The CalPERS Board met from Monday March 15 through Wednesday, March 18, 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.
Proxy Voting & Corporate Engagements
CalPERS team members presented the annual Proxy Voting & Corporate Engagements update to the Board. The presentation highlighted corporate engagement efforts during the 2020 season and provided a look ahead at the issues the team will focus on during the 2021 season.
In addition, the board heard the Five-Year Divestment review and voted not to change its divestments at this time.
Pension & Health Benefits Committee
Competition Study & 2022 New Plans, Area Expansion, and Benefit Changes
The committee was presented with an update on the three health plan proposals approved in November 2020, contingent on the results of a competition study. Based on the results, the three proposals will increase competition in the CalPERS Basic plans, putting downward price pressure on premiums.
The board also approved the expansion of Western Health Advantage HMO Basic plan into Humboldt County.
Retiree Cost-of-Living Adjustment (COLA)
The committee received an information update on the annual COLA. Retirees who retired in 2019 or prior are eligible to receive a COLA benefit this year.
The COLA is based on the rate of inflation as measured by the percentage change in the Consumer Price Index (CPI-U) which was greater than 1% and an adjustment will be paid to all eligible retirees.
Retirees become eligible in the second calendar year of their retirement. Those eligible will see an increase in their May 2021 benefit check.
Next Board Meeting
The board will meet again April 19-20 and the meeting will be livestreamed. View the full schedule on our Board Meetings Calendar page.