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 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

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

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Jun 23, 2025 - The vacancy rate across state civil service classifications has fluctuated in recent years from 15  percent in 2019 to 21  percent in 2023 to 17  percent as of May 31, 2025. Though much lower than statewide vacancy rates, the vacancy rate among Unit 6 classifications also has fluctuated from 8  percent in 2019 to 13  percent in 2023 to 9  percent as of May 31, 2025.
https://lao.ca.gov/Publications/Report/5058

MOU Fiscal Analysis: Bargaining Unit 10 (Professional Scientific)

Aug 14, 2024 - Governor Presented —and Union Rejected —Last Best and Final Offer (LBFO) in December 2023. The mediation process ended on December 13, 2023 with the parties failing to reach an agreement. The administration submitted its LBFO to CAPS on December 19, 2023.
https://lao.ca.gov/Publications/Report/4918

MOU Fiscal Analysis: Bargaining Unit 16 (Physicians)

Sep 7, 2023 - The agreement would provide two GSIs over the course of the agreement, described below. 3  Percent in 2023-24. Effective July 1, 2023, all Unit 16 members would receive a 3  percent salary increase. 2.5  Percent in 2024-25.
https://lao.ca.gov/Publications/Report/4801

MOU Analysis: Unit 10 (Professional Scientific)

Jan 30, 2023 - Notwithstanding Long-Standing Disagreement Over Unit 10 Compensation, 2023 Presents Challenging Bargaining Environment … The state is faced with competing tensions that make reaching bargaining agreements in 2023 difficult.
https://lao.ca.gov/Publications/Report/4665

MOU Fiscal Analysis: Bargaining Unit 19 (Health and Social Services/Professional)

Sep 1, 2023 - A GSI provides the same salary increase to all employees represented by the bargaining unit. 2023 ‑24 GSI: 3  Percent. Effective July 1, 2023, all Unit 19 employees would receive a 3  percent salary increase. 2024 ‑25 GSI: 2.5  Percent.
https://lao.ca.gov/Publications/Report/4797