California Public Employees’ Retirement System (CalPERS)

This document outlines the investment policy for the California Public Employees' Retirement System (CalPERS) Supplemental Income Plans (SIP). Its strategic objective is to provide participants with supplemental income during retirement by offering three tiers of investment options: customized Target Retirement Date Funds, a Core Fund lineup, and a Self-directed brokerage window. The policy emphasizes prudent and careful action in managing the program, while ensuring sufficient flexibility in handling investment risks and returns.

This document outlines ten core investment beliefs for the California Public Employees' Retirement System (CalPERS). These beliefs emphasize structuring assets based on liabilities, leveraging a long-term investment horizon, reflecting stakeholder views, and managing financial, physical, and human capital for long-term value creation. Key principles include articulating clear investment goals, recognizing strategic asset allocation as a dominant determinant of risk and return, taking calculated risks, managing costs effectively, and employing a multi-faceted approach to risk. The beliefs also stress the importance of strong processes, teamwork, and diverse resources to achieve investment objectives.

The executive reports included an overview of call center performance during open enrollment, updates on multi-factor authentication implementation for employers, results from efforts to boost myCalPERS member self-service registrations, and a progress report on the pharmacy benefits manager transition. Additionally, updates were provided regarding the Health Benefits Program Annual Report for the 2024 plan year and a 60-day extension for SSA applications due to government shutdown delays. The committee voted to accept several action consent items, including the approval of the September 16, 2025, PHBC Meeting Minutes. Key action for the 2027 Plan Year involved approving product changes and service area expansions, specifically for Blue Shield Medicare Advantage PPO and Kaiser HMO expansions. The committee also directed staff to develop high-level talking points regarding the Rate Development Process.

This document outlines the investment policy for the California Public Employees' Retirement System (CalPERS) Judges' Retirement System II Fund. The strategic objective is to achieve the highest total rate of return within prudent levels of risk and liquidity, ensuring diversification and adequate cash flow for liabilities. Key areas include defining performance benchmarks, strategic asset allocation, investment restrictions, and detailing responsibilities for the Investment Committee, staff, and external managers. The policy also specifies asset allocation targets and ranges for the fund, effective July 1, 2024, to guide investment decisions and ensure compliance with established guidelines.

This document presents the 2025 CalPERS Experience Study and Review of Actuarial Assumptions. It evaluates the actual experience of the California Public Employees' Retirement System against current actuarial assumptions, utilizing data from fiscal years 2000 to 2023. The study recommends changes to actuarial assumptions across various domains, including rates of decrement (retirement, termination, mortality), salary increase rates (merit and wage inflation), and other economic factors. These adjustments are intended to ensure accurate actuarial valuations and appropriate contribution requirements for participating State, Schools, and Public Agencies plans.