Board of Administration Offsite Agenda JULY 11, 2022

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.

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

AGENDA – DAY ONE
MONDAY, JULY 11, 2022

9:00 a.m.- Welcome/Opening

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

9:15 a.m. Swearing-In Ceremony for New Board Member

9:30 a.m. - Closed Session – Investment Strategy – First 90 Days and Beyond
(Government Code Section (11126(c)(16))

1. Presenter
   Nicole Musicco, Chief Investment Officer, CalPERS

10:45 a.m. - Break

11:00 a.m. - Open Session – Opening Comments

1. Presenter
   Nicole Musicco, Chief Investment Officer, CalPERS

11:15 a.m. - Geopolitical Risks and Financial Markets (Board Education)

1. Moderator
   Sterling Gunn, Managing Investment Director, Trust Level Portfolio Management & Implementation, CalPERS

1. Presenters
   Michael Cembalest, Chairman of Market and Investment Strategy, J.P. Morgan Asset Management
   Matt Gertken, Chief Strategist, BCA Research

1. Presentation
   Geopolitical Risks and Financial Markets

1. Background
   Geopolitical Risks and Financial Markets

12:15 p.m. - Lunch

1:15 p.m. - Spotlight on Private Debt Opportunities (Board Education)

1. Moderator
   Jean Hsu, Managing Investment Director, Opportunistic Strategies, CalPERS

1. Presenters
   Antony Ressler, Executive Chairman, Ares Management

1. Presentation
   Spotlight on Private Debt Opportunities

1. Background
   Spotlight on Private Debt Opportunities
   The Rise of Private Markets Secular Trends in Non-Bank Lending and Their Economic Implications

2:30 p.m. - Shaping Our Strategy on Human Capital Management (Board Education)

Moderator James Andrus, Interim Managing Investment Director, Board Governance & Sustainability, CalPERS

1. Presenters
   Jarvis Hollingsworth, Chair, Teachers Retirement System of Texas; COO, Irradiant Partners
   Professor Colleen Honigsberg, Associate Professor of Law, Stanford Law School
   Sekou Kaalund, Head of Northeast Banking, J.P. Morgan Chase
   Michael Croft, Chairman, CommonWealth Partners

1. Presentation
   Shaping our Strategy on Human Capital

1. Background
   Shaping our Strategy on Human Capital
   Human Capital Management

3:30 p.m. - Break

3:45 p.m. - Sustainable Investing: Developing an Impact Toolkit for Private Markets (Board Education)

1. Moderator
   Yup Kim, Head of Investments, Private Equity, CalPERS

1. Presenters
   Pete Stavros, Partner & Co-Head of Americas Private Equity, KKR
   Megan Starr, Global Head of Impact, Carlyle

1. Presentation
   Sustainable Investing: Developing an Impact Toolkit for Private Markets

1. Background
   Sustainable Investing: Developing an Impact Toolkit for Private Markets – ESG Convergence Project
   Sustainable Investing: Developing an Impact Toolkit for Private Markets – Ownership Works
   ESG Data Convergence Project

4:45 p.m. Adjourn

AGENDA – DAY TWO
TUESDAY, JULY 12, 2022

9:00 a.m. - Welcome/Opening

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

9:15 a.m. - Action Item - Approval of 2023 Health Maintenance Organization Premiums and Approval of 2023 Preferred Provider Organization Premiums

1. Presenter
   Kim Malm, Interim Chief of Health Plan Research & Administration Division, CalPERS
   1. Attachment 1 (PDF)
   2. Attachment 2 (PDF)

1. Presentation
   
   1. Attachment 3 (PDF)

10:30 a.m. - 2023 State Annuitant Contribution Formulas and 2023 Association Plan Premiums

1. Presenter
   Kim Malm, Interim Chief of Health Plan Research & Administration Division, CalPERS
   1. Attachment 1 (PDF)
   2. Attachment 2 (PDF)

1. Presentation
   
   1. Attachment 3 (PDF)

10:45 a.m. - Break

11:00 a.m. - Behavioral Health Update (Board Education)

1. Presenters
   Don Moulds, Chief Health Director, CalPERS
   Julia Logan, Chief Clinical Director, CalPERS

1. Presentation
   Behavioral Health Update

1. Background
   Behavioral Health Update

12:00 p.m. - Lunch Break

1:00 p.m. - Diversity, Equity & Inclusion Framework Update

1. Presenter
   Marlene Timberlake D’Adamo, Chief Diversity, Equity & Inclusion Officer, CalPER

1. PowerPoint Presentation
   Diversity, Equity & Inclusion Framework Semi-Annual Update

1:30 p.m. - Racial Impacts of Financial Markets Operations Diversity, Equity & Inclusion Trends in 2022 (Board Education)

1. Moderator
   Marlene Timberlake D’Adamo, Chief Diversity, Equity & Inclusion Officer, CalPERS

1. Presenters
   Dr. Tyrone A. Holmes, Ed.D.
   Renaye Manley

1. PowerPoint Presentation
   Racial Impacts of Financial Markets Operations

1. Background
   Racial Impacts of Financial Markets Operations
   Diversity, Equity & Inclusion Trends in 2022

3:15 p.m. - Adjourn

AGENDA – DAY THREE
WEDNESDAY, JULY 13, 2022

9:00 a.m. - Welcome/Opening

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

9:15 a.m. - Action Item - Proposed Decisions of Administrative Law Judges

Action Item - Proposed Decisions of Administrative Law Judges.pdf

1. a. Atziri Villagomez
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
2. b. Salvador Velasquez
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
3. c. Craig M. Culp
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
4. d. Raul M. Rojas
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
5. e. Michael D. Lemberger
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)

9:20 a.m. - Action Item – Board Travel Approval

1. Attachment 1

9:30 a.m. - Strategic Plan Discussion

1. Presenter
   Sabrina Hutchins, Division Chief, Enterprise Strategy and Performance Division, CalPERS

1. PowerPoint Presentations
   Strategic Plan Discussion
   2022-27 Strategic Plan
   2022-23 Business Plan

10:30 a.m. - Break

10:45 a.m. - Annual Stakeholder Perception Survey

1. Presenters
   Kelly Fox, Division Chief, Office of Stakeholder Relations
   David Teykaerts, Assistant Division Chief, Office of Stakeholder Relations

1. PowerPoint Presentation
   Annual Stakeholder Perception Survey Update

11:45 a.m. Closed Session – Litigation Matters (Government Code sections 11126(a)(1), (e), and (g))

1. a. Wedding, et al. v. CalPERS, et al. (Los Angeles County Superior Court, Case No. BC517444)
2. b. General Counsel’s Update on Pending Litigation

12:15 p.m. Adjourn Offsite

Notes

1. 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.
2. 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.
3. 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.
4. In accordance with Executive Orders N-08-21, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.