News & Events

CalPERS June 2022 Board Meeting Recap

The CalPERS Board met Monday, June 13, through Wednesday, June 15, in-person at our Sacramento Headquarters.

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

Monday’s Meeting: Investment Committee

Asset Liability Management: Affiliate Funds Supplemental Income Plans

The committee heard a recommendation to update the asset allocation for the Supplemental Income Plans’ Target Date Fund Glide Path. The glide path was evaluated in partnership between internal teams and external consultant firms with the goals of minimizing cost and retirement income shortfall, while maximizing income replacement in retirement. The evaluation found that the existing glide path matches closely with the goals; however, updating it will improve participant outcomes. Wilshire, an independent investment management firm, supported this conclusion in a letter to the committee.

For more information, please view the agenda item (PDF), the Affiliate Funds – Supplemental Income Plans presentation (PDF), or the Wilshire opinion letter (PDF).

Market Dynamics and Portfolio Implications

The committee was provided with an update on current economic conditions and commentary on the implications of these conditions to the portfolio, performance, and risk positioning. By staying up to date on market trends, the committee can ensure that the appropriate measures are taken to improve long-term pension and health sustainability.

For more information, view the agenda item (PDF) or the Market Dynamics and Portfolio Implications presentation (PDF).

Investment Strategy: First 90 Days

The committee heard a summary of observations and updates from Chief Investment Officer Nicole Musicco’s first 90 days in office. The presentation included areas of focus for CalPERS’ investment program going forward.

For more information, view the agenda item (PDF) or the Investment Strategy – First 90 Days presentation (PDF).

Tuesday’s Meeting: Pension and Health Benefits Committee

Preliminary 2023 Health Maintenance Organization and Preferred Provider Organization Plan Premiums

The committee heard an update on the Rate Development Process and the 2023 preliminary proposed premiums for CalPERS health plans. Our health plan premiums are evaluated and adjusted on a yearly basis to provide members with the best possible care at the best possible price. Over the next month, our team will continue to verify that all premiums reasonably reflect the cost of the benefits provided. The Board of Administration will approve final premium at its July 2022 Board Offsite.

For more information, view the agenda item (PDF) or the 2023 Preliminary Health Maintenance Organization and Preferred Provider Organization Plan Premiums presentation (PDF).

For specific information on the proposed premiums, view the Statewide 2023 Preliminary HMO Health Premiums (PDF), Statewide 2023 Preliminary PPO Health Premiums (PDF), Regional 2023 Preliminary HMO Health Premiums (PDF), or the Regional 2023 Preliminary PPO Health Premiums (PDF).

Next Board Meeting

The board will meet offsite July 11–13, 2022. View the full schedule on our Board Meetings Calendar page.