Board of Administration Offsite Agenda - July 14-16, 2025
The CalPERS Board of Administration considers recommendations from individual Board committees and hears other matters related to the administration of retirement benefits and investment management.
All times are approximate and for reference only. The Board of Administration may consider an item at an earlier or later time than set forth herein. Items designated for Information are appropriate for Action if the Board wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held prior to this Board meeting, may be considered by the Board. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. Public comment will not be taken on agenda items relating to the administrative adjudication of individual cases. There is a three-minute limitation on each public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. In accordance with Government Code section 11123.2 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference.
Location:
Monterey Marriott
350 Calle Principal
Monterey, CA 93940
(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)
Monday, July 14, 2025
Webcast - access https://www.calpers.ca.gov/page/about/board/board-meetings
Agenda – Day One
9:00 a.m. Welcome/Opening
Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS
9:15 a.m. Opening Comments/Update from Chief Investment Officer
Presenter
Stephen Gilmore, Chief Investment Officer, CalPERS
9:30 a.m. Asset Liability Management: Further Discussion (Board Education)
Presenters
Stephen Gilmore, Chief Investment Officer, CalPERS
Michele Nix, Chief Financial Officer, CalPERS
Scott Terando, Chief Actuary, CalPERS
10:45 a.m. Break
11:00 a.m. Panel: Affordable Housing as an Investment Opportunity (Board Education)
Presenters
Sarah Corr, Managing Investment Director, Real Assets, CalPERS
Ken McCray, Managing Director, Institutional Advisory Services, Nuveen
Nadir Settles, Head of Impact Real Estate, Nuveen
Wilfred N. Cooper, Jr, Chairman and Chief Executive Officer of WNC, Registered Principal of WNC Capital Corporation and Principal of Preservation Equity Fund Advisors (PEFA)
Ann Caruana, President and Chief Investment Officer, Preservation Equity Fund Advisors
12:00 p.m. Lunch
1:00 p.m. Building the Future: The Business Case and Strategy Behind Emerging Manager Investing (Board Education)
Presenters
Miguel Silva, Associate Investment Manager, Sustainable Investments, CalPERS
John Greenwood, Investment Manager, CalPERS
Elizabeth Browne, Managing Director, Sponsor Solutions Group, GCM Elevate
Kevin Nickleberry, Managing Director, Sponsor Solutions Group, GCM Elevate
Jo Natauri, Founder and Managing Partner, Invidia Capital Management
Pamela Pavkov, Managing Partner, TPG Next
Marcus Lawrence, Principal, TPG Next
Anilu Vazquez-Ubarri, Chief Operating Officer, TPG Next
Tim Greenfield, Founder and Managing Partner, Demopolos Equity Partners
2:30 p.m. Break
2:45 p.m. A Discussion on Infrastructure (Board Education)
Presenters
Stephen Gilmore, Chief Investment Officer, CalPERS
Bayo Ogunlesi, Founding Partner, Chairman & Chief Executive Officer, Global Infrastructure Partners
4:00 p.m. Closed Session - Pharmacy Benefit Manager Contract Negotiations (Government Code section 11126(c)(17), (e))
Presenters
Dr. Julia Logan, Chief Clinical Director, Clinical Policy and Programs Division, CalPERS
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS
4:15 p.m. Adjourn
Tuesday, July 15, 2025
Webcast - access https://www.calpers.ca.gov/page/about/board/board-meetings
Agenda – Day Two
8:30 a.m. Welcome/Opening
Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS
8:45 a.m. Action Item – Approval of the 2026 to 2030 Pharmacy Benefit Manager Contract
Presenters
Dr. Julia Logan, Chief Clinical Director, Clinical Policy and Programs Division, CalPERS
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS
9:15 a.m. Action Item – Approval of 2026 Health Maintenance Organization & Preferred Provider Organization Plan Premiums
Presenter
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS
9:25 a.m. 2026 State Employer Annuitant Contribution Formulas & Amounts and Association Plan Premiums
Presenter
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS
9:35 a.m. Clinical Update: Focus on Chronic Disease and Behavioral Health (Board Education)
Presenters
Dr. Julia Logan, Chief Clinical Director, Clinical Policy and Programs Division, CalPERS
Dr. Elizabeth (Lisa) Albers, Medical Program Consultant, CalPERS Clinical Policy and Programs Division, CalPERS
10:35 a.m. Break
10:50 a.m. Artificial Intelligence in Health Insurance and Care Delivery (Board Education)
Presenters
Christina Silcox, PhD, Research Director for Digital Health, Duke-Margolis Institute for Health Policy
Keisuke Nakagawa, MD, Director of Strategic Impact & Growth, Center for Health Innovation at UC San Diego Health
12:05 p.m. Lunch
1:05 p.m. Enterprise Strategy Session (Board Education)
Presenters
Sabrina Hutchins, Division Chief: Strategy, Projects, and Data Analytics, CalPERS
Stephen Gilmore, Chief Investment Officer, Investment Office, CalPERS
Don Moulds, Chief Health Director, Health Policy and Benefits, CalPERS
Stephenson Loveson, Chief Information Officer, Information Technology Services Branch, CalPERS
Michelle Tucker, Chief Human Resources Officer, Human Resources Division, CalPERS
Kim Malm, Deputy Executive Officer, Customer Services and Support, CalPERS
Brad Pacheco, Deputy Executive Officer, Communications & Stakeholder Relations, CalPERS
2:30 p.m. Break
2:45 p.m. Cybersecurity (Board Education)
Presenters
Al Arboleda, Chief Information Security Officer, CalPERS
Serge Jorgensen, Principal, Office of Strategic Cyber Intelligence, Crowe LLP
3:45 p.m. Approval to Meet in Closed Session Pursuant to Government Code Section 11126(c)(18)(A)
3:50 p.m. Closed Session – Information Security Update and Cybersecurity Briefing (Government Code section 11126(c)(18)(A))
4:50 p.m. Report out on Information Security Update and Cybersecurity Briefing
4:55 p.m. Adjourn
Wednesday, July 16, 2025
Webcast - access https://www.calpers.ca.gov/page/about/board/board-meetings
Agenda – Day Three
8:30 a.m. Welcome/Opening
Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS
8:40 a.m. Action Items - Proposed Decisions of Administrative Law Judges
8:45 a.m. Action Item - Board Travel Approval
8:50 a.m. Fiduciary and Bagley-Keene Training (Board Education)
Presenters
Tiffany Reeves, Partner, Faegre Drinker
Robert Carlin, Senior Attorney, CalPERS
10:20 a.m. 2025 Stakeholder Perception Survey Results
Presenters
Simone Parker, Assistant Division Chief, Stakeholder Relations, CalPERS
Brad Pacheco, Deputy Executive Officer, Communications & Stakeholder Relations, CalPERS
11:20 a.m. Break
11:35 a.m. Action Item - Senate Bill 351 (Cabaldon) - Private Equity or Hedge Fund Ownership of Health Care Practices
Presenter
Danny Brown, Chief, Legislative Affairs Division, CalPERS
11:50 a.m. Closed Session – Litigation Matters (Government Code section 11126(a)(1), (e), and (g))
- a. Cheng, et al. v. CalPERS, Sacramento Superior Court Case No. 23CV010718
- b. General Counsel’s Update on Pending Litigation