Governance & Policies
Under the California Constitution, the Board of Administration has a fiduciary duty to act in the best interests of its members and employers. In addition, the Board is governed by policies, delegations, guidelines, and beliefs as outlined below.
- Board Governance Policy (PDF)
- Communications with Prospective Vendors & Partners (PDF)
- Delegation to Board President (PDF)
- Delegation to Chief Executive Officer (PDF)
- Gift Policy (PDF)
- Insider Trading Policy (PDF)
- Representation on Corporate Boards of Directors Policy (PDF)
- Statement of Incompatible Activities (PDF)
- Travel Policy (PDF)
The CalPERS Actuarial Office is guided by the Board's actuarial policies to ensure the proper funding of CalPERS member benefits. The CalPERS Board of Administration adopts these policies at public hearings.
- 30 Year Amortization Extension Policy Guidelines (Revised 09/2010) (PDF)
- Actuarial Asset Valuation Method (Smoothing) (Revised 04/2013) (PDF, 1.20 MB)
- Actuarial Assumptions (Revised 12/2011) (PDF)
- Adjustment of Actuarial Factors Used in the Administration of Benefits (Revised 12/2011) (PDF)
- Amortization & Smoothing Policy (Revised 05/2014) (PDF)
- Employer Contributions in Excess of Actuarially Determined Rate (Revised 05/2014) (PDF)
- Funding Method (PDF)
- General (PDF)
- List of Available Risk Pools (Revised 05/2014) (PDF)
- Load for Mortality Fluctuation -Terminations (PDF)
- Phasing-Out the Difference in Employer's Contribution Rates Upon Joining the Risk Pooling Structure (Revised 05/2014) (PDF)
- Smoothing Employer Contribution Rates (Revised 05/2014) (PDF)
The CalPERS Investment Office is guided by policies adopted by the Investment Committee. The policies are adopted by the Committee in open public sessions.
Legislative and Policies Engagement Guidelines (PDF) adopted by the Board guide our decision-making for pending legislation. In addition, we monitor legislation at the state and federal levels in order to protect the best interests of our members and employers.