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.
2022
Federal
Securities and Exchange Commission (SEC)
- Comment on SEC Proposed Rule – Substantial Implementation, Duplication, and Resubmission of Shareholder Proposals, dated September 12, 2022 (PDF)
- Comment on SEC Proposed Rule – The Enhancement and Standardization of Climate-Related Disclosures for Investors, dated June 15, 2022 (PDF)
- Comment on SEC Proposed Rule – Special Purpose Acquisition Companies, Shell Companies, and Projections, dated June 9, 2022 (PDF)
- Comment on SEC Proposed Rule – Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, dated May 9, 2022 (PDF)
- Comment on SEC Proposed Rule – Private Fund Adviser Compliance Reviews, dated April 25, 2022 (PDF)
- ILPA Comment on SEC Proposed Rule – Private Fund Adviser Compliance Reviews, dated April 25, 2022 (PDF)
- Comment on SEC Proposed Rule – Share Repurchase Disclosure Modernization, dated March 30, 2022 (PDF)
- Comment on SEC Proposed Rule – Reopening of Comment Period for Pay Versus Performance, dated March 4, 2022 (PDF)
Public Company Accounting Oversight Board (PCAOB)
Other
2021
Federal
Congress
- Comment on Draft Legislation to Amend the Securities Exchange Act of 1934, dated October 1, 2021 (PDF)
- Comment on H.R. 1187, the Corporate Governance Improvement and Investor Protection Act, dated June 14, 2021 (PDF)
- Support for H.R. 2570, the Climate Risk Disclosure Act of 2021, dated May 26, 2021 (PDF)
- Support for H.J. Res. 36, Congressional Disapproval of the SEC’s “Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a–8” Rule, dated May 5, 2021 (PDF)
- Support for S.J. Res. 16, Congressional Disapproval of the SEC’s “Procedural Requirements and Resubmission Thresholds Under Exchange Act Rule 14a–8” Rule, dated May 5, 2021 (PDF)
- Support for H.R. 1277, the Improving Corporate Governance Through Diversity Act of 2021, dated April 9, 2021 (PDF)
- Support for H.R. 1528, the Promoting Transparent Standards for Corporate Insiders Act, dated April 9, 2021 (PDF)
- Support for S. 808, the Cybersecurity Disclosure Act of 2021, dated April 2, 2021 (PDF)
- Support for the Addressing Climate Financial Risk Act, dated March 5, 2021 (PDF)
Department of Labor (DOL)
Health and Human Services (HHS)
Securities and Exchange Commission (SEC)
- Comment on SEC Proposed Rule – Proxy Voting Advice, dated December 27, 2021 (PDF)
- Comment on SEC Proposed Rule - Reopening of Comment Period for Listing Standards for Recovery of Erroneously Awarded Compensation, dated November 22, 2021 (PDF)
- Group Comment on Investor Support for Mandating Disclosure of EEO-1 Workforce Composition Data, dated November 18, 2021 (PDF)
- ILPA Comment Seeking SEC Rulemaking Action to Require Quarterly Fee and Expense Reporting by Private Fund Advisers, dated October 26, 2021 (PDF)
- Comment on SEC’s Request for Public Input - Climate-Related Financial Disclosure, dated June 12, 2021 (PDF)
- Comment on SEC Proposed Rule - Reopening of Comment Period for Universal Proxy, dated June 7, 2021 (PDF)
- Group Comment on Needed Reform of the Public Company Accounting Oversight Board, dated April 19, 2021 (PDF)
Other
- Group Comment on the Need for Ambitious Methane Regulations, dated December 7, 2021 (PDF)
- Comment on IASB’s Agenda Consultation, dated September 24, 2021 (PDF)
- Comment on FASB’s Agenda Consultation, dated September 22, 2021 (PDF)
- Comment on SASB’s Preliminary Framework on Human Capital, dated February 21, 2021 (PDF)
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)
- Comment on PCAOB Proposed Rule - Amendments to PCAOB Interim Independence Standards and PCAOB Rules to Align with Amendments to Rule 2-01 of Regulation S-X, dated December 18, 2020 (PDF)
- Comment on PCAOB Concept Release Regarding Quality Control Standards, dated March 18, 2020 (PDF)
Securities and Exchange Commission (SEC)
- Comment on SEC Proposed Rule - NASDAQ Rulemaking to Adopt Listing Rules Related to Board Diversity, dated December 31, 2020 (PDF)
- Comment on SEC Proposed Rule - Amendments to the National Market System Plan Governing the Consolidated Audit Trail to Enhance Data Security, dated November 24, 2020 (PDF)
- 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)
Other
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)
- Comment on SEC Proposed Rule - Modernization of Regulation S-K Items 101, 103, and 105, dated October 22, 2019 (PDF)
- 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.
2022
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 1.2 MB)
- Judges’ Retirement System Actuarial Valuation Report (PDF, 1.32 MB)
- Judges’ Retirement System II Actuarial Valuation Report (PDF)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
Finance
Investment
- 2020-21 Annual Investment Report (PDF, 10.3MB)
- 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 February 15, 2022 (PDF, 3.19 MB)
- CalPERS Trust Level Review, Risk Management Summary, As of January 4, 2022 (PDF, 1.75 MB)
- CalPERS, Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2021 (PDF, 1.21 MB)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of December 31, 2021 (PDF, 2.98 MB)
2021
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 1.27 MB)
- Judges' Retirement System Actuarial Valuation Report (PDF)
- Judges' Retirement System II Actuarial Valuation Report (PDF, 1.3 MB)
- Legislators’ Retirement System Actuarial Valuation Report (PDF)
- Schools Actuarial Valuation Report (PDF, 1.18 MB)
- State Actuarial Valuation Report (PDF, 7.19 MB)
Finance
Health
Investment
- 2019-20 Annual Investment Report (PDF, 7.77 MB)
- 2021 California Public Divest from Iran Act and Sudan Act Legislative 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 March 15, 2021 (PDF)
- CalPERS Trust Level Review, Risk Management Summary, As of January 4, 2021 (PDF)
- CalPERS, Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2020 (PDF)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of December 31, 2020 (PDF)
- CalPERS Trust Level Review & Annual Program Reviews, As of June 30, 2021 (PDF)
- CalPERS Trust Level Review, Risk Management Summary, As of July 1, 2021 (PDF)
- CalPERS Trust Level Quarterly Update – Performance & Risk, As of June 30, 2021 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2021 (PDF)
- California Public Employees' Retirement System Independent Verifier's Verification and Examination Report, As of June 30, 2021 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2021 (PDF)
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)
- Schools Actuarial Valuation Report (PDF)
- State Actuarial Valuation Report (PDF)
Finance
Health
Investment
- 2018-19 Annual Investment Report (PDF)
- 2020 California Public Divest from Iran Act and Sudan Act Legislative 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)
- 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)