Board of Administration - September 14 & 16, 2026

The Board of Administration considers recommendations from individual Board committees and hears other matters related to the administration of retirement benefits and investment management.

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

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. In accordance with Government Code section 11123.2 (amended by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

Meeting Agenda for September 14, 2026

Open Session

8:30 a.m.

1. Call to Order and Roll Call (PDF)

Closed Session

Upon adjournment of Open Session (Government Code sections 11126(a)(1), (e), and (g)(1))

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

Open Session

Upon adjournment of Closed Session

2. Adjournment of Meeting

Meeting Agenda for September 16, 2026

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 California Government Code section 11123.2 (added by Stats. 2025, ch. 222, § 1), Board members may participate remotely via teleconference.

Open Session

8:45 a.m.
Or Upon Adjournment or Recess of the Risk & Audit Committee – Whichever is Later.

1. Call to Order and Roll Call (PDF)

Closed Session

8:45 a.m.
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 Items
2. Committee Reports and Actions

Open Session

8:45 a.m.
Or upon adjournment of the Closed Session – Whichever is later

Item

1. Call to Order and Roll Call
2. Pledge of Allegiance – Theresa Taylor
3. Board President’s Report – Theresa Taylor
4. Chief Executive Officer’s Report (Verbal) – Marcie Frost
5. Action Consent Items – Theresa Taylor
   1. Approval of September 16, 2026, Board of Administration Timed Agenda (PDF)
   2. Approval of June 17, July 14 and 15, 2026, Board of Administration Meeting Minutes (PDF)
   3. Board Travel Approvals (PDF)
      • Attachment 1 (PDF) - Travel Report
      • Attachment 2 (PDF) - Travel Report
   4. Board and Committee Meeting Schedule - 2027 (PDF)
6. Information Consent Items – Theresa Taylor
   1. Board Meeting Calendar (PDF)
   2. Draft Agenda for November 18, 2026, Board of Administration Meeting (PDF)
   3. General Counsel’s Report (PDF)
   4. Communications and Stakeholder Relations (PDF)
      • Attachment 1 (PDF) - Public Records Act Report prepared by the Office of Stakeholder Relations.
      • Attachment 2 (PDF) - Digital Communications Dashboard Report prepared by CalPERS’ Office of Public Affairs that highlights stakeholder engagement by channel including online communications, email, social media, and video.
7. Committee Reports and Actions
   1. Investment Committee (Verbal) – Kevin Palkki
   2. Pension & Health Benefits Committee (Verbal) – Ramon Rubalcava
   3. Finance & Administration Committee (Verbal) – Lisa Middleton
   4. Performance, Compensation & Talent Management Committee (Verbal) – Kevin Palkki
   5. Risk & Audit Committee (Verbal) – David Miller
   6. Board Governance Committee (Verbal) – David Miller
8. Action Agenda Items
   1. Proposed Decisions of Administrative Law Judges (PDF) – Theresa Taylor
      1. Daniel P. Greco (PDF)
         • Attachment 1 (PDF) - Proposed Decision
         • Attachment 2 (PDF) - Staff’s Argument
         • Attachment 3 (PDF) - Respondent(s) Argument(s)
      2. Joven Aromin (PDF)
         • Attachment 1 (PDF) - Proposed Decision
         • Attachment 2 (PDF) - Staff’s Argument
         • Attachment 3 (PDF) - Respondent(s) Argument(s)
      3. Tijeras J. Hudson (PDF)
         • Attachment 1 (PDF) - Proposed Decision
         • Attachment 2 (PDF) - Staff’s Argument
         • Attachment 3 (PDF) - Respondent(s) Argument(s)
      4. Nicholas Peelman (PDF)
         • Attachment 1 (PDF) - Proposed Decision
         • Attachment 2 (PDF) - Staff’s Argument
         • Attachment 3 (PDF) - Respondent(s) Argument(s)
   2. Chief Executive Officers 2025-26 Incentive Award and 2026-27 Base Salary (PDF) – Michelle Tucker
9. Information Agenda Items
   1. State and Federal Legislation Update (PDF) – Danny Brown
      • Attachment 1 (PDF) - 2025-2026 Legislative Session State and Federal Update Status as of August 26, 2026
   2. Summary of Board Direction – Marcie Frost
   3. Public Comment

Closed Session

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

Item

1. Call to Order and Roll Call
2. Approval of June 17, July 13, and July 14, 2026, Board of Administration Closed Session Meeting Minutes
3. Litigation Matters – Prashant Yerramalli
   1. General Counsel’s Update on Pending Litigation

Open Session

Upon adjournment of Closed Session

1. Adjournment of Meeting