News & Events

CalPERS March 2022 Board Meeting Preview

This month the CalPERS Board will meet in-person at CalPERS Headquarters in Sacramento from Monday, March 14, through Wednesday, March 16.

Board meetings are open to the public and comments are welcome. You can also view a livestream of the meeting on the CalPERS website.

We will post a recording to the CalPERS YouTube channel approximately 48 hours after the meeting ends.

Full agendas are posted on our website, but here is a brief overview of the items the board will hear this month:

Monday’s Meeting

On Monday, the Investment Committee will discuss with a panel of experts the risks and opportunities of investing in emerging markets. It’s our investment belief that strategic allocation is the dominant factor of portfolio risk and return. This panel will provide us an understanding of different methods of obtaining market exposure. The panelists join us from Blackrock, Goldman Sachs, and PIMCO.

The Investment, Actuarial, and Financial Office teams will present candidate portfolio and policy portfolio recommendations (PDF) for the affiliate funds. This is an action item, so committee members will vote on the recommendations presented by the teams.

Tuesday’s Meeting

On Tuesday, the Pension & Health Benefits Committee will receive an update on the Retiree Cost-of-Living Adjustment (COLA) (PDF). The 2021 annual rate of inflation measured by the Consumer Price Index was 4.7%. Since the rate is greater than 1%, all eligible retirees will be paid an adjustment. Under existing retirement law, retirees receive an annual COLA paid in the May 1 warrant each year.

The committee also seeks to extend the Pharmacy Benefit Manager contract with OptumRx for two additional years, which will improve current drug prices and increase drug pricing transparency. This extension allows us to continue providing pharmaceutical benefit management services and support our goal of providing high-quality affordable health care.

Wednesday’s Meeting

On Wednesday, the Board of Administration will listen to verbal reports from all six committees and will review proposed decisions of Administrative Law Judges on 10 cases.

Next Board Meeting

The board will meet again April 18-19. View the Board Meetings Calendar for the full schedule.