| Serving New York Educators Since 1921 |
About Us
Retirement Board
Board Meeting Summaries | Board Meeting Schedule
Trustees of the Retirement Board | Board Composition and Committees
NYSTRS' 10-member Retirement Board sets policy and oversees System operations. Trustees serve without compensation and represent various constituents, including active and retired teachers, school administrators, school boards and taxpayers.
Members of the Board are responsible as fiduciaries to protect the long-term value of the System's investment portfolio and provide benefit security for members. They are entrusted to invest funds at the highest possible long-term rate of return consistent with appropriate levels of diversity and risk. This must be accomplished at the lowest possible cost to participating employers.
The Board receives counsel from staff, advisory committees and investment consultants to help formulate its investment policy. Refer to the Investments page for more information about NYSTRS' investment strategy and current holdings.
Read the Board Resolution Supporting Defined Benefit Plans.
Board Meeting Summaries
- Summary of October 2009
- Summary of July 2009
- Summary of April 2009
- Summary of January 2009
- Summary of October 2008
- Summary of July 2008
- Summary of April 2008
- Summary of January 2008
Board Meeting Schedule
NYSTRS' Retirement Board meets four times a year – in January, April, July and October. Additional meetings are called as necessary. The Board's 2010 meeting dates are: Jan. 25-26; April 26-27; July 28-29; and, Oct. 27-28.
Trustees of the Retirement Board
| R. Michael Kraus President |
Insurance Executive elected by Board of Regents Trustee since 1992 |
| Sheila J. Salenger Vice President |
Teacher Member elected by NYSTRS Delegates Trustee since 1989 |
| Dr. James N. Baldwin | Administrator Appointed by Commissioner of Education Trustee Since 2009 |
| Michael R. Corn | Teacher Member elected by NYSTRS Delegates Trustee since 1992 |
| Paul Farfaglia | Teacher Member elected by NYSTRS Delegates Trustee since 2009 |
| Daniel J. Hogarty Jr. | Bank Executive elected by Board of Regents Trustee since 2005 |
| Dr. Rosemary F. Jones | Administrator appointed by Commissioner of Education Trustee since 2006 |
| David P. Keefe | Retired Teacher Member elected by NYSTRS Retirees Trustee since 2004 |
| Nicholas Smirensky | State Comptroller's Representative Trustee since 2007 |
| Michael J. Masse | Bank Executive elected by Board of Regents Trustee since 2009 |
Board Composition and Committees
By law, the Board's composition is as follows:
- Three teacher members are elected from the membership, one each year, by delegates at an annual meeting held in the fall.
- One NYSTRS retiree is elected by a mail vote of all retired members.
- Two school administrators are appointed by the Commissioner of Education.
- Two present or former school board members, experienced in the fields of finance and investment, are elected by the Board of Regents from recommendations of the New York State School Boards Association. At least one of these individuals must have experience as an executive of an insurance company.
- One present or former bank executive is elected by the Board of Regents.
- The State Comptroller or designee.
Board trustees are elected/appointed to three-year terms (except the Comptroller, who serves while in office) and serve without compensation.
Members serve on the following subcommittees that report to the full Board:
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