News & Events

CalPERS April 2022 Board Meeting Recap

The CalPERS Board met Monday, April 18, and Tuesday, April 19, in-person at our Sacramento Headquarters.

A recording of all the public meetings is now posted on the CalPERS YouTube channel. Here are some highlights from this month’s meetings.

Monday’s Meeting: Finance and Administration Committee

The 2022-23 Annual Budget

The committee reviewed the current CalPERS spending report and presented CalPERS’ proposed 2022-23 annual budget (PDF) to the board, which approved the proposed budget.

State and School Employer Contribution Rates

The board adopted new state and school employer contribution rates for the 2022-23 fiscal year. The new rates were recommended by our Actuarial Office and reflect the application of state payments to the fund. For more information, view the agenda items for state contribution rates (PDF) or school contribution rates (PDF).

Long-Term Care 2021 Valuation

The committee was presented the results of the CalPERS Long-Term Care Program’s annual actuarial valuation for the fiscal year ending June 30, 2021. The program’s funded status is 108% and the margin is 10.51%, which reflects the planned rate increases and the findings from this year’s annual experience study. View the Long-Term Care Actuarial Valuation (PDF) for the full report.

Semi-Annual Health Care Fund Report

The committee heard a report on the financial status of CalPERS’ six self-funded Preferred Provider Organization (PPO) health plans and the nine flex-funded Health Maintenance Organization (HMO) health plans as of December 31, 2021. As a part of its monitoring and reporting process, the board receives regular updates on the CalPERS Health Care Fund. For more information, view the Semi-Annual Health Plan Financial Report (PDF).

Pension Contracts Management Program Report

The board heard a quarterly update on the Pension Contracts Management Program and the status of its participating employers. The program helps support fund sustainability and risk management according to our 2017-22 Strategic Plan and was last brought before the board in February 2022 for another quarterly update. Read the Pension Contracts Management report (PDF) for more details.

Tuesday’s Meeting: Board of Administration

Voting on Divestment Bills

The board voted to oppose two divestment bills in the California Senate.

The first, Senate Bill 1173 (Gonzalez) (PDF), would prohibit CalPERS and the California State Teachers’ Retirement System (CalSTRS) boards from making new investments in fossil fuel companies and would require both systems to divest existing fossil fuel company investments on or before July 1, 2027. Beginning on February 1, 2024, each board would also be required to submit a report to the Governor and Legislature regarding any fossil fuel company holdings and divestments.

The second bill, Senate Bill 1328 (McGuire) (PDF), would prohibit the board of any public retirement system from investing public employee retirement funds in a company with business operations in Russia or Belarus and would require the boards to liquidate investments in those companies within a specified timeframe. It would also require the boards to file an annual report with the Legislature beginning on or before January 1, 2023, and would prohibit companies that conduct business with the Russian government from bidding on goods or services contracts with state agencies.

CalPERS 2022-27 Strategic Plan

The board approved the CalPERS 2022-27 Strategic Plan (PDF) after the second reading (PDF). CalPERS team members highlighted changes since the first reading and brought to the board updated strategic measures, a project overview, timeline, and implementation plan.

Next Board Meeting

The board will meet again June 13-15, and the meeting will be livestreamed. View the full schedule on our Board Meetings Calendar page.