According to a press release, the enhanced supplemental savings program could include:
- the ability of investors to invest in a special fund option that mirrors the asset allocation of the CalSTRS portfolio, excluding real estate and private equity.
- assistance from registered investment advisors.
All School District Employees
The expanded supplemental savings investment program will be available to all employees of a school district, not just to teachers. Additionally, CalSTRS helps all school district employees prepare for retirement by administering an online information bank for 403(b) products, www.403bCompare.com . This site was created to help the employees make informed investment decisions by offering information about 403(b) products available in their district, according to a press release. There is an educational section, information about investment options, fees and product performance.
“With the expansion of our supplemental retirement savings program, we are at the inception of an unprecedented change in how we serve our members. Never has the need been greater for reliable investment vehicles in an industry awash with a dizzying array of products,” said Jack Ehnes, CalSTRS chief executive officer, in a press release. “Currently, CalSTRS members and other public school employees may have to choose from as many as 90 providers offering more than 1,000 various 403(b) products. We will offer a select group of top-quality retirement savings vehicles from a provider they trust.”
The pension system is also increasing its supplemental, deferred compensation savings opportunities as part of its mission to help California’s teachers have a secure retirement.
With a $159 billion investment portfolio, the California State Teachers’ Retirement System is the second-largest public pension fund in the United States. It provides retirement, disability and survivor benefits to California’s 800,000 public school educators and their families.