California State Teachers' Retirement System trustees approved a...

California State Teachers’ Retirement System trustees approved a change in its $4.6 billion alternative performance benchmark. The $88 billion Sacramento-based fund previously used the increase in the Consumer Price Index plus 12 percentage points as its benchmark. It will change to the Russell 3000 index return plus five percentage points, when adjusted for the latest three years of contributions figured at the 90-day Treasury bill return rate. Pat Mitchell, CIO, said the new benchmark should give trustees a better indication of the added value provided by alternative investments above the equity market return.