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Board of Administration Offsite Agenda - July 15-17, 2024

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.

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 (added by Stats. 2023, ch. 216, § 1), Board members may participate remotely via teleconference.

Location:
Portola Hotel & Spa at Monterey Bay
De Anza Ballroom
Two Portola Plaza
Monterey, CA

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

Monday, July 15, 2024
Agenda – Day One

9:00 a.m. Welcome/Opening

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

9:15 a.m. Opening Comments/Update from Chief Investment Officer

Presenter
Stephen Gilmore, Chief Investment Officer, CalPERS

9:30 a.m. Overview of the Sustainable Investments 2030 Strategy (Board Education)

Presenter
Peter Cashion, Managing Investment Director, Sustainable Investments, CalPERS

Presentation

9:45 a.m. Climate-Aware Investing in Global Public Equities (Board Education)

Presenters
Simiso Nzima, Managing Investment Director, Global Public Equity, CalPERS
Nelson Da Conceicao, Investment Director, Sustainable Investments, CalPERS
Tony Campos, FTSE, Head of Sustainable Investments, Index Investment Group
Carolyn R. Eagle, FTSE, Head of Americas, Sustainable Equity Index Product

Presentation

10:45 a.m. Break

11:00 a.m. Emerging and Diverse Managers in the CalPERS Investment Portfolio (Board Education)

Presenters
Anton Orlich, Managing Investment Director, Private Equity, CalPERS
Michael Silva, Associate Investment Manager, Sustainable Investments, CalPERS
Anilu Vazquez-Ubarri, Chief Operating Officer, TPG NEXT
Pamela Pavkov, Managing Partner, TPG NEXT
Marcus Lawrence, Principal, TPG NEXT
Careina Williams, Founder & Managing Partner, Caro Investors
Elizabeth Browne, Managing Director, Sponsor Solutions Group, GCM Grosvenor
Kevin Nickelberry, Managing Director, GCM Grosvenor
Anthony (Tony) Miller, Managing Partner, Excolere Equity Partners

Presentation 1

Presentation 2

Presentation 3

Presentation 4

12:30 p.m. Lunch

1:30 p.m. Geopolitics and the Impact of Geopolitical Risks on Economies and Markets (Board Education)

Presenters
Stephanie Ivy Sanford, Goldman Sachs
Ambassador Norman Eisen (ret.), Senior Fellow, Brookings

3:00 p.m. Break

3:15 p.m. Proxy Voting Overview (Board Education)

Presenters
Simiso Nzima, Managing Investment Director, Global Public Equity, CalPERS
Drew Hambly, Investment Director, Corporate Governance, CalPERS

Presentation

4:15 p.m. Adjourn

Tuesday, July 16, 2024
Agenda – Day Two

8:30 a.m. Welcome/Opening

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

8:45 a.m. Closed Session – Preferred Provider Organization Strategy and Transition Update (Government Code section 11126(c)(17), (e))

9:45 a.m. Action Item – Approval of 2025 Health Maintenance Organization & Preferred Provider Organization Plan Premiums

Presenter
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS

  1. Attachment 1

Presentation

10:30 a.m. 2025 State Annuitant Contribution Formulas and 2025 Association Plan Premiums

Presenter
Rob Jarzombek, Division Chief, Health Plan Research & Administration, CalPERS

  1. Attachment 1
  2. Attachment 2

Presentation

10:45 a.m. Break

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

Presenters
Don Moulds, Chief Health Director, CalPERS
Dr. Julia Logan, Chief Medical Officer, Clinical Policy and Programs Division, CalPERS

Presentation

12:00 p.m. Lunch

12:45 p.m. Health Care Workforce (Board Education)

Presenters
Dr. Julia Logan, Chief Medical Officer, Clinical Policy and Programs Division, CalPERS
Libby Abbott, Deputy Director, Health Workforce Development, Department of Health Care Access and Information (HCAI)
Kathryn Phillips, Associate Director of Improving Access at the California Health Care Foundation (CHCF)

Presentation 1

Presentation 2

1:45 p.m. Evolution of the Private Equity Industry (Board Education)

TIME CERTAIN
Presenter
James Coulter, Founding Partner and Executive Chairman of TPG

Presentation

3:15 p.m. Break

3:30 p.m. CalPERS CEM Pension Administration Benchmark Report - 2023 (Board Education)

Presenters
Kim Malm, Deputy Executive Officer, Customer Services and Support
Chris Doll, Director, Client Coverage, CEM Benchmarking

Presentation

4:30 p.m. Adjourn

Wednesday, July 17, 2024
Agenda – Day Three

9:00 a.m. Welcome/Opening

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

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

Proposed Decisions

  1. a. Norma A. Carrillo
    1. Attachment A
    2. Attachment B
    3. Attachment C
  2. b. Andrew Johnson
    1. Attachment A
    2. Attachment B
    3. Attachment C
  3. c. Tiffany M. Wagner
    1. Attachment A
    2. Attachment B
    3. Attachment C
  4. d. Christopher Wall
    1. Attachment A
    2. Attachment B
    3. Attachment C

Petitions for Reconsideration

  1. a. Patricia Moss
    1. Attachment A
    2. Attachment B
    3. Attachment C
    4. Attachment D
    5. Attachment E

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

Attachment 1

9:25 a.m. Action Item - Proposed Amendment to Regulation: Definition and Reporting of Full-Time Employment

Presenters
Brad Hanson, Division Chief, Employer Account Management Division, CalPERS
Kelli Aoki, Division Chief, Policy Research & Data Analytics Division, CalPERS

  1. Attachment 1
  2. Attachment 2

10:00 a.m. Fiduciary Duties & Sustainability Considerations (Board Education)

Presenters
Matthew Jacobs, General Counsel, CalPERS
Von Hughes, Chief Executive Officer, Calvert Research and Management
Tiffany Reeves, Partner, Faegre Drinker

Presentation

11:30 a.m. Break

11:45 a.m. 2024 Stakeholder Perception Survey Results and Focus Groups

Presenters
Simone Parker, Assistant Division Chief, Stakeholder Relations, CalPERS
Brad Pacheco, Deputy Executive Officer, Communications & Stakeholder Relations, CalPERS
Ian Stewart, Senior Principal, EMC Research

Presentation 1

Presentation 2

12:45 p.m. Closed Session – Litigation Matters (Government Code section 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

1:15 p.m. Adjourn Offsite

Resources

Location

Feckner Auditorium
 Lincoln Plaza North
400 P Street
Sacramento, CA 95811

Parking
CalPERS Building Guide (PDF)

Security

For your safety, attendees are screened upon entering the auditorium.