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95 Years Serving State's Educators Celebrated at CalSTRS Board Meeting

Posted on: Thursday, 10 July 2008, 18:00 CDT

With a resolution, a letter of congratulations - and a cake - the California Legislature and Governor Schwarzenegger's office today recognized the California State Teachers' Retirement System's (CalSTRS) 95 years of service in support of the state's educators.

The recognition took place during the Teachers' Retirement Board meeting at CalSTRS' East Sacramento headquarters with representatives from the Governor's Office and from the offices of State Senator Patricia Wiggins and Assemblyman Edward P. Hernandez.

"As the second largest pension fund in the United States, you shoulder a tremendous responsibility for the hundreds of thousands who rely on your expertise and sound investment practices," said Gov. Arnold Schwarzenegger in his letter to the board.

CalSTRS was established on July 1, 1913 as the Teachers' Retirement Salary Fund and paid 120 teachers $500 a year in benefits. Today, with a $170 billion portfolio, CalSTRS is the second largest public pension fund in the United States and administers retirement, disability and survivor benefits for 813,000 K-12 and community college public school educators and their families.

"CalSTRS has become a tireless advocate for California's educators and their families, whether it is supporting our most vulnerable members' pensions against inflation, providing workshops for active educators where they live and work, or offering a variety of financial tools to supplement their pensions," said CalSTRS Board Chairwoman Dana Dillon, a teacher/librarian with the Weed Union Elementary School District. "This is a good time to remember our past and to look forward to another 95 years of protecting the financial security of our members."

Source: Business Wire

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