Schools
Samohi Teacher Elected CalSTRS Vice Chairman
Harry M. Keiley says he'll take bold steps to ensure long-term health of the financially troubled teachers retirement system.
A teacher has been elected vice chairman of the California State Teachers Retirement System, as the second-largest public pension fund in the nation grapples with a severe funding gap.
Harry M. Keiley was unanimously elected by the CalSTRS board at its meeting in Sacramento. His election came as the teachers retirement pension fund reported a $64.5 billion gap between its assets and its future liabilities, a gap that could cause it to run out of money in 35 years.
"It's an exciting time to be on the CalSTRS board in a leadership role as pensions are front and center as a topic of public and political discussions,'' Keiley said in a prepared statement. "I plan to support and foster the board's demonstrated willingness to take bold steps to ensure a secure retirement for all CalSTRS members and protect the long-term health of the fund."
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Keiley has taught at both Malibu and Santa Monica high schools and chairs the teachers union in the Santa Monica-Malibu Unified School District.
Losses from the 2008 stock market crash continue to hobble the state agency, according to its balance sheet report issued last week. Its portfolio earned 22 percent last year, which may be an impressive figure but was not enough to wash away a tide of red ink from the big crash, CalSTRS officials said.
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The pension agency holds retirement money for 856,000 public school teachers and has a portfolio valued at $152 billion. It is the largest teacher pension fund and second largest public pension fund in the United States, according to CalSTRS figures.
Dana Dillon, an elementary school teacher in the Northern California city of Weed, was elected CalSTRS chairman.
