This quarterly communication is being provided in a period of noticeable economic and market uncertainty, which you’ve no doubt heard about through news media and social media sources.
But it’s important to remember this: CalPERS pensions are secure, for retirees and active members alike.
Long-Term Investors Even in Tough Times
Since the inception of the system in 1932, CalPERS has consistently provided benefits to members without missing a beat. Last year, we made pension payments totaling some $32 billion – a sizeable amount of money, but only a fraction of a total fund that even in challenging times has topped $500 billion.
Our investment horizon stretches decades into the future, and we make decisions based on that long-term view.
“We must prepare for the possibility that current events here in the U.S. could have a serious impact on our investment returns as of June 30 and into the fiscal year that begins after that,” she said.
Watch CEO Frost’s comments to the board.
The CalPERS investment and economics team believes the tariffs, depending on their size and scope, could create drag on the Gross Domestic Product (GDP) and lead to price increases, as well as posing the risk of recession.
That’s why a diversified CalPERS portfolio is so important, thus preserving capital and maintaining stability through difficult market cycles. Diversity supports resilience in the CalPERS fund in the years to come.
2025 Board Elections
In a few short months, there will be an election for two CalPERS Board of Administration Member-at-Large positions, representing all of our approximately 2.3 million members.
Both retired and active members whose status is active or retired as of July 1, 2025, will be eligible to vote starting August 29 by mail, by phone, and online.
Board members make decisions throughout the year that affect you. The board oversees investment strategies, approves annual health care changes, and oversees employer contribution rates, which ensure that pension payments are affordable.
The official notice of election was announced on March 17. It outlines the process for candidates interested in applying to run, the milestone dates to submit materials, and the timeline of the election itself.
Candidates for the positions must submit all required materials by 5:00 p.m. on May 15, with candidate statement addenda due by June 2. For more information, review how to become a Member-at-Large candidate.