Legislation
CalPERS monitors legislation at the state and federal levels to protect the best interests of our members and employers.
Current Legislation
View information on state and federal legislation CalPERS is currently monitoring.
Congressional and Regulatory Agency Letters
View legislative and regulatory letters approved by CalPERS.
2020
Federal
Congress
- Response to Senator Scott’s Correspondence Regarding Investing in Chinese Companies, dated July 31, 2020 (PDF)
- Response to Chairwoman Waters’ Capital Markets and Worker Protection Hearing Inquiries, dated July 27, 2020 (PDF)
- Group Comment on Surprise Medical Bill Protections in COVID-19 Relief Legislation, dated July 1, 2020 (PDF)
- H.R. 3623 – Climate Risk Disclosure Act of 2019, dated June 29, 2020 (PDF)
- ILPA Request to Include Venture Capital-Supported and Private Equity-Supported Small Businesses in the CARES Act’s Paycheck Protection Program, dated April 10, 2020 (PDF)
- Surprise Medical Billing Legislation, dated March 13, 2020 (PDF)
- H.R. 5929 – Shareholder Political Transparency Act of 2020, dated February 25, 2020 (PDF)
- H.R. 5930 – Workforce Investment Disclosure Act of 2020, dated February 20, 2020 (PDF)
Public Company Accounting Oversight Board (PCAOB)
Securities and Exchange Commission (SEC)
- Comment on SEC Proposed Rule – Reporting Threshold for Institutional Investment Managers (Rule 13-F), dated September 28, 2020 (PDF)
- Comment on SEC Proposed Rule - Management’s Discussion and Analysis, Selected Financial Data, and Supplementary Financial Information (Regulation S-K), dated April 28, 2020 (PDF)
- Comment on SEC Proposed Rule - Amendments to Exemptions from the Proxy Rules for Proxy Voting Advice, dated February 3, 2020 (PDF)
- Comment on SEC Proposed Rule - Procedural Requirements and Resubmission Thresholds (Shareholder Proposals), dated February 3, 2020 (PDF)
2019
Federal
Congress
- H.R. 624 – Promoting Transparent Standards for Corporate Insiders Act, dated January 22, 2019 (PDF)
- H.R. 2534 – Insider Trading Prohibition Act, dated December 3, 2019 (PDF)
- H.R. 5084 – Improving Corporate Governance Through Diversity Act of 2019, dated December 6, 2019 (PDF)
- Response to Senators' Inquiry on CalPERS' portfolio and deforestation, dated February 21, 2019 (PDF)
- Response to Senator Whitehouse Inquiry Regarding the Economic Risks Posed by Climate Change, dated July 15, 2019 (PDF)
- S. 64 – Preserve Access to Affordable Generics and Biosimilars Act, dated July 8, 2019 (PDF)
- S. 340 – Creating and Restoring Equal Access to Equivalent Samples Act of 2019, dated July 8, 2019 (PDF)
- S. 1140 – Protecting Access to Biosimilars Act of 2019, dated July 18, 2019 (PDF)
- S. 1169 – Ensuring Timely Access to Generics Act of 2019, dated July 18, 2019 (PDF)
Health and Human Services (HHS)
- Comment on HHS Proposed Rule – Removal of Safe Harbor Protection for Rebates Involving Prescription Pharmaceuticals, dated April 4, 2019 (PDF)
- Public Sector HealthCare Roundtable Comment on HHS Proposed Rule – Request to Protect Medicare Employer Group Waiver Plan (EGWP) Public Sector Beneficiaries from Severe Premium Increases, dated June 5, 2019 (PDF)
Securities and Exchange Commission (SEC)
- CII Request to Extend the Comment Period on Proxy Advice and Shareholder Proposal Regulations – File Nos. S7-22-19 & S7-23-19, dated November 15, 2019 (PDF)
- Comment on SEC Proposed Rule - Modernization of Regulation S-K Items 101, 103, and 105, dated October 22, 2019 (PDF)
- CII Comment on Proxy Advisor Regulation- File No. 4-725, dated October 15, 2019 (PDF)
- Comment on SEC Meeting - Commission Guidance Regarding Proxy Voting Responsibilities of Investment Advisers and Proxy Rules, dated August 20, 2019 (PDF)
- Comment on SEC Policy Review – Earnings Releases and Periodic Reporting System, dated March 21, 2019 (PDF)
- ILPA Comment on Enhancing Investment Advisor Regulation – File No. S7-09-19, dated February 12, 2019 (PDF)
2018
Federal
Congress
- House Financial Services Committee, Subcommittee on Capital Markets, Securities, and Investment – Hearing on “Legislative Proposals to Help Fuel Capital and Growth on Main Street,” dated June 4, 2018 (PDF)
- H.R. 4015 – The Corporate Governance Reform and Transparency Act of 2017, dated February 27, 1018 (CII sign-on letter) (PDF)
- H.R. 4015 – The Corporate Governance Reform and Transparency Act of 2017, dated February 21, 2018 (PDF)
- S. 488 – The JOBS and Investor Confidence Act of 2018, dated October 11, 2018 (PDF)
- S. 2155 – The Economic Growth, Regulatory Relief, and Consumer Protection Act, dated May 17, 2018 (PDF)
Environmental Protection Agency (EPA)
- Comment on EPA Proposed Rule – The Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks, dated October 23, 2018 (PDF)
- Comment on EPA Advance Notice of Proposed Rulemaking – Increasing Consistency and Transparency in Considering Costs and Benefits in Rulemaking Process, dated August 13, 2018 (PDF)
Internal Revenue Service (IRS)
Public Company Accounting Oversight Board (PCAOB)
Securities and Exchange Commission (SEC)
- Comment on SEC Staff Roundtable – Proxy Process, dated December 11, 2018 (PDF)
- Investors Petition for Rulemaking on Environmental, Social, and Governance (ESG) Disclosures, dated October 1, 2018 (PDF)
- Comment on SEC Transaction Fee Pilot for National Market System Stocks, dated May 25, 2018 (PDF)
- Comment on SEC Proposal Rule – Establish a New Optional Listing Category on the Exchange, “LTSE Listings on IEX,” dated April 23, 2018 (PDF)
- Comment on SEC potential policy shift – Forced Arbitration Provisions in Public Company Governing Documents, dated February 7, 2018 (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.
2020
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)
Finance
Investment
- 2018-19 Annual Investment Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Publicly Traded Companies That Benefited from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of December 31, 2019 (PDF)
- CalPERS Trust Level Review, Risk Management Summary, As of December 31, 2019 (PDF)
- CalPERS, Public Employees Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2019 (PDF)
- CalPERS Trust Level Monthly Update - Performance & Risk, As of December 31, 2019 (PDF)
- CalPERS Trust Level Review, As of June 30, 2020 (PDF)
- CalPERS Trust Level Review, Risk Management Summary, As of July 1, 2020 (PDF)
- CalPERS Trust Level Quarterly Update – Performance & Risk, As of June 30, 2020 (PDF)
- CalPERS Public Employees Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2020 (PDF)
- CalPERS GIPS Compliant Presentations, As of June 30, 2020 (PDF), As of June 30, 2020 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2020 (PDF)
2019
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF)
- State Actuarial Valuation Report (PDF)
Finance
Health
Investment
- 2017-18 Annual Investment Report (PDF)
- 2019 California Public Divest from Iran Act and Sudan Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Publicly Traded Companies that Benefitted from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of December 31, 2018 (PDF, 1.25 MB)
- CalPERS Trust Level Review, Risk Management Summary, As of December 31, 2018 (PDF, 1.72 MB)
- CalPERS, Public Employees Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2018 (PDF, 2.64 MB)
- CalPERS Trust Level Monthly Update - Performance & Risk, As of December 31, 2018 (PDF)
- CalPERS Trust Level Review, As of June 30, 2019 (PDF)
- CalPERS Trust Level Review, Risk Management Summary, As of June 30, 2019 (PDF, 1.77 MB)
- CalPERS Public Employees Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2019 (PDF)
- CalPERS Trust Level Monthly Update - Performance & Risk, As of June 30, 2019 (PDF)
- CalPERS GIPS Compliant Presentations, As of June 30, 2019 (PDF)
2018
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF)
- Judges' Retirement System Actuarial Valuation Report (PDF, 1 MB)
- Judges' Retirement System II Actuarial Valuation Report (PDF)
- Legislators' Retirement System Actuarial Valuation Report (PDF, 1.8 MB)
- Schools Actuarial Valuation Report (PDF)
- State Actuarial Valuation Report (PDF, 2.55 MB)
Finance
- 2017 Investment Advisor Report (PDF)
- CalPERS Health Benefits Program Administrative Expenses Consolidation (PDF, 2.57 MB)
- Comprehensive Annual Financial Report (PDF, 8.48 MB)
Health
Investment
- 2016-17 Annual Investment Report (PDF, 9.24 MB)
- 2018 California Public Divest from Iran Act and Sudan Act Legislative Report (PDF, 1.47 MB)
- Assembly Bill 20 Legislative Report (PDF, 5.41 MB)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Emerging Manager Five-Year Plan: Year Five Annual Report (PDF)
- Publicly Traded Companies that Benefitted from Forced or Slave Labor, 1929-1945 (PDF, 1.10 MB)
- Trust Level Review Reports
- Trust Level Review, February 2018 (PDF, 1.03 MB)
- Risk Management Summary, February 2018 (PDF, 1.76 MB)
- Affiliate Investment Program Summary, February 2018 (PDF)
- CIO Performance Report, February 2018 (PDF, 1.29 MB)
- Trust Level Review, August 2018 (PDF, 1.05 MB)
- Risk Management Summary, August 2018 (PDF, 1.67 MB)
- Performance & Risk (replaced Affiliate Investment Program Summary), August 2018 (PDF, 1.09 MB)
- CIO Performance Report, August 2018 (PDF, 1.59 MB)
- Global Investment Performance Standards Compliant Presentations, August 2018 (PDF)
2017
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, 1.35 MB)
- State Actuarial Valuation Report (PDF, 2.84 MB)
Finance
Health
Investment
- 2015-16 Annual Investment Report (PDF, 3.13 MB)
- 2016 Investment Advisor Report (PDF)
- 2017 California Divest from Iran Act and Sudan Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Emerging Manager Five-Year Plan: Year Four Annual Report (PDF)
- Public Divestiture of Thermal Coal Companies Act Report (PDF, 2.01 MB)
- Publicly Traded Companies that Benefitted from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review Reports
- Trust Level Review, February 2017 (PDF, 1.20 MB)
- Trust Level Review, August 2017 (PDF, 1.33 MB)
- CIO Performance Report, February 2017 (PDF, 1.07 MB)
- CIO Performance Report, August 2017 (PDF)
- Risk Management Summary, February 2017 (PDF, 1.41 MB)
- Risk Management Summary, August 2017 (PDF)
- Affiliate Investment Program Summary, February 2017 (PDF)
- Affiliate Investment Program Summary, August 2017 (PDF)
2016
Actuarial
- 1959 Survivor Benefit Program Actuarial 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
Health
- Health Benefits Program Annual Report (PDF, 1.85 MB)
- Report on the Risk Adjustment Program Plan Years 2014-2017 (PDF)
Investment
- 2014-15 Annual Investment Report (PDF, 3.13 MB)
- 2015 Investment Advisor Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- CIO Performance Report (PDF, 1.79 MB)
- CIO Total Fund Performance & Risk Report (PDF, 1.31 MB)
- Consolidated Legislative Reports (PDF)
- California Public Divest from Iran Act
- California Public Divest from Sudan Act
- Emerging Manager Five Year Plan, Pathway to the Future, Year Three Annual Report (PDF)
- Publicly Traded Companies that Benefitted from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review (PDF, 1.87 MB)
- Trust Level Review - State of the Economy (PDF)
- Trust Level Review - Trust Summary: Public Employees' Retirement Fund (PERF) (PDF)