It’s Been >60 Days — Where Is CalSTRS’s CAFR?
As explained in A Tale of Two Pension Funds, corporations such as Berkshire Hathaway issue comprehensive annual reports within 60 days of their fiscal year ends, including up-to-date reports on defined benefit plans. But the same isn’t true of public pension funds such as CalSTRS.
CalSTRS’s most recent fiscal year end ended June 30 yet no annual report has yet been issued. No doubt CalSTRS would not stand for delayed financial reporting from corporations in which it owns shares — and it shouldn’t. Truthful and timely financial reporting is critical to corporate and pension fund governance. Moreover, no organization has a bigger impact than CalSTRS on California’s schoolchildren whose classrooms are invaded to pay the costs of unfunded pension liabilities.
Needless to say, CalSTRS should report at least as fast as the corporations in which it owns shares.