teachers’ Retirement Board Teachers’ Retirement Plan, which consists of the Gary Lynes, Chairperson CalSTRS Defined Benefit Supplement Program, Paul Krasnow Karen Russell, Vice Chairperson Defined Benefit Program and the CalSTRS Cash Jay Schenirer Balance Benefit Program. Part 13 includes the Carolyn Widener provisions of the CalSTRS Defined Benefit Program B. Timothy Gage, Director, Department of Finance and DBS Program and regulates all activities of the Steve Westly, State Controller California State Teachers’ Retirement System. Part Phil Angelides, State Treasurer 13.5 includes provisions concerning health care Jack O’Connell, Superintendent of Public Instruction benefits for CalSTRS members. Part 14 establishes an alternative plan for part-time educators, known as the Jack Ehnes, Chief Executive Officer Cash Balance Benefit Program. Christopher J. Ailman, Chief Investment Officer Permission is hereby granted to reproduce, copy, or duplicate the information in this booklet, provided credit is given to CalSTRS.
    [Show full text]
  • California State Teachers' Retirement System Investment Reports As of June 30, 2020 Introduction
    California State Teachers' Retirement System Investment Reports As of June 30, 2020 Introduction The California State Teachers' Retirement System (CalSTRS) is required to report to the Legislature on specific areas regarding the system's actions as they relate to particular investments and holdings. This report is submitted in compliance with the direction of the following statutes: • Chapter 441, Statutes of 2011 (AB 1151-Feurer) - Iran • Chapter 671, Statutes of 2007 (AB 221-Anderson) - Iran • Chapter 442, Statutes of 2006 (AB 2941-Koretz) - Sudan • Chapter 341, Statutes of 1999 (SB 105-Burton) - Northern Ireland Background CalSTRS With over 100 years of experience and over $246 billion of assets under management, CalSTRS is the oldest and largest educator-only pension system in the world. CalSTRS members include California public school educators, pre-kindergarten through community college. CalSTRS members are employed by approximately 1,700 school districts, community college districts, county offices of education, regional occupational programs and charter schools. CalSTRS is administered by the 12-member Teachers’ Retirement Board (board). The board sets the policies and is responsible for ensuring that benefits are paid by the system in accordance with the law. One of the board’s core values is to ensure the retirement system's strength by proactively addressing the risks of investing. This value permeates the investment portfolio, where the board has adopted the Investment Policy for Mitigating Environmental, Social, and Governance (ESG) Risks. The policy requires managers to consider multiple risk factors when investing for CalSTRS. A copy of the policy is included in Attachment A. In early 2020, CalSTRS performed an extensive analysis of its reporting requirements and staff workload.
    [Show full text]
  • The Changing Tide: the Evolution of the Asset Owner Investment Model
    The investment industry THE CHANGING is in a period of change, and nowhere is this better TIDE: THE demonstrated than in the experience of asset owners. Rising costs, changing EVOLUTION global regulations and uncertainty of investment OF THE ASSET performance means that, across the globe, asset OWNER owners find themselves questioning all aspects INVESTMENT of their organisational structures and their MODEL investment processes. THE CHANGING TIDE: THE EVOLUTION OF THE ASSET OWNER INVESTMENT MODEL THE CHANGING TIDE: THE EVOLUTION OF THE ASSET OWNER INVESTMENT MODEL EXECUTIVE SUMMARY The investment industry is in flux. The rise in costs, new 1 technology, global regulatory change and a drive toward fund consolidation have led many asset owners to look more closely at their organisational structures and to rethink their investment processes. Across the globe, investors are bringing their asset management in-house in order to reduce fees, enhance control, gain efficiencies and drive overall investment performance. For asset owners that manage their assets internally, 2 or want to do so in the future, there are several considerations to take into account. These range from setting up and implementing governance structures, to finding and recruiting the right talent, to managing technology needs, and getting to grips with new operational models. Asset owners are tackling these challenges in different 3 ways. Each asset owner is in a unique situation, but the trend toward in-house management is truly a global one. Concerns about future-proofing operating models 4 can be a barrier to in-house management. As the investment insourcing trend develops, asset owners are increasingly outsourcing non-core functions to focus on the activities that add the most value.
    [Show full text]
  • In the Supreme Court of the United States
    No. ______, Original In the Supreme Court of the United States STATE OF TEXAS, PLAINTIFF v. STATE OF CALIFORNIA MOTION FOR LEAVE TO FILE A BILL OF COMPLAINT, BILL OF COMPLAINT, BRIEF IN SUPPORT KEN PAXTON KYLE D. HAWKINS Attorney General of Texas Solicitor General Counsel of Record JEFFREY C. MATEER First Assistant Attorney MATTHEW H. FREDERICK General Deputy Solicitor General JASON R. LAFOND Assistant Solicitor General TREVOR W. EZELL Assistant Attorney General OFFICE OF THE ATTORNEY GENERAL P.O. Box 12548 (MC 059) Austin, Texas 78711-2548 [email protected] (512) 936-1700 TABLE OF CONTENTS 1. Motion for Leave to File a Bill of Complaint 2. Bill of Complaint 3. Brief in Support of Motion for Leave to File a Bill of Complaint 4. Appendix Selected Provisions of Texas Human Resources Code ........................................................ A.1 A.B. 1887 .................................................................... A.6 California Assembly Committee on the Judiciary, Analysis of A.B. 1887 (Mar. 12, 2016) ................... A.10 California Assembly Committee on the Judiciary, Analysis of A.B. 1887 (Apr. 1, 2016) ..................... A.25 Transcript Excerpts from March 15, 2016, Hearing on A.B. 1887 Before the California Assembly Committee on the Judiciary ............... A.41 (i) No. ______, Original In the Supreme Court of the United States STATE OF TEXAS, PLAINTIFF v. STATE OF CALIFORNIA MOTION FOR LEAVE TO FILE A BILL OF COMPLAINT The State of Texas moves the Court for leave to file the accompanying Bill of Complaint. In support of its motion, the State asserts that its claims arise under the United States Constitution; its claims are serious and dignified; and there is no alternative forum to provide adequate relief.
    [Show full text]