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CalPERS April 2020 Board Meeting Recap

CalPERS Board Meeting Recap

The CalPERS Board met from Monday, April 20, through Wednesday, April 22, via livestream as all board members and presenters participated from their respective remote locations.

A recording of all the public meetings has now posted to the CalPERS YouTube Channel.

Here are some highlights from this month’s meetings.

Investment Committee

On Monday, the board elected Theresa Taylor as chair and David Miller as vice chair of the committee.

The board also heard an update on proxy voting and corporate engagements. The update focused on engaging companies to consider risks and opportunities arising from climate change. Our outlook for the 2020 proxy season includes casting votes at approximately 11,000 company meetings, with priority engagements on climate change, corporate board diversity, and executive and employee compensation.

Pension & Health Benefits Committee

On Tuesday, the board elected Rob Feckner as chair and Ramón Rubalcava as vice chair of the committee.

The board also heard an update on the Preferred Provider Organization (PPO) health plan assessment project. Intended to achieve long-term sustainability of the PPO Basic health plans, reduce year-over-year PPO premium volatility, and minimize member disruption, the project includes four phases: data analysis, stakeholder outreach, benefit design modeling, and implementation. Benefit design modeling will be brought to the Pension & Health Benefits Committee in September, with a recommendation and a decision by the committee in November. Any benefit or plan changes would be reflected in the 2022 rate development process.

The committee also provided an update on the cost-of-living-adjustment (COLA) increase for all eligible retirees. The COLA will be reflected in May 1 warrants.

Board Governance Committee

On Wednesday, the board elected Henry Jones as chair and Lisa Middleton as vice chair of the committee.

Next Board Meeting

There are no scheduled meetings in May. The board will meet again June 15-17, at the CalPERS Headquarters in Sacramento.