News & Events

CalPERS September 2020 Board Meeting Preview

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This month the CalPERS Board will meet Monday, September 14, to Wednesday, September 16, via livestream as all board members and presenters will be participating from their respective remote locations.

The livestream can be viewed on the CalPERS website.

The online board meetings are open to the public and comments are welcome. Comments can be submitted 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, September 14, the Investment Committee will hear the CalPERS Trust Level Review and Annual Program Reviews. The presentation includes a consultant report from Wilshire Associates and Meketa Investment Group.

The committee will also hear a report on Long-Term Care (LTC): Asset Allocation. The LTC Program is funded solely by policyholder premiums and investment income. The report provides an update regarding the LTC Fund strategic asset allocation and investment management.

Tuesday’s Meeting

On Tuesday, September 15, the Pension & Health Benefits Committee presents the Conversion of the Pharmaceutical Benefit Manager (PBM) Contract with OptumRx to an Acquisition-Based Contract with Term Extension for board approval. The new acquisition-based contract discusses changes as the proposed PBM is critical to CalPERS’ ability to lower drug prices for our members.

The committee will also hear a presentation on Risk Mitigation Strategies regarding Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) health plans. Options for managing risk within the HMO portfolio and the modeling for those options, as well as the results from the Benefit Design Modeling phase of the PPO Health Plan Assessment Project will be presented.

The Long-Term Care (LTC) Program will also be discussed by the committee. Two stabilization efforts are currently underway—potential changes in the management and allocation of the LTC Fund investment assets and potential policy provisions.

Wednesday’s Meeting

The Performance, Compensation & Talent Management Committee will present to the board the financial interest separation requirements for the chief investment officer position. We’re in the process of recruiting a CIO and will require the selected incumbent to sell any securities that could potentially give rise to a conflict under the Political Reform Act prior to assuming the position, or to dispose of those securities and place the resulting assets into a blind trust.

Next Board Meeting

The board will meet again November 16-18, and the meeting will be livestreamed.