As a former mayor of Palm Springs, Lisa Middleton (pictured above, middle) wanted to serve on the CalPERS Board of Administration to strengthen the fund’s communication with local government employers.
Michael Detoy, (left) a City of Riverside fire captain and Hermosa Beach councilmember, wanted to make sure the pension system was well funded and did not overburden local governments or taxpayers.
And Yvonne Walker, (right) a longtime leader of the Service Employees International Union (SEIU) Local 1000, wanted to protect the defined benefit pension promised to public employees.
All three sit on the CalPERS board, along with 10 other members from various backgrounds. These 13 members—some elected, some appointed, some ex officio members—are responsible for overseeing the approximately $600 billion CalPERS pension fund on behalf of its 2.4 million members.
They also oversee the delivery of health care to 1.5 million public employees, retirees, and their families.
While CalPERS has an expert team running its investment portfolio and programs, the board makes major decisions such as approving the overall investment approach, hiring the chief executive officer, and setting the discount rate (the assumed rate of return that affects employer and employee contributions).
3 Board Seats Opening
In 2026, CalPERS will hold elections for three board positions elected by differing member groups—one by school employees, one by state employees, and one by employees of local public agencies. The new board members will serve from January 2027 to January 2031.
Members can vote by mail, by phone, or online. Candidates have until May 14 to file the required documents.
“Whether you’re retired or just starting your career, it matters to your future who sits on the CalPERS board,” said Board President Theresa Taylor, first elected to the board by state employees in 2015. “The board makes important decisions, from where to invest the state’s pension dollars to approving your annual health care premiums. I would urge all public employees to get engaged with CalPERS and have your voice heard.”
Public Service Leads
Many of those who have served on the CalPERS board come from local governments or public-sector labor unions.
Detoy, a relative newcomer to the board, was appointed in 2025 by Gov. Gavin Newsom as a representative of local government.
“I wanted to be on the CalPERS board not only to serve the members of CalPERS, but also the taxpayers of California, to help ensure we have a well-funded pension system that our members can rely on in retirement,” he said. “I also want to minimize the impacts on local governments so they can continue funding vital services, reinvest in parks, streets, and other community priorities.”
Walker was elected to the board in 2023 as a representative of retirees. She serves with an eye on protecting members’ hard-earned defined benefit pensions at a time when such plans are becoming increasingly scarce. She recalled her early days as president of SEIU Local 1000 in 2008, when the Great Recession wiped out the retirement savings of some of her members.
“We didn’t want people retiring into poverty, so I made it my mission to really work on retirement, on ensuring it’s there for our members to enjoy,” she said. “We have one of the last defined benefit pension plans, and I think people don’t always realize how important that is.”
Middleton, a CalPERS member for more than 50 years, was also appointed by Gov. Gavin Newsom. She currently represents the insurance industry on the board. “When your employees have financial security and health care security, it changes lives,” Middleton said.
“For many of our members, they are the first in their families to experience that kind of stability, something their parents and grandparents never had. I know this personally, because I am the first in my family to have it.”
Recent Accomplishments
The board includes:
- 6 Elected Members: Two elected by all members, one by active state members, one by school members, one by public agency members, and one by retirees.
- 3 Appointed Members: Two appointed by the governor (local government official, life insurer official), and one jointly appointed by the speaker of the assembly and Senate Rules Committee.
- 4 Ex Officio Members: The State Treasurer, State Controller, Director of the California Department of Human Resources, and a representative of the State Personnel Board.
Board members said they are proud of CalPERS’ recent accomplishments, including achieving an estimated 78.6% funded status at the end of fiscal year 2024-25, up from 73.9% the prior year. As of Dec. 31, 2025, the funded status had risen to 83.7%.
They also noted CalPERS’ ongoing effort to contain increases in health care premiums and demand that health plans make more progress in achieving goals for reducing chronic conditions like diabetes.
“Since I joined the board, I believe CalPERS has made great strides, not only in improving our funded status, but also in increasing transparency and recruiting highly qualified employees,” Detoy said. “That helps ensure our pension system is in good hands, our health care benefits are well managed, and our members receive the high level of service they deserve.”