A Review of the CalSTRS Funding Plan: Theoretical Investment Gains Have Shifted Unfunded Liabilities to Districts

Feb 2, 2016 - That is, the calculation reflects a fictional investment portfolio that has more assets than CalSTRS’ real world portfolio. This is important because when CalSTRS records investment gains in the real world, the calculation gives the state the benefit of additional, theoretical gains off the fictional portion of the investment portfolio.
https://lao.ca.gov/Publications/Report/3334

A Review of the CalSTRS Funding Plan: State’s Future Responsibility for CalSTRS Uncertain

Feb 2, 2016 - In our third post , we showed how the funding plan’s key calculation gives the state the benefit of theoretical investment gains that do not exist in the real world. For example, if CalSTRS’ real world portfolio grows by $10 billion, the calculation gives the state the benefit of a roughly $12 billion gain.
https://lao.ca.gov/Publications/Report/3336

CalSTRS Funding: An Update

May 5, 2017 - For example, if CalSTRS ’ real world portfolio grows by $10  billion, the calculation gives the state the benefit of a roughly $11  billion gain. Of course, the opposite is true as well. When CalSTRS records an investment loss —as they did in 2015 ‑ 16 —the loss to the theoretical investment portfolio is larger than the real world loss, making the state share of
https://lao.ca.gov/Publications/Report/3662

The 2022-23 Budget: Supply Chain and Port Infrastructure Proposals

Feb 15, 2022 - Short ‑Term vs. Long ‑Term Strategies. The  current supply chain disruptions are the result of both short ‑term issues, such as greater consumer demand, as well as long ‑term issues, such as the capacity and resilience of the goods movement system.
https://lao.ca.gov/Publications/Report/4540

A Review of the CalSTRS Funding Plan: CalSTRS Funding Plan Relies on Abstract Calculation

Feb 2, 2016 - In general, the state will pay for these smaller theoretical unfunded liabilities —as determined by the calculation —while districts will pay the difference between total real world unfunded liabilities and the state ’s share.
https://lao.ca.gov/Publications/Report/3333

A Review of the CalSTRS Funding Plan: Funding Plan May Not Meet Principle of “Shared Responsibility”

Feb 2, 2016 - As we described in our third post , the abstract calculation central to the funding plan implementation gives the state the benefit of theoretical investment gains that do not exist in the real world.
https://lao.ca.gov/Publications/Report/3337

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - CalSTRS is the world ’s largest educator ‑only pension system, administering the $315  billion Teachers ’ Retirement Fund for more than 1  million members and beneficiaries (as of June 2023). CalSTRS ’ 12 ‑member Teachers ’ Retirement Board (CalSTRS Board) administers the fund and is constitutionally responsible for overseeing the system ’s investment policies and ensuring that benefit payments are made on time and according to law.
https://lao.ca.gov/Publications/Report/4887

MOU Fiscal Analysis: Bargaining Units 1, 3, 4, 11, 12, 13, 14, 15, 17, 18, 19, 20, and 21

Jan 10, 2017 - Unit 12: Rejected Agreement vs. Proposed Agreement Last year, the Legislature ratified a tentative agreement between the state and Unit 12. This agreement did not go into effect, however, because it subsequently was rejected by Unit 12 members.
https://lao.ca.gov/Publications/Report/3520

Climate Change Impacts Across California - Crosscutting Issues

Apr 5, 2022 - For example, work and economic activity will be disrupted by flooding of ports, docks, surrounding roadways, or adjacent railways through which goods are distributed —affecting deliveries of imports across the state, as well as exports such as Central Valley agricultural products that are shipped throughout the world.
https://lao.ca.gov/Publications/Report/4575

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - In our November Fiscal Outlook , we found the state has sufficient reserves to cover operating deficits in the event of a typical post‑World War II recession. This finding was based on two important assumptions.
https://lao.ca.gov/Publications/Report/4135