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Connections Fall 2018 Reaching Your Retirement

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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. More teachers should apply for more stuff and Rules You Need to Know find more things to do with their kids.” Getting students involved Thanks to grants, Wing has done fieldwork in such places as the Arctic, Costa Rica, Finland, Namibia, India, the Pacific Ocean and the United Arab Emirates. His projects have captured national attention, including from NPR’s Science Friday. He wrote a book to help other teachers develop creative projects of their own: Passion Also inside: Projects for Smart People. He also has been published in several academic journals, Your Retirement with five of his students getting credit as co-authors. Progress Report One of his projects had students prepare glass and marble tiles, which Wing got placed around the world in extreme locations such as high mountains and hot and Available on myCalSTRS polar deserts. The long-term project allows students to study the cyanobacteria See page 2 growing under the tiles. Wing and his students also built a greenhouse at the University of California’s continued on page 12 Keep Track of Your Account and CalSTRS Mission: Service Credit Balance Securing the financial future and sustaining View Your 2017–18 Retirement Progress Report the trust of California’s on myCalSTRS educators Your Retirement Progress Report for 2017–18 is now available online. To view or print Teachers’ Retirement Board your report, log on to your myCalSTRS account at myCalSTRS.com, select Dana Dillon, Chair View Your Retirement Progress Report and then select the Sharon Hendricks, Vice Chair year and account type. You can also: Keely Bosler John Chiang Retirement Progress Report 2018 • Review your current and past Your Annual Account Statement and Planning Guide Joy Higa Cash Balance Benefit Program as of June 30, 2018 Harry M. Keiley reports online. Paul Rosenstiel Tom Torlakson • Use the online glossary if you have Retirement Progress Report 2018 Your Annual Account Statement and Planning Guide Nora E. Vargas Defined Benefit Program as of June 30, 2018 Karen Yamamoto any questions about terms used in Betty Yee the report. Jack Ehnes • Select the Employer Detail screen to Chief Executive Officer view a breakdown of your earnings, Christopher J. Ailman contributions, compensation earnable Chief Investment Officer and service credit by employer and by assignment. Editor In support of our commitment to Laura Martin sustainability, CalSTRS securely and automatically Designer delivers your annual Retirement Progress Report to your Baotran Bui online myCalSTRS account, reducing paper and postage Contributors costs. However, if you want a printed version of next year’s report mailed to Ruth Latendorf you, submit the form, available at Melissa Wiese Retirement Progress Report Delivery Preference CalSTRS.com/forms, by July 1, 2019. Statements in this publication are general and the Teachers’ Retirement Law is complex and specific. If a conflict If you believe there’s a discrepancy in your report, arises between information contained in this publication contact your employer immediately. and the law, any decisions will be based on the law. CalSTRS Connections is published twice a year for members of the California State Teachers’ Retirement System. Send your comments or suggestions to: Editor, Communications Have You Received Unsolicited Email About CalSTRS MS 34 CalSTRS Retirement Planning? P.O. Box 15275 Sacramento, CA 95851 When communicating via email, a CalSTRS representative will always have “@CalSTRS.com” in the email address— for example: [email protected]. We will never ask for your personal information in an unsolicited email or other type of electronic communication. printed on recycled paper CalSTRS 2 Connections: Reaching Your Retirement - Fall 2018 Board Election Planned for Fall 2019 Next fall, CalSTRS active members will elect three of Candidates the 12 members on the Teachers’ Retirement Board. A Notice of Election and important candidate CalSTRS will hold the election October 1 through information, including nomination petitions, can November 30, 2019, for the following board seats: be found on CalSTRS.com by clicking What’s New, • One preK–12 or county office of education then Board Elections to Be Held in 2019—Candidate employee who is an active CalSTRS Defined Information. Nomination petitions with at least 250 Benefit Program member or Cash Balance Benefit valid signatures are due January 8, 2019. Program participant. This person cannot be an administrator. Board Member Responsibilities » Elected by all preK–12 and county office of Board members set policy, make rules and are education employees who are active members responsible for ensuring CalSTRS pays benefits or participants. according to the law. The board appoints a chief executive officer who is responsible for the • One preK–12 or county office of education administration of CalSTRS according to the board’s employee who is an active member or participant, policies and rules. The board also appoints a including administrators. chief investment officer who is responsible for the » Elected by all preK–12 and county office of investment of the Teachers’ Retirement Fund, in education employees who are active members keeping with the board’s policy. or participants. The board has six standing committees: Appeals, • One community college instructor who is an active Audits & Risk Management, Benefits & Services, member or participant. Board Governance, Compensation, and Investment. » Elected by all active members or participants Interested in a Board Seat? who are community college faculty. If you are interested in running for a board seat, contact CalSTRS at 916-414-1411. Contribution Rate Increase Effective July 1, 2018 For CalSTRS 2% at 62 members—members first hired to perform service that could be credited to the Defined Benefit Program on or after January 1, 2013—your contribution rate is connected to the normal cost of your retirement benefits. Normal cost is dependent on our assumptions about factors such as retiree lifespan and how much we expect to earn on investments. CalSTRS recently changed these assumptions. When changes in normal cost meet certain thresholds defined by law, your contribution rate is adjusted. The normal cost is assessed each year based on the actuarial valuation—a snapshot of CalSTRS’ financial status presented to the Teachers’ Retirement Board each spring. For the 2017–18 fiscal year, your contribution rate was 9.205 percent of your creditable earnings, up to the compensation cap. This rate increased on July 1, 2018, to 10.205 percent for 2018–19. Employer contribution rates increased to 16.28 percent per the CalSTRS Funding Plan, and the State of California’s rate increased from 9.328 percent to 9.828 percent. CalSTRS Connections: Reaching Your Retirement - Fall 2018 3 CalSTRS Funding News CalSTRS Reports 9 Percent Net Investment Return for 2017–18 CalSTRS posted a 9.0 percent return on investments for the 2017–18 fiscal year, exceeding the 7.0 percent assumption rate for the second consecutive year and helping advance the fund toward full funding. As of June 30, 2018, the total fund value was $223.8 billion. For more details, including returns by asset class and benchmark performance over several years, go to CalSTRS.com/17-18investmentreturn. CalSTRS Investment Fund Performance: A Long-Term, Historical Perspective Net of Fees—as of June 30, 2018 10.0% 9.2% 8.0% 9.0% 7.7% 7.8% Investment Assumption: 6.0% 6.5% 6.3% 7.0% return over 30 years 4.0% 2.0% 0.0% 25-Year 20-Year 10-Year 5-Year 3-Year 1-Year June 30, 2017, Actuarial Valuation Results The results of the June 30, 2017, actuarial valuation for the Defined Benefit Program were presented to the board at its May 2018 meeting. The unfunded actuarial obligation increased from $96.7 billion to $107.3 billion as of June 30, 2017. The increase was anticipated and occurred primarily due to the lowering of the investment return assumption from 7.25 percent to 7.0 percent. More information is at CalSTRS.com/2017actuarialvaluation. One-Time Death Benefit Amounts Increase At its May 2018 meeting, the Teachers’ Retirement Board approved a 3.4 percent increase to the one-time death benefit payable to designated recipients of Defined Benefit Program members.
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