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.


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.


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.