News & Events

CalPERS April 2021 Board Meeting Recap

Meeting microphones.

The CalPERS Board met Monday, April 19, and Tuesday, April 20, 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.

Monday’s Meeting

Finance & Administration Committee

2021-22 Annual Budget Proposal

The board approved the 2021-22 Annual Budget Proposal. The proposed budget is $1.888 billion and reflects an increase of $267.1 million, or 16.5%, compared to the 2020-21 authorized budget.

The budget provides CalPERS with the expenditure authority needed to achieve strategic priorities and initiatives, meet core business needs, and further the mission of delivering retirement and health care benefits to members and their beneficiaries.

The budget provides CalPERS with necessary expenditure authority for the upcoming fiscal year beginning July 1.

Performance, Compensation & Talent Management Committee

Long-Term Incentive Program for CIO Position

The board approved the long-term incentive program for the chief investment officer (CIO) position after a presentation by Global Governance Advisors. The presentation included a recommendation to add the incentive component to the total compensation for the CIO position, which remains vacant.

The approval of the long-term incentive program keeps the CIO’s base pay range the same, and the CIO could earn an additional 100% to 150% of pay should the fund earn its 7% or higher growth rate or more over the course of five years.

Next Board Meeting

There’s no scheduled meeting in May. The board will meet again June 14-16, and the meeting will be livestreamed. View the full schedule on our Board Meetings Calendar page.