Tag: Calstrs

CalPERS and SBA Florida Vote FOR Effissimo’s Proposal to Toshiba

Mary Pat Campbell

Link: https://www.businesswire.com/news/home/20210314005038/en/CalPERS-and-SBA-Florida-Vote-FOR-Effissimo%E2%80%99s-Proposal-to-Toshiba

Excerpt:

California Public Employees’ Retirement System (CalPERS)1 and State Board of Administration (SBA) of Florida2, the largest and fifth-largest public pension funds in the US, have publicly disclosed that they have voted FOR Effissimo Capital Management’s shareholder proposal to conduct an independent investigation of Toshiba Corporation’s (TYO: 6502) 2020 Annual General Meeting (AGM).

SBA Florida cited three reasons for its supportive vote: “Conflicted review process; Insufficient resolution of outstanding concerns; Reasonably proportionate request.”

The votes by prominent institutional shareholders of Toshiba follow earlier disclosure by California State Teachers’ Retirement System (CalSTRS), the second-largest public pension fund in the US, that it was voting FOR Effissimo’s proposal.

Author(s): Effissimo Capital Management

Publication Date: 14 March 2021

Publication Site: Businesswire

CalSTRS Aims for New $2 Billion Sustainable Portfolio

Mary Pat Campbell

Link: https://www.ai-cio.com/news/calstrs-aims-new-2-billion-sustainable-portfolio/

Excerpt:

The California State Teachers’ Retirement System (CalSTRS) plans to build a private markets sustainable investment portfolio to go greener while aiming to maintain its investment returns.

The investment committee of the $282.5 billion pension system, the largest teachers’ retirement fund in the world, is expected to approve the new portfolio at its meetings next week. 

The pension system’s plan calls for investments of $1 billion to $2 billion in the next couple of years—much of it in real estate affordable housing investments, as well as in private equity and infrastructure—according to CalSTRS investment committee material. 

Author(s): Randy Diamond

Publication Date: 24 February 2021

Publication Site: ai-CIO

Push for pension reform rocks teachers

Mary Pat Campbell

Link: https://www.ptreyeslight.com/article/push-pension-reform-rocks-teachers

Excerpt:

Teachers are upset at the Marin County Board of Education for discussing pension reform in the middle of a pandemic without any feedback from labor unions. The county board considered a resolution last month that calls on state legislators to enact pension reform, proposing several possible solutions—including weakening pensions by reducing benefits and raising the retirement age. Teachers spoke out against the nonbinding resolution, which was tabled in response to their concerns.

…..

School districts and employees have no say in how much they pay. At Shoreline, about 10 percent of the general fund is paid to retirement funds. 

The required contribution from districts has steadily risen following the passage of A.B. 1469, which was intended to fully fund CalSTRS. When the bill passed in 2014, the state required districts to pay 8.88 percent of their payroll to the teachers’ retirement system. This year, they are required to pay 16.15 percent. Mandated CalPERS contributions have risen from 11.77 to 20.7 percent of payroll costs in the same timeframe, leaving less money within districts for direct education costs. 

The rising liability caught the eye of the Joint Legislative Advisory Committee, a countywide group of elected school board members and superintendents created to advocate on behalf of public education in Marin. Pension reform has been a priority for the committee since 2014, and it’s been the number-one goal since 2017. 

Author(s): Braden Cartwright

Publication Date: 3 February 2021

Publication Site: Point Reyes Light

California pension funds learning from experience; Flexibility is key lesson from plans’ pandemic struggles

Mary Pat Campbell

Link: https://www.pionline.com/pension-funds/california-pension-funds-learning-experience

Excerpt:

Marcie Frost said CalPERS got an early warning about the coronavirus from its outgoing CIO.


CalPERS and CalSTRS have been working to keep their plans upright and positioned to attain their expected rate of returns in unprecedented economic, social and political conditions.

Author(s): Arleen Jacobius

Publication Date: 25 January 2021

Publication Site: Pensions & Investments