News & Events

CalPERS November 2020 Board Meeting Recap

CalPERS Board Meeting Recap

The CalPERS Board met from Monday, November 16, to Wednesday, November 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.

Tuesday’s Meeting

Pension & Health Benefits Committee

Approval of New Health Plans, Benefit Designs, and Service Area Changes

The board approved health plan proposals for plan expansions, benefit design changes, and service area changes for the 2022 plan year. Some of the recommendations are contingent on the results of the CalPERS Basic Health Plan Competition Study underway now. Final proposals will be brought to the board in March 2022 as part of the 2022 rate development process.

Risk Mitigation Strategies for Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) Plans

The board approved a portfolio rating approach for the Basic health plan portfolio with a two-year phase in. This rating approach includes replacing the current PERS Basic Preferred Provider Organization (PPO) Plans with the proposed PERS Platinum and PERS Gold plans.

Long-Term Care Optional Benefit Design and Premium Changes

The board approved a rate increase for all Long-Term Care policies beginning in July 2021 and approved benefit design options to be offered as rate increase mitigation options.

Finance & Administration Committee

Annual Review of Funding Levels and Risks Report

The actuarial team presented the Annual Review of Funding Levels and Risks Report to the board that showed while the funding position and the risk of falling to low funding levels in the future have improved since last year’s results, risks remain in the system. While employer contribution costs are expected to increase over the next few years, the funded status has seen a slow increase. Currently the system funded status is an estimated 71% as of June 30, 2020.

Wednesday’s Meeting

The Board Governance Committee presented the proposed 2021 board and committee dates. Once finalized, the dates will be made available on our website.

Next Board Meeting

There are no meetings scheduled for the remainder of 2020. The 2021 dates will be made available on our Board Meetings Calendar page.