Legislation
Congressional & Regulatory Agency Letters
Review legislative and regulatory letters approved by CalPERS.
Federal
Health & Human Services (HHS)
- Joint Comment on HHS Request for Comment on Chronic Disease of Addiction, dated July 3, 2026 (PDF)
- Comment on 2027 CMS Hospital Inpatient Prospective Payment Systems and Other Policy Changes Proposed Rule, dated June 9, 2026 (PDF)
- Comment on CMS Comprehensive Regulations to Uncover Suspicious Healthcare Request for Information, dated March 27, 2026 (PDF)
- Joint Comment on Hospital Condition of Participation: Prohibiting Gender Affirming Care for Minors Proposed Rule, dated February 17, 2026 (PDF)
- Comment on CMS Advance Notice of Methodological Changes for MA Capitation Rates and Part C, D Payment Policies, dated February 17, 2026 (PDF)
- Comment on CMS GUARD Model, dated February 17, 2026 (PDF)
- Comment on CMS Transparency in Coverage Proposed Rule, dated February 13, 2026 (PDF)
- Joint Comment on 2027 Policy and Technical Changes to the Medicare Advantage and Medicare Prescription Drug Program, dated January 26, 2026 (PDF)
Securities & Exchange Commission (SEC)
Federal
Congress
- Comment on End of Year Legislation to Secure Greater Health Care Affordability, dated December 5, 2025 (PDF)
- Comment on H.R.1, the One Big Beautiful Bill Act Request for Information on Health Care Providers, dated June 20, 2025 (PDF)
- Comment on Funding to Protect Access to Affordable Health Insurance Coverage in California, dated May 15, 2025 (PDF)
Department of Justice (DOJ)
Department of Labor (DOL)
Environmental Protection Agency (EPA)
Health & Human Services (HHS)
- Comment on HHS efforts on Biosimilars Initiatives, dated November 21, 2025 (PDF)
- Joint Comment on CMS 2026 Medicare Physician Fee Schedule, dated September 12, 2025 (PDF)
- Comment on CMS Proposed Rule – 2026 Policy and Technical Changes to the Medicare Advantage Program and Medicare Prescription Drug Benefit Program, dated January 27, 2025 (PDF)
Securities & Exchange Commission (SEC)
2024
Federal
Congress
- Support for H.R. 82, the Social Security Fairness Act of 2023, dated December 16, 2024 (PDF)
- Comment on End-of-Year Legislation to Secure Greater Health Care Affordability, dated November 15, 2024 (PDF)
- Comment on Pay PCPs Act of 2024 Request For Information, dated July 15, 2024 (PDF)
- Comment on Senate Finance Committee Request for Information – Bolstering Chronic Care through Physician Payment, dated July 3, 2024 (PDF)
- Comment on House Committee on Education and the Workforce Request for Information – Reforms to Increase Affordability and Quality in Employer-Sponsored Health Coverage, dated March 15, 2024 (PDF)
- Legislation to Secure Greater Health Care Affordability, dated January 19, 2024 (PDF)
- Lowering Costs and Increasing Access to Health Care With Employer-Driven Innovation, dated January 10, 2024 (PDF)
Environmental Protection Agency (EPA)
Health & Human Services (HHS)
- Joint Comment on CMS Proposed Rule – Enhancing Coverage of Preventive Services, dated December 20, 2024 (PDF)
- Comment on CMS Request for Information on the Center for Innovation’s Medicare $2 Drug List Model, dated December 9, 2024 (PDF)
- Comment on Draft Recommendations for the HRSA-Supported Women’s Preventive Services Guidelines, dated November 21, 2024 (PDF)
- Comment on CMS 2025 Medicare Physician Fee Schedule, dated September 9, 2024 (PDF)
- Comment on CMS Request for Information on Medicare Advantage Data, dated May 29, 2024
- Comment on DOJ, FTC, and HHS Request for Information – Consolidation in Health Care Markets, dated May 22, 2024
2023
Federal
Congress
- Legislation to Speed and Expand Generic and Biosimilar Drug Access, dated September 19, 2023 (PDF)
- Support for S. 2007, the Improving Corporate Governance Through Diversity Act of 2023, dated September 6, 2023 (PDF)
Federal Reserve System
- Comment on Joint Agency Proposed Rule – Regulatory Capital Rule: Large Banking Organizations and Banking Organizations With Significant Trading Activity, dated December 22, 2023 (PDF)
- Comment on Federal Reserve System Notice – Principles for Climate-Related Financial Risk Management for Large Financial Institutions, dated February 6, 2023 (PDF)
Federal Trade Commission (FTC)
Health & Human Services (HHS)
- Comment on HHS Notice – HIPAA Privacy Rule to Support Reproductive Health Care Privacy, dated June 14, 2023 (PDF)
- Comment on SAMHSA Draft 2023-2026 Strategic Plan, dated April 27, 2023 (PDF)
- Comment on CMS Notice - Medicare Drug Price Negotiation, dated April 14, 2023 (PDF)
- Comment on HHS Advance Notice - CMS-2023-0010; Advance Notice of Methodological Changes for Calendar Year (CY) 2024 for Medicare Advantage Capitation Rates and Part C and Part D Payment Policies, dated March 6, 2023 (PDF)
Securities & Exchange Commission (SEC)
- Group Comment on SEC Proposed Rule - Further Definition of "As a Part of a Regular Business" in the Definition of Dealer and Government Securities Dealer (File No. S7-12-22), dated November 3, 2023 (PDF)
- Group Comment on SEC Proposed Rule - Regulations NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders, dated March 31, 2023 (PDF)
Other
2022
Federal
Commodity Futures Trading Commission (CFTC)
Securities & Exchange Commission (SEC)
- Comment on SEC Strategic Plan 2022-2026, dated September 29, 2022 (PDF)
- Comment on SEC Proposed Rule – Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals, dated September 12, 2022 (PDF)
- Comment on SEC Proposed Rule – The Enhancement and Standardization of Climate-Related Disclosures for Investors, dated June 15, 2022 (PDF)
- Comment on SEC Proposed Rule – Special Purpose Acquisition Companies, Shell Companies, and Projections, dated June 9, 2022 (PDF)
- Comment on SEC Proposed Rule – Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, dated May 9, 2022 (PDF)
- Comment on SEC Proposed Rule – Private Fund Adviser Compliance Reviews, dated April 25, 2022 (PDF)
- ILPA Comment on SEC Proposed Rule – Private Fund Adviser Compliance Reviews, dated April 25, 2022 (PDF)
- Comment on SEC Proposed Rule – Share Repurchase Disclosure Modernization, dated March 30, 2022 (PDF)
- Comment on SEC Proposed Rule – Reopening of Comment Period for Pay Versus Performance, dated March 4, 2022 (PDF)
Public Company Accounting Oversight Board (PCAOB)
Other
- Comment on FASB Exposure Draft – Segment Reporting: Improvements to Reportable Segment Disclosures, dated December 20, 2022 (PDF)
- ACGA Comment to Japan Exchange Group on Gender Diversity in TSE Prime Market Boards, dated September 21, 2022 (PDF)
- ACGA Comment to Japan’s Financial Services Agency on Gender Diversity in TSE Prime Market Boards, dated September 21, 2022 (PDF)
- Comment on IFRS Exposure Draft – S1 General Sustainability-Related Disclosures, dated July 29, 2022 (PDF)
- Comment on IFRS Exposure Draft – S2 Climate-Related Disclosures, dated July 27, 2022 (PDF)
Legislative District Profile
CalPERS Legislative District Profile provides a statistical overview of our retirement and health care programs, along with a sample summary of statewide economic and investment impacts of CalPERS retirement benefit payments and investments in California legislative districts.
Legislative Reports
View legislative reports submitted to the governor, Legislature, and other stakeholders, as required by law. To request a hard copy, contact (916) 795-3689.
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 5.6 MB)
- Judges’ Retirement System Actuarial Valuation Report (PDF, 2.8 MB)
- Judges' Retirement System II Actuarial Valuation Report (PDF, 6.7 MB)
- Legislators’ Retirement System Actuarial Valuation Report (PDF, 3.1 MB)
Finance
Health
Investment
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF)
- Judges’ Retirement System Actuarial Valuation Report (PDF)
- Judges’ Retirement System II Actuarial Valuation Report (PDF)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF)
- State Actuarial Valuation Report (PDF)
Finance
- 2023-24 Annual Comprehensive Financial Report (PDF)
- Fiscal Year 2024-25 Year-End Expenditure Report (PDF)
- Fiscal Year 2025-26 Annual Budget Proposal (PDF)
- Fiscal Year 2025-26 Mid-Year Budget Revision (PDF)
Health
- Health Benefits Program Annual Report (PDF)
- Preliminary 2026 Health Maintenance Organization and Preferred Provider Organization Plan Premiums and Service Area Changes (PDF)
Investment
- 2023-24 Annual Investment Report (PDF, 9.8 MB)
- 2025 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Climate Related Financial Disclosure (PDF)
- Diversity in the Management of Investments (PDF)
- Trust Level Review Reports
- CalPERS Annual Trust Level Review (As of June 30, 2025) (PDF)
- CalPERS Public Employees’ Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2025 (PDF)
- California Public Employees’ Retirement System Independent Verifier’s Verification and Examination Report, As of June 30, 2025 (PDF)
- Official Fund Level Performance Prepared by the CalPERS Financial Office, As of June 30, 2025 (PDF)
- CalPERS Trust Level Review, As of December 31, 2024 (PDF)
- CalPERS Public Employees’ Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2024 (PDF)
2024
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF)
- Judges’ Retirement System Actuarial Valuation Report (PDF)
- Judges’ Retirement System II Actuarial Valuation Report (PDF)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF, 1.18 MB)
- State Actuarial Valuation Report (PDF, 4.4 MB)
Finance
- Annual Comprehensive Financial Report (PDF, 15.9 MB)
- Fiscal Year 2024-25 Annual Budget Proposal (PDF)
- Fiscal Year 2024-25 Mid-Year Budget Revision (PDF)
- Fiscal Year 2023-24 Year-End Expenditure Report (PDF)
Health
- Health Benefits Program Annual Report (PDF, 5.99 MB)
- Preliminary 2025 Health Maintenance Organization and Preferred Provider Organization Plan Premiums and Program Updates (PDF)
Investment
- 2022-23 Annual Investment Report (PDF, 8.7 MB)
- 2024 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Diversity in the Management of Investments (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of December 31, 2023 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2023 (PDF)
- CalPERS Trust Level Review, As of June 30, 2024 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2024 (PDF)
- California Public Employees' Retirement System Independent Verifier's Verification and Examination Report, As of June 30, 2024 (PDF)
- Official Fund Level Performance Prepared by the CalPERS Financial Office, As of June 30, 2024 (PDF)
2023
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 1.2 MB)
- Judges’ Retirement System Actuarial Valuation Report (PDF)
- Judges’ Retirement System II Actuarial Valuation Report (PDF)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF)
- State Actuarial Valuation Report (PDF)
Finance
Health
Investment
- 2021-22 Annual Investment Report (PDF, 6.28 MB)
- 2023 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Diversity in the Management of Investments (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Report, March 2023 (PDF)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of December 31, 2022 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2022 (PDF)
- CalPERS Trust Level Review, As of June 30, 2023 (PDF)
- CalPERS Public Employees’ Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2023 (PDF, 1.2 MB)
- Quarterly Update- Affiliates Performance and Risk Report, As of June 30, 2023 (PDF)
- California Public Employees’ Retirement System Independent Verifier’s Verification and Examination Report, As of June 30, 2023 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2023 (PDF)
2022
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 1.2 MB)
- Judges’ Retirement System Actuarial Valuation Report (PDF, 1.32 MB)
- Judges’ Retirement System II Actuarial Valuation Report (PDF)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF, 1.12 MB)
- State Actuarial Valuation Report (PDF, 6.83 MB)
Finance
Health
Investment
- 2020-21 Annual Investment Report (PDF, 10.3 MB)
- 2022 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Climate Related Financial Disclosure (PDF, 2.6 MB)
- Publicly Traded Companies That Benefited from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of June 30, 2022 (PDF, 4.83 MB)
- CalPERS Trust Level Review, Risk Management Summary, As of June 30, 2022 (PDF, 1.79 MB)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of June 30, 2022 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2022 (PDF)
- California Public Employees' Retirement System Independent Verifier's Verification and Examination Report, As of June 30, 2022 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2022 (PDF)