The CalPERS Board of Administration meets several times a year to discuss and make decisions on investment, health, and retirement benefits issues and policies to ensure a sustainable pension system and health care program for members.
Here are some highlights from their in-person meeting held September 18 through September 20, 2023, in Sacramento, California.
CalPERS Labor Principles
Managing Investment Director Peter Cashion led a discussion with the Investment Committee about giving more prominence to CalPERS’ existing language on labor, proposing to unite it into a clear and standardized message known as CalPERS Labor Principles.
You can find the Labor Principles for All Asset Classes on page 3 of the agenda item (PDF) on our website. To catch the Board’s discussion on the topic, view the committee meeting webcast starting at the 52:45 timestamp.
Election Methods Research
The board held a comprehensive discussion about voting methods and stakeholder engagement to increase voter participation in future board elections. The CalPERS team presented research and analysis to the Finance and Administration Committee on four voting methods used in public elections:
• Majority voting – currently used by CalPERS when the candidate with more than 50% of the votes wins the election.
• Plurality voting – when the candidate with the most votes wins.
• Modified Plurality voting – when a candidate must meet a fixed threshold of votes, but not necessarily the majority to win.
• Ranked Choice Voting – when voters rank candidates in order of preference, instead of choosing just one.
PPO Solicitation Underway
CalPERS has four Preferred Provider Organization (PPO) health coverage options, two Basic and two Medicare Supplement plans, and is soliciting firms to administer the plans for the 2025-29 contract term.
The solicitation will help deliver strategies to ensure members have access to high-quality health care that is equitable and affordable, while preserving the broader access choices available through the PPOs.
The PPO solicitation is underway with a decision on a firm expected by July 2024 for the start of the 2025 health plan year. To learn more, access the presentation webcast at the 6:00 timestamp. An overview is also available in the agenda item (PDF) and PowerPoint (PDF).