TABLE OF CONTENTS AWARD: GFOA CERTIFICATE

2 CalSTRS Popular Annual Financial Report 2017

Advancing Sustainability Forward 3

State Teachers’ Retirement Plan Financial Summary 4

Pension2 Financial Statements 7

Funding Ratio 8

Members 9

Investments 11

CalSTRS’ Impact on California’s Economy 13

Teachers’ Retirement Board 14

CalSTRS Popular Annual Financial Report 2017 3

outlined in the actuarial experience study. This also included additional changes to various economic and demographic factors, such as inflation assumptions and improved mortality rates. All of these factors, in addition to the return assumptions and overall fund performance, work in tandem to make an impact on the forward movement toward the plan funding goal.

Ongoing Progress on Defined Benefit Plan Funding

CalSTRS continues to make progress on the July 2014 funding plan, set into motion via Chapter 47, Statutes of 2014 (Assembly Bill 1469—Bonta), which established a predictable schedule of contribution rate increases shared between members, the state and employers over a 32-year span. A snapshot of the Defined Benefit Program’s assets and liabilities as reported in the June 30, 2016, actuarial valuation (released in April 2017) reflected an increase of $20.5 billion in the unfunded liability, currently at $96.7 billion. This increase was anticipated and occurred primarily due to the adoption of the lower investment return assumption and an increase in member life expectancies. These changes also caused a decrease in the system’s funding ratio—the ratio of the smoothed actuarial value of assets to pension obligations—from 68.5 percent to 63.7 percent. Despite the declines in funding levels, a future upswing is projected with a steady ascent toward full funding, according to the parameters of the long-term funding plan.

Transforming Sustainability for the Future

CalSTRS continues to maintain our sustainability commitment by balancing the challenges of managing assets and liabilities, investment gains and losses, and operational growth; all in an effort to ultimately create long-term value. And just as it is mission-critical for CalSTRS to provide a defined benefit retirement for vested members who dedicated their careers to educating California’s youth, we also proactively take steps to provide members with financial tools and resources so they understand the importance of early retirement planning to meet their own personal financial needs well into the future. For a complete understanding of CalSTRS’ performance and sustainability milestones, this PAFR should be reviewed in conjunction with our annual Global Reporting Initiative sustainability report titled Global Stewardship at Work. This report can be found online at CalSTRS.com/sustainability-reports.

Respectfully submitted,

Chief Executive Officer

Sustainability for the Future

Since 1913, CalSTRS has grown significantly, from representing a little over 15,000 members, to now serving more than 930,000 dedicated California educators. In accordance with our mission, CalSTRS consistently upholds our fiduciary duty to be principled and effective within our operations in

order to secure the retirement futures for our members and their beneficiaries over the next century and beyond. As a global institutional investor with a staff of 1,152 employees and portfolio assets of $208.7 billion as of June 30, 2017, CalSTRS models best practices in retirement planning education for our members, adhering to innovative corporate governance principles, and exercising our role as an active shareowner through engagement with portfolio companies, in an effort to consistently advocate for the importance of corporate sustainability and long-term value creation.

The CalSTRS Popular Annual Financial Report details the system’s performance for the fiscal year beginning July 1, 2016, and ending June 30, 2017. Complete financial information and a statistical overview can be found in the CalSTRS 2016–17 Comprehensive Annual Financial Report.

Educating Members on Early Retirement Planning

CalSTRS has taken proactive steps to include several financial literacy initiatives into our business practices in order to engage and educate members on the importance of retirement planning. Over the course of their careers, from the early years to nearing retirement, members are offered a variety of retirement planning resources and tools, including online calculators, supplemental savings plan comparison tools via 403bCompare.com, the CalSTRS Pension2 defined contribution supplemental savings vehicle, financial education workshops and targeted publications based on their life and career priorities. The goal of these educational efforts, tools and resources is to support members in taking the necessary steps toward realizing a rewarding, sustainable and secure retirement.

Investment Returns and Long-Term Assumption Changes

The 2016–17 fiscal year demonstrated the shifting nature of the global investment markets, with the overall fund earning a 13.4 percent (net of fees) investment return, well above the actuarially assumed rate of 7.25 percent (net) used for funding purposes. The current year’s performance will be a positive contributor to our 30-year investment return assumption of 7.0 percent adopted by the Teachers’ Retirement Board in February 2017 as part of the two-year phased-in approach

Securing the financial future and sustaining the trust of California’s educators.

ADVANCING SUSTAINABILITY FORWARD

4 CalSTRS Popular Annual Financial Report 2017

ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 2017 2016 Percent Change

Investment Assets 1 $229,079,341 $207,541,517 10.4%

Cash 459,456 164,597 179.1

Investment Receivables 2,349,266 1,280,564 83.5

Member, Employer and Other Receivables 3,523,160 2,693,178 30.8

Capital and Other Assets 259,011 231,216 12.0

Deferred Outflows of Resources 70,934 22,756 211.7

TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES $235,741,168 $211,933,828 11.2%

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

Benefits in Process of Payment 234,379 1,188,518 (80.3%)

Investment Liabilities 260,133 169,246 53.7

Investment Payables 3,270,703 1,403,511 133.0

Loan Payable 2,824,259 2,129,694 32.6

Net Pension and OPEB Obligation 323,058 256,069 26.2

Other 353,766 127,494 177.5

Securities Lending Obligation 18,184,444 17,530,264 3.7

Deferred Inflows of Resources 526 15,545 (96.6)

TOTAL LIABILITIES AND DEFERRED INFLOWS OF RESOURCES $25,451,268 $22,820,341 11.5%

NET POSITION $210,289,900 $189,113,487 11.2%

1 Includes securities lending collateral of $18.2 billion and $17.5 billion for 2017 and 2016, respectively.

Net Position(Dollars in Thousands)

STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY

The Statement of Fiduciary Net PositionThe Statement of Fiduciary Net Position presents information on assets and liabilities, with the difference between the two reported as net position. The tables that follow present comparative information and changes to the plan net position for the State Teachers’ Retirement Plan (STRP) for fiscal years 2016–17 and 2015–16.

Your reward—a secure retirement. Our reward—getting you there.

CalSTRS Popular Annual Financial Report 2017 5

STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY (CONTINUED)

The Statement of Changes in Fiduciary Net Position The Statement of Changes in Fiduciary Net Position shows how the STRP’s net position changed during the fiscal year, reflecting contributions earned, benefit payments made, net investment returns, and the costs of plan administration.

ADDITIONS 2017 2016 Percent Change

Member Contributions $3,440,883 $2,957,473 16.3%

Employer Contributions 4,173,235 3,391,144 23.1

State of California Contributions 2,478,230 1,939,902 27.8

Net Investment Income¹ 25,165,180 2,337,364 976.6

Other 72,005 41,519 73.4

TOTAL ADDITIONS $35,329,533 $10,667,402 231.2%

DEDUCTIONS

Benefit Payments $13,787,035 $13,064,557 5.5%

Refunds of Contributions 115,509 84,001 37.5

Administrative Expenses 182,367 180,056 1.3

Borrowing Costs 1 57,958 32,406 78.8

Other 10,251 15,231 (32.7)

TOTAL DEDUCTIONS $14,153,120 $13,376,251 5.8%

Net Position Increase (Decrease) $21,176,413 $(2,708,849) 881.7%

Beginning Net Position 189,113,487 191,822,336 (1.4)

ENDING NET POSITION $210,289,900 $189,113,487 11.2%

Changes in Net Position(Dollars in Thousands)

Total net position for the STRP increased by approximately $21.2 billion or 11.2 percent to $210.3 billion. Changes in net position are primarily caused by three factors—contributions, investment income and benefit payments. The most significant reason for the increase was a 977 percent increase in net investment income due to strong market performance resulting in an investment return of 13.4 percent (net of fees) for fiscal year 2016–17.

Other Funds and ProgramThe above financials are for the STRP, which consists of the Defined Benefit (DB) Program, Defined Benefit Supplement (DBS) Program, Cash Balance Benefit (CBB) Program and Replacement Benefits (RB) Program. The CalSTRS Pension2 Program is shown on page 7. For the Medicare Premium Payment Program and the Teachers’ Deferred Compensation Fund, refer to the CalSTRS 2017 Comprehensive Annual Financial Report.

Although this report is largely based on CalSTRS 2017 Comprehensive Annual Financial Report (CAFR), this report is not prepared in accordance with generally accepted accounting principles (GAAP). Only the financial data of certain plans (defined benefit plan and defined contribution plans) are included in this report. Additionally, information is presented in a summarized manner, and certain financial statements and note disclosures required by GAAP are omitted. A copy of this report, as well as our 2017 CAFR, can be viewed online at CalSTRS.com/CAFR.

1 Borrowing costs of $32,406 associated with the master credit facility portfolio for the year ended June 30, 2016, were reclassified from Net Investment Income to Deductions to conform to the presentation as of and for the year ended June 30, 2017. The reclassifications had no impact on net position or changes in net position.

6 CalSTRS Popular Annual Financial Report 2017

STATE TEACHERS’ RETIREMENT PLAN FINANCIAL SUMMARY (CONTINUED)

The chart above shows that prior to the enactment of AB 1469 in June 2014, there had been a growing gap between contributions and benefit payments. During fiscal year 2016−17, the gap narrowed by 22.7 percent. Contributions will continue to increase according to AB 1469, and the DB Program continues to make progress toward full funding by the year 2046. The experience beyond 2046 may differ.

How Benefits Are FundedHistorically, more than 62 percent of retirement benefits have been funded by investment returns with the remainder coming from a combination of member, employer and state contributions. However, as expected, these percentages will change over time due to fluctuating net investment income as well as the adjustments to required member, employer and state contribution rates under AB 1469.

Fiscal Year 2016–17 Additions to Net Position by Source (In Billions)

STRP Contributions and Benefit Payments (Years ended June 30)

Members

5.0

10.0

15.0

20.0

25.0

30.0

10% 12%7%

71%

Employers State Net Investment Income

$ in

Bill

ions

Member Contributions Employer Contributions State Contributions Benefit Payments

201720162015201420132012201120102009200820070

2

4

6

8

10

12

14

CalSTRS Popular Annual Financial Report 2017 7

PENSION2 FINANCIAL STATEMENTS

ASSETS 2017 2016 Percent Change

Investments $824,824 $664,894 24.1%

Member, Employer and Other Receivables 15,934 10,139 57.2

TOTAL ASSETS $840,758 $675,033 24.6%

LIABILITIES

Other $972 $1,524 (36.2%)

TOTAL LIABILITIES $972 $1,524 (36.2%)

NET POSITION $839,786 $673,509 24.7%

Net Position(Dollars in Thousands)

ADDITIONS 2017 2016 Percent Change

Member Contributions $128,461 $101,245 26.9%

Employer Contributions 437 454 (3.7)

Net Investment Income 81,068 9,974 712.8

Other 149 124 20.2

TOTAL ADDITIONS $210,115 $111,797 87.9%

DEDUCTIONS

Distributions and Withdrawals $37,091 $33,841 9.6%

Refunds of Member Contributions 4,693 5,231 (10.3)

Administrative Expenses 2,054 1,639 25.3

TOTAL DEDUCTIONS $43,838 $40,711 7.7%

Net Position Increase $166,277 $71,086 133.9%

Beginning Net Position 673,509 602,423 11.8

ENDING NET POSITION $839,786 $673,509 24.7%

Changes in Net Position(Dollars in Thousands)

Net position for Pension2 increased by $166.3 million or 24.7 percent as total additions of $210.1 million exceeded combined total deductions of $43.8 million. Total contributions increased by 26.7 percent or $27.2 million from fiscal year 2015–16 due to an increase in contributions from new plan participants. Also, net investment income increased $71.1 million or 712.8 percent as a result of strong market performance during fiscal year 2016–17.

The Pension2 Program is CalSTRS’ voluntary defined contribution plan. Pension2 offers the opportunity to invest through tax-advantaged payroll deductions in low cost, flexible 403(b), Roth 403(b), 457(b) and Roth 457(b) plans for additional retirement savings. The tables below present comparative information and changes to Pension2 net position for fiscal years 2016–17 and 2015–16.

8 CalSTRS Popular Annual Financial Report 2017

FUNDING RATIO

The June 30, 2016, funding valuation showed an increase of $20.5 billion in the unfunded actuarial obligation (UAO) of the DB Program to a total of $96.7 billion and a decrease in the funding ratio from 68.5 percent to 63.7 percent primarily due to new actuarial assumptions adopted by the Teachers’ Retirement Board. The actuarial assumptions were revised based on the actuarial experience study for the period starting July 1, 2010, and ending June 30, 2015. The most significant changes were to the long-term investment return rate, mortality tables, and inflation and wage growth assumptions for CalSTRS members.

Defined Benefit Program Funding Ratio

Net Pension LiabilityThe Net Pension Liability (NPL) for the State Teachers’ Retirement Plan (DB, DBS, CBB and RB programs) represents the excess of the total pension liability over fiduciary net position. The NPL is a calculation based on Governmental Accounting Standards Board requirements and reflects total accrued benefits earned by plan members through the employment-exchange process less the value of plan assets available to fund the liability.

State Teachers’ Retirement Plan Net Pension Liability of Employers and Nonemployer Contributing Entity(Dollars in Millions)

The NPL increased by approximately 14 percent primarily due to the adoption of new actuarial assumptions based on the actuarial experience study for the period starting July 1, 2010, and ending June 30, 2015.

2007 2008 2009 2010 2011 2012 2013 2014 2015 20160

10

20

30

40

60

70

80

90

100%

50

88% 87%

78%71% 69% 69% 69%

64%67% 67%

Plan Fiduciary Net Position Net Pension Liability

2016−172015−16

Total Pension Liability0

50,000

100,000

150,000

200,000

250,000

300,000

$350,000

$302,769

$269,994

$210,289$189,113

$92,480 $80,881

CalSTRS Popular Annual Financial Report 2017 9

Members Retiring in 2017Fiscal Year 2017 2016

Number Retiring 12,247 11,374

Average Age 63.3 63.2

Average Years of Service 24.608 24.504

Average Annual Final Compensation $90,324 $87,948

Average Annual Member-Only Benefit $53,700 $52,428

Average Active Member Age and Years of Service

Fiscal Year 2017 2016Average Age 45.3 45.4Average Years of Service 12.1 12.1Average Annual Salary $74,346 $72,550

Years of Service at Retirement in 2017

Membership in the CalSTRS DB Program includes California public school employees, prekindergarten through community college, who are involved in teaching, mentoring, selecting and preparing instructional materials, providing vocational or guidance counseling, or supervising people engaged in those activities. Membership is in effect as long as contributions remain on deposit with CalSTRS. Members are employed by more than 1,700 public school districts, community college districts, county offices of education, regional occupational centers and programs, and select state agencies. Pension2, the CalSTRS defined contribution plan, is open to all public school employees—certificated and classified.

Defined Benefit Program

Membership in 2017*Fiscal Year 2017 2016Active Members 445,935 438,537 Inactive Members 192,601 187,722 Total 638,536 626,259 Service Retirement Benefits 258,550 252,672 Disability Benefits 10,023 9,940 Survivors Benefits 26,301 25,583 Total 294,874 288,195

Total Members and Beneficiaries 933,410 914,454

* Due to the timing of when membership numbers were pulled, there will be a difference between the numbers reported in this section and the Financial section of the CAFR.

MEMBERS

Active Members: 445,935

28.1% 71.9%

Total: 638,536

28.5% 71.5%

Inactive Members: 192,601

29.5% 70.5%

Number of Employers as of June 30, 2017:

1,745

0−5 Years 1.3%

40+ Years 2.7%

5−10 Years 6.8%

10−15 Years 8.8%

15−20 Years 15.0%

20−25 Years 15.8% 25−30 Years

18.3%

30−35 Years 19.8%

35−40 Years 11.5%

10 CalSTRS Popular Annual Financial Report 2017

Pension2 Member Data Fiscal Year 2017 2016

403(b) 457(b) 403(b) 457(b)

Contributing 8,036 547 6,646 459Non-Contributing 4,518 166 3,981 128Total 12,554 713 10,627 587

Pension2 Program

Over the last six years, the number of active members making contributions has increased approximately 6 percent, from about 420,000 to 446,000, and the number of retirees and beneficiaries collecting benefits has increased approximately 13 percent, from about 262,000 to 295,000.

Change in Number of Active Members Versus Retirees and Beneficiaries

Defined Benefit Program

MEMBERS (CONTINUED)

Active+6%

Retiree & Beneficiaries

+13%

Percent Change in 6 Years

0

100,000

200,000

300,000

400,000

500,000

2012 2013 2014 2015 2016 2017

Active Retirees and Beneficiaries

CalSTRS Popular Annual Financial Report 2017 11

Risk Mitigating Strategies 5.1%

Innovative Strategies 0.2%

Inflation Sensitive 1.3%

Private Equity 8.1%

Strategic Overlay 0.1%

Cash/Liquidity 1.5%

CalSTRS’ primary goal is to maintain a financially sound retirement system. CalSTRS’ philosophy is long-term patient capital—investing for long-term net cash flows and capital gain potential at a reasonable price. The presentation of investment values and related returns in this section are presented using common industry practices that reflect the way in which CalSTRS manages its investment portfolio. The presentation based on industry practices provides timely information that is easily compared to benchmarks and peer results. Within the Financial section of the CAFR, the same information is reported in accordance with GAAP.

Investment AllocationThe board adopts long-term strategic allocation targets to be implemented over several years. The following charts provide the distribution of Total Teachers’ Retirement Fund investments based on portfolio allocation and management structures, the assets of programs administered by CalSTRS, and the Teachers’ Retirement Fund’s market value of investments.

INVESTMENTS

Assets of Programs Administered by CalSTRS As of June 30, 2017

Market Value Rate of Return1

Defined Benefit Program (in billions) $196.01 13.7%

Defined Benefit Supplement Program (in billions)

$12.36 13.7%

Cash Balance Benefit Program (in millions)

$331.91 14.1%

1 One-year return calculated on a gross of fees time-weighted return basis.

Market Value of Investments

Asset AllocationTotal Investment Portfolio of $208.7 billionAs of June 30, 2017

(Fiscal years ended June 30)

$189,080 $191,409

$161,459$155,513 $150,611

$165,820

$118,875$129,961

$188,651$208,700

2008

$ M

illio

ns

2009 2010 2011 2012 2013 2014 2015 2016 2017

Real Estate 12.6%

Fixed Income 14.7%

Global Equity 56.4%

12 CalSTRS Popular Annual Financial Report 2017

INVESTMENTS (CONTINUED)

Investment PerformanceThe CalSTRS Investment Portfolio posted an approximate 13.44 percent one-year return calculated on a net of fees time-weighted return basis for fiscal year 2016–17. The following charts show CalSTRS returns versus custom benchmarks as of June 30, 2017. Benchmarks are goals and standards used to measure investment performance.

*Policy weighted blend of asset class benchmarks.

Time-Weighted ReturnsAs of June 30, 2017

1 Year 3 Years 5 Years 10 Years 20 Years

13.4412.61

6.32 6.34

10.05 10.21

4.955.86

6.88 6.79

0

2

4

6

8

10

12

14

Total Fund (Net of Fees) Custom Benchmark*

% P

erce

nt

One-Year Time-Weighted Returns by Portfolio TypesAs of June 30, 2017

Global Equity Fixed Income Real Estate Private Equity Cash/ Liquidity

Inflation Sensitive

Innovative Strategies

Risk Mitigating Strategies

19.55 19.48

1.21

8.12

17.20

12.63

9.09

4.565.91

0.92 0.50

11.42

(8.90) (8.13)

7.36

0.300

4

(4)

(8)

(12)

8

12

16

20

22

CalSTRS Returns (Net of Fees) Custom Benchmarks

% P

erce

nt

CalSTRS Popular Annual Financial Report 2017 13

CALSTRS’ IMPACT ON CALIFORNIA’S ECONOMY

CalSTRS contributes to California’s economy through the benefits it pays to its members, who may then spend that money in the communities in which they live. CalSTRS paid an estimated $11 billion in benefits to 221,052 retirees living in California during fiscal year 2016–17. The following map and chart show the number of retired members living in each county and a range of the amount of benefits paid to those members, as well as the locations of the CalSTRS Member Service Centers.

Defined Benefit Program

Retirees Who Live in California Characteristics by County

YoloAlpine

Yuba

Mono

Sierra

Mendocino

Shasta

Nevada

Modoc

Trinity

Glenn

HumboldtLassen

Del Norte

Lake

Butte

Colusa

Plumas

Siskiyou

Calaveras

Tehama

Sutter

El Dorado

Marin

Napa

MercedSanta Cruz

Sonoma

San Francisco

Monterey

Placer

Tulare

Stanislaus

Solano

Fresno

Contra Costa

Alameda

Santa Clara

San Mateo

San Luis Obispo

San Bernardino

Kern

Los Angeles

RiversideOrange

San Diego

Ventura

Santa Barbara

Kings

Tuolumne

Imperial

Mariposa

Madera

InyoSan Benito

San Joaquin

AmadorSacra-mento

0−$100 million $100−$200 million $200−$300 million $300−$400 million $400−$500 million Over $500 million

MEMBER SERVICE CENTER

Bene�t payments by amount

County Number of Retirees

Estimated Benefits Paid in FY 2016–171

(Dollars in Thousands)

Alameda 7,514 $375,941,073 Alpine 12 406,344 Amador 439 18,039,078 Butte 2,340 100,319,098 Calaveras 590 25,731,155 Colusa 122 5,392,740 Contra Costa 7,464 349,806,203 Del Norte 235 9,874,272 El Dorado 2,098 99,193,512 Fresno 6,165 293,436,584 Glenn 179 7,903,884 Humboldt 1,345 50,672,862 Imperial 762 41,933,039 Inyo 156 6,179,016 Kern 4,169 209,991,469 Kings 590 28,537,283 Lake 474 19,244,308 Lassen 218 9,257,651 Los Angeles 42,304 2,220,952,278 Madera 1,308 59,064,746 Marin 2,134 92,845,104 Mariposa 265 10,946,028 Mendocino 1,132 45,993,198 Merced 1,479 76,053,254 Modoc 89 3,321,087 Mono 176 7,607,609 Monterey 2,988 143,021,625 Napa 1,432 65,122,570 Nevada 1,587 67,635,188 Orange 20,416 1,165,905,798 Placer 4,112 198,873,838 Plumas 325 12,929,178 Riverside 12,118 600,757,210 Sacramento 8,812 400,844,251 San Benito 306 15,894,204 San Bernardino 8,986 452,028,264 San Diego 20,571 1,016,724,336 San Francisco 2,878 132,000,757 San Joaquin 3,845 188,552,479 San Luis Obispo 4,046 184,077,472 San Mateo 3,722 194,766,048 Santa Barbara 2,891 133,035,694 Santa Clara 9,352 498,326,665 Santa Cruz 2,710 123,065,910 Shasta 1,641 69,038,626 Sierra 76 3,334,206 Siskiyou 604 23,435,726 Solano 2,931 135,585,912 Sonoma 4,610 205,838,509 Stanislaus 3,082 159,769,110 Sutter 748 36,861,234 Tehama 648 28,343,688 Trinity 146 5,584,880 Tulare 3,006 150,320,629 Tuolumne 678 29,962,561 Ventura 6,615 334,909,281 Yolo 1,072 46,449,132 Yuba 339 14,594,045 Total 221,052 $11,006,231,901

¹The annualized benefits were estimates based on the June 2017 monthly allowance.

The Teachers’ Retirement Board administers CalSTRS and sets policies and rules to ensure benefits are paid according to the law.

The 12-member board is composed of:

• Three active CalSTRS members elected by current educators.

• One retired CalSTRS member appointed by the Governor and confirmed by the Senate.

• Three public representatives appointed by the Governor and confirmed by the Senate.

• One school board representative appointed by the Governor and confirmed by the Senate.

• Four board members who serve in an ex-officio capacity by virtue of their office: Director of Finance, State Controller, State Superintendent ofPublic Instruction and State Treasurer.

The board appoints a chief executive officer to administer CalSTRS consistent with the board’s policies and rules and selects a chief investment officer to direct the CalSTRS Investment Portfolio in accordance with board policy.

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CalSTRS Resources

TEACHERS’ RETIREMENT BOARD (AS OF JUNE 30, 2017)

TOM TORLAKSON

State Superintendent of Public Instruction Ex-Officio Member

THOMAS UNTERMAN

Public Representative Term: January 1, 2016–

December 31, 2019

BETTY YEE

State Controller Ex-Officio Member

JOY HIGA

Public Representative Term: January 27, 2014–

December 31, 2017

PAUL ROSENSTIEL

Public Representative Term: January 1, 2015–

December 31, 2018

HARRY KEILEY

K–12 Classroom Teacher Term: January 1, 2016–

December 31, 2019

MICHAEL COHEN

Director of Finance Ex-Officio Member

NORA E. VARGAS

School Board Representative Term: January 1, 2016–

December 31, 2019

JOHN CHIANG

State Treasurer Ex-Officio Member

KAREN YAMAMOTO

Retiree Representative Term: April 17, 2017– December 31, 2019

DANA DILLON

Chair K–12 Classroom Teacher Term: January 1, 2016–

December 31, 2019

SHARON HENDRICKS

Vice Chair Community College Instructor

Term: January 1, 2016– December 31, 2019