News & Events

CalPERS November 2021 Board Meeting Preview

Microphone on a wooden table and empty chairs in a boardroom.

This month the CalPERS Board will meet in-person at CalPERS Headquarters from Monday, November 15 to Wednesday, November 17.

Board meetings are open to the public and comments are welcome. A livestream of the meeting can be viewed on the CalPERS website, and comments can be submitted in person or via telephone by calling (800) 259-4105.

A recording will be posted 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, November 15, the Investment Committee will hear presentations on decisions related to Asset Liability Management (ALM).

Asset Liability Management (ALM)

CalPERS team members will present candidate portfolio strategies for the Public Employees’ Retirement Fund (PERF). Feedback from the September meeting was considered, and the candidate portfolios presented will support a discount rate of 6.5%, 6.8%, or 7.0%

Tuesday’s Meeting

On Tuesday, November 16, notable meetings include the Pension and Health Benefits Committee (PHBC) and the Finance and Administration Committee (FAC).

Pension and Health Benefits Committee (PHBC)

PHBC will vote on health plan changes, service area expansions, and benefit design changes for 2023.

These include:

  • Anthem Blue Cross benefit changes for its Medicare Advantage plan
  • Blue Shield of California Access+ EPO service area expansion into 11 counties
  • Blue Shield of California Trio expansion into seven counties
  • Blue Shield of California Trio pharmacy shared savings program
  • Kaiser Permanente Basic and Medicare service area expansion into Monterey County
  • Kaiser Permanente new Senior Advantage $0 copay plan
  • Kaiser Permanente Senior Advantage quarterly OTC allowance
  • Western Health Advantage MyCare Select HMO Medicare Advantage post-discharge meal benefit

Additionally, the PHBC will also be reviewing the Health Benefits Program Annual Report for Plan Year 2020 (PDF). This year’s annual report covers information regarding health plans, geographic coverage, benefit designs, actuarial value, financial information, and member satisfaction results from the annual health plan member survey.

Finance and Administration Committee (FAC)

FAC will also meet on Tuesday to discuss the Fiscal Year 2021-22 Mid-Year Budget (PDF). This mid-year budget reflects adjustments to the 2021-22 Annual Budget approved by the Board of Administration on April 20, 2021. The annual budget continued many of the permanent reductions made in the prior year.

Wednesday’s Meeting

On Wednesday, November 16 Chief Diversity, Equity & Inclusion Officer Marlene Timberlake D’Adamo will present the Diversity, Equity & Inclusion Framework Semi-Annual Update (PDF). The framework is guided by CalPERS’ beliefs and principles, data, and research and focuses on the five priority areas of culture, talent management, health equity, supplier diversity, and investments.

Next Board Meeting

The board will meet again on February 14 and 15, 2022.