CalSTRS (California State Teachers' Retirement System) is 75.9% funded as of June 30, 2023. This indicates a strong and improving financial position for the system responsible for providing retirement benefits to California's public school educators.
Understanding CalSTRS' Funded Status
The funded status of a pension system like CalSTRS represents the percentage of its future benefit obligations that are currently covered by its assets. A higher percentage indicates a healthier financial outlook and a greater ability to meet its commitments to current and future retirees.
Key details regarding CalSTRS' funding include:
- Current Status: As of June 30, 2023, CalSTRS reached a funded status of 75.9%.
- Consistent Growth: This marks the sixth consecutive year that the funded status has increased, demonstrating a sustained positive trend.
- Significant Improvement: Since 2017, CalSTRS' funded status has grown by more than 13%, rising from 62.6% to 75.9%. This substantial improvement highlights effective management and favorable financial performance.
Funded Status Over Time
To illustrate the progress, here's a brief look at the funding growth:
| Year | Funded Status |
|---|---|
| 2017 | 62.6% |
| 2023 | 75.9% |
This upward trend underscores CalSTRS' commitment to long-term financial stability and its capacity to deliver on its promises to members. The continuous increase in funded status is a positive indicator for the retirement security of California's educators.
For more detailed financial information, you can refer to official reports from CalSTRS, such as their fiscal year performance updates available on their website: CalSTRS Earns 8.4% Net Return, Exceeds Benchmark in Fiscal Year 2023-24
