CalSTRS wants to create a list of consultants that can be used to review the $140.1 billion system’s compensation programs for executive and investment management staff.
Officials at the California State Teachers’ Retirement System don’t have a specific number of firms in mind, Ricardo Duran, spokesman for the West Sacramento-based system, wrote in an e-mailed response to questions. The search is part of an effort to more effectively seek, retain and reward talented professionals, Mr. Duran wrote.
The RFP is available on CalSTRS’ website, at www.calstrs.com/rfp. Proposals are due Jan. 27. A selection date has not been set.
The selected consultants “will, in fact, be looking at the incentive structure,” Mr. Duran wrote. “Also, should we have need to update or replace our compensation policy, one or more of these firms would advise the (system’s) compensation committee on that. They would be involved in developing our objective and subjective measures for these folks, as well as surveying our peer group and their compensation practices.”