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CalSTRS board adopts $421.1 million 2025–26 operating budget, approves added positions
Summary
The California State Teachers' Retirement System board approved a $421.1 million operating budget for fiscal 2025–26, a $187.4 million decrease from the prior year driven by a one-time reversal tied to the pension solution project. The budget adds 30 positions and passed by roll-call vote.
The California State Teachers' Retirement System board on Nov. 7 approved a $421,100,000 operating budget for fiscal 2025–26, resolving a year-to-year net reduction and authorizing growth in staff headcount.
Chief Financial Officer Julie Underwood told trustees the budget represents a $187,400,000 decrease from the prior year, largely because the board reversed a one-time prior-year pension solution project expense of $205,800,000. The operating plan includes 1,431 authorized positions, an increase of 30 over the prior year, and adds $2 million for employer-paid retiree health benefits after a pro rata assessment adjustment.
Underwood said the budget contains targeted increases: $7.7 million for employee compensation and pro rata assessments, $4.4 million to support a multi-year collaborative model (15 positions), $3.7 million for technology, and $2.6 million for 15 administrative positions (12 hired early to comply with AB 1667 and AB 2019). She described one position each for diversity, equity and inclusion and innovation among the additions.
Trustees moved and seconded the item and approved it by roll-call vote. The board heard no public commenters on the item. Chairperson Bradford thanked staff and noted broad appreciation for the presentation and the team's work.
