Board of Administration Agenda - November 16 & 18, 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.)

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

Open Session

8:30 a.m.

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

Open Session

Upon adjournment of Closed Session

1. Item
   1. Adjournment of Meeting

Meeting Agenda for November 18, 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. Board members may attend meetings of committees of which they are not members and participate in the discussions during those meetings. 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

9:00 a.m.
Or upon adjournment of the Performance, Compensation & Talent Management Committee Meeting – Whichever is later

1. Item
   1. Call to Order and Roll Call

Closed Session

9:00 a.m.
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (e), and (g)(1))

1. Item
   1. Chief Executive Officer’s Briefing on Performance, Employment, and Personnel Items
   2. Committee Reports and Actions

Open Session

9:00 a.m.
Or upon adjournment of the Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   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 November 18, 2026, Board of Administration Timed Agenda (PDF)
      2. Approval of September 16, 2026, Board of Administration Meeting Minutes (PDF)
      3. Board Travel Approvals (PDF)
         1. Attachment 1 - Travel Report (PDF)
   6. Information Consent Items – Theresa Taylor 
      1. Board Meeting Calendar (PDF)
      2. Draft Agenda for February 17, 2027, Board of Administration Meeting (PDF)
      3. General Counsel’s Report (PDF)
         1. Attachment 1 - New Case Report (PDF)
      4. Communications and Stakeholder Relations (PDF)
         1. Attachment 1  - Public Records Act Report prepared by the Office of Stakeholder Relations (PDF)
         2. Attachment 2 - Digital Communications Dashboard Report prepared by CalPERS’ Office of Public Affairs (PDF) that highlights stakeholder engagement by channel including online communications, email, social media, and video
      5. 2025-26 Fiscal Year-End Compensation for Statutory Positions (PDF)
   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. Amy Edelen (PDF)
            1. Attachment A  - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         2. Raquel Green (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         3. Matthew T. Watkins (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         4. Alisa Stephens (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         5. Carole Marie de Gery (Barry C. Lewis (dec.)) (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         6. Jess A. Salcedo (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
         7. Michael F. Britt (PDF)
            1. Attachment A - Proposed Decision (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
      2. Petitions for Reconsideration (PDF)
         1. Joven Aromin (PDF)
            1. Attachment A - Respondent’s Petition for Reconsideration (PDF)
            2. Attachment B - Staff’s Argument (PDF)
            3. Attachment C - Respondent(s) Argument(s) (PDF)
            4. Attachment D - Decision (PDF)
            5. Attachment E - Proposed Decision (PDF)
      3. State Legislative Proposals (PDF) – Danny Brown
   9. Information Agenda Items
      1. State and Federal Legislation Update (PDF) – Danny Brown
         1. Attachment 1 - For your information, provides a report by the Legislative Affairs Division on the Board’s State and Federal Legislative Program (PDF). Any updates to the attached will be presented verbally.
      2. Board Self-Assessment (PDF)
         1. Attachment 1 - Board Self-Assessment (PDF)
      3. Summary of Board Direction – Marcie Frost
      4. Public Comment
      5. Approval to Meet in Closed Session Pursuant to Government Code section 11126(c)(18)(A)

Closed Session

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

1. Item
   1. Call to Order and Roll Call
   2. Approval of September 16, 2026, Board of Administration Closed Session Meeting Minutes
   3. Information Security Update
   4. Litigation Matters – Prashant Yerramalli
      1. Terry Cheng, et al. v. California Public Employees’ Retirement System, Case No. 23CV010718 (Sacramento Superior Ct.)
      2. David Dowswell and Linda Samsom v. California Public Employees’ Retirement System, Case No. CGC-26-640849 (San Francisco Superior Ct.)
      3. In re Cloudflare, Inc. Stockholder Litigation, C.A. No. 2026-0772-JTL (Del. Ct. Ch. 2026)
      4. CalPERS v. UnitedHealth Group, et al., Case No. 24-CV-1743-JMB-JFD (D. Minn.)
      5. General Counsel’s Update on Pending Litigation

Open Session

Upon adjournment of Closed Session

1. Item
   1. Report Out on Information Security Update
   2. Adjournment of Meeting