California’s Governor Brown has announced the appointment of Joy Higa to the Teachers’ Retirement Board, which oversees the retirement benefits for California’s K-12 and community college educators covered under the California State Teachers’ Retirement System (CalSTRS).
Higa is one of three public members appointed by the Governor to the 12-member board. The appointment is subject to Senate confirmation.
The California State Teachers’ Retirement System, with a portfolio valued at $181.1bn as of December 31 2013, is the largest educator-only pension fund in the world. It administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans and also provides disability and survivor benefits. CalSTRS serves California's 862,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.