Established in 1913 to provide secure retirement benefits to California’s public school educators from prekindergarten through community college, the California State Teachers’ Retirement System is the largest educator-only pension fund in the world and the second largest pension fund in the United States. Today, CalSTRS provides retirement, disability and survivor benefits to California’s more than 980,000 public school educators and their families. As a world-class financial services institution and state agency, CalSTRS’ unique organizational culture emphasizes customer service, accountability, leadership and respect for our members and colleagues. Since 2004, we have actively integrated climate-oriented solutions into the CalSTRS Investment Portfolio. We focus on developing and implementing effective engagement and advocacy strategies that promote alignment with the global transition to net zero. We are committed to influencing public policies and regulators and calling upon the companies in which we invest to be more vigilant in their integration of climate risk management considerations. We interweave sustainable goals into our everyday business practices at every level of our business operations.


CalSTRS’ mission is to secure the financial future and sustain the trust of California’s educators.

Cassandra Lichnock, CalSTRS Chief Executive Officer

Cassandra Lichnock

Chief Executive Officer, CalSTRS

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We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use

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California educators rely on a financially sound retirement system. Progress toward the goal of full funding was made possible in 2014 with passage of the CalSTRS Funding Plan through Assembly Bill 1469. Our goal is to reach full funding by 2046.

Activities & Initiatives

The CalSTRS Funding Plan reflects a shared commitment by members, employers and the State of California to incrementally increase contributions in a predictable manner to fully fund the Defined Benefit Program and ensure the long-term sustainability of CalSTRS. The funding plan provides the Teachers’ Retirement Board with limited authority to increase or decrease both the state and employer contribution rates. This ensures the plan remains on track, and the board can respond as necessary to unexpected changes in CalSTRS’ economic and demographic situations.

Measures & Targets

As of the June 30, 2020, actuarial valuation, CalSTRS was 67% funded. Our goal is to reach full funding by 2046.

CalSTRS continually monitors the funding plan and the financial health of the fund. We perform formal assessments of funding levels and risks, which are provided to the board twice a year. The annual actuarial valuation report is presented in the spring and the Review of Funding Levels and Risks Report is presented in the fall. Every funding risk measure included in the most recent report has improved over the last year.

In addition to these two formal reports, CalSTRS provides updates to the board on the status of various funding-related risks as part of the semi-annual enterprise risk management reports that are also presented in the spring and fall of each year. We report on the progress of the funding plan’s funding status to the Legislature every five years, as required by statute. We are scheduled to submit the next required report in 2024. We also perform a formal review of actuarial assumptions every four years, with the most recent review completed in January 2020. The next formal review is expected in 2024.

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Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.