US - The board of the US$125bn California State Teachers' Retirement System (CalSTRS) has voiced its official opposition to two proposals that would replace guaranteed defined benefit (DB) pensions with 401(k)-style defined contribution (DC) plans for teachers and other public employees hired on or after July 1, 2007.
At its investments committee meeting, the board voted against legislative proposals Assembly Constitutional Amendment 5 and ACA 1X, introduced by Assemblyman Keith Richman, in addition to a 2005-06...
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