Cal. Education Code § 22324

The board shall file an annual report with the Governor and the Legislature by March 1 of each year on all phases of its work that could affect the need for public contributions for costs of administration of the system, including the subjects of benefits, programs, practices, procedures, comments on trends and developments in the field of retirement, and the following information on the assets of the plan: (a) A copy of the annual audit performed pursuant to Section 22217. (b) A certification letter from the system’s consulting actuary concerning the findings of the most recent actuarial valuation, accompanied by analysis of funding progress and summaries of the actuarial cost method, assumptions, and demographic data, including actual payroll subject to the system. (c) A review of the system’s asset mix strategy, a market review or the economic and financial environment in which investments were made, and a summary of the system’s general investment strategy. (d) A description of the investments of the system at cost and market value, and a summary of major changes that occurred since the previous year. (e) The annual return on investments and the following information regarding the rate of return of the system by asset type: (1) Time-weighted market value rate of return on a five-year, three-year, and one-year basis. (2) Time-weighted book value rate of return on a five-year, three-year, and one-year basis. (3) Portfolio return comparisons that compare investment returns with universes and indexes. (f) A report on the use of outside investment advisers and managers. (g) A report on the nature and cost of investment contract services used, including either the start date of an existing contract or, if there are multiple existing contracts with the same contractor or vendor, the earliest start date. (h) A report on shareholder voting. (i) A report for the prior fiscal year on the following information: (1) The percentage of purchasing power protection and any changes adopted by the board. (2) The extent to which inflation has eroded the purchasing power of benefits provided under the Defined Benefit Program. (3) The amount of supplementary increases in retirement allowances required to preserve the purchasing power of benefits provided by the Defined Benefit Program.