Board of Administration Educational Day Agenda - January 20, 2026

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 (amended by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

January 20, 2026
Agenda

9:00 a.m. - Open Session

1. Call to Order and Roll Call (PDF)

9:05 a.m. - Closed Session
Upon Adjournment or Recess of Open Session (Government Code Sections 11126(a)(1), (e), and (g)(1))

1. Chief Executive Officer’s Briefing on Performance, Employment, and Personnel Issues

9:35 a.m. - Open Session

Pledge of Allegiance

9:40 a.m. - Swearing-In Ceremony for New Board Members

9:45 a.m. - Welcome/Opening

1. Theresa Taylor, President, CalPERS Board of Administration 
   Marcie Frost, Chief Executive Officer, CalPERS

10:00 a.m. - Election of President/Vice President

10:05 a.m. - Action Items

Proposed Decisions of Administrative Law Judges (PDF)

1. 1. Samuel Presten (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
2. 2. Benjamin Elizondo & Raphael M. Lee (Consolidated) (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
3. 3. Ronette O. Strown (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
4. 4. Jonathan D. Blix (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
5. 5. Jacob Dipiero (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
6. 6. Jennifer Brooks (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
7. 7. Andrey Y. Andrsh (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
8. 8. Kevin J. McNeal (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
9. 9. Christopher Thompson (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)

Petitions for Reconsideration (PDF)

1. 1. Valeriu Iosif (aka Valerio Josif) (PDF)
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
   4. Attachment D (PDF)
   5. Attachment E (PDF)

10:10 a.m. - Action Item – Board Travel Approvals (PDF)

1. Attachment 1 (PDF)
   Attachment 2 (PDF)
   Attachment 3 (PDF)
   Attachment 4 (PDF)

10:15 a.m. - The CalPERS Private Equity Turnaround (PDF)

1. Anton Orlich, Managing Investment Director, CalPERS
   Presentation (PDF)

11:15 a.m. - AI – What we Need to Know (PDF)

1. Stephen Gilmore, Chief Investment Officer, CalPERS
   Aniket Shah, PhD, Managing Director, Global Head of Washington, Sustainability and Transition Strategy, Jefferies (PDF)
   Presentation (PDF)

12:15 p.m. - Lunch

1:15 p.m. - Strengthening Your Cybersecurity Strategies in a New Age of Technology (PDF)

1. Albert Arboleda, Chief Information Security Officer, CalPERS
   Rachel Wilson, Managing Director, Wealth Management Chief Data Officer, Morgan Stanley (PDF)

2:15 p.m. - One Voice, Big Impact: Strategic Alignment Across California’s Public Purchasers (PDF)

1. Dr. Julia Logan, Chief Clinical Director, Clinical Policy and Programs Division, CalPERS
   Presentation (PDF)

2:45 p.m. - Contracting Agency Health Regions: Challenges and Future Directions (PDF)

1. Don Moulds, Chief Health Director, Health Policy and Benefits, CalPERS
   Yesenia Croft, Chief, Health Account Management Division, CalPERS
   Jared Shinabery, Chief, Health Policy and Data Division, CalPERS
   Rob Jarzombek, Chief, Health Plan Research & Administration, CalPERS
   Presentation (PDF)

3:45 p.m. - Public Comment

4:00 p.m. - Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (c)(18)(A), (e), and (g)(1))

Call to Order and Roll Call
 

Litigation Items – Renee Salazar

1. 1. General Counsel’s Update on Pending Litigation

4:45 p.m. - Open Session

Upon adjournment of Closed Session

4:50 p.m. - Adjournment of Meeting