James Scullary

The committee meeting covered legislative updates including various bills impacting pension reform, service credit purchase payment options, audit processes, health benefit coverage, and retirement payment options. Additionally, the agenda addressed procedural updates on employee separation dates, specifically regarding how to handle non-separated appointments for retirees and impending system enhancements for managing retired appointments. The meeting also included an educational session on reporting requirements for educational pay types, specifically distinguishing between educational incentive pay and undergraduate, graduate, and doctoral credit.

This business plan outlines initiatives designed to achieve CalPERS' strategic goals and objectives. The plan is structured around five key pillars: Member Experience, Pension Sustainability, Exceptional Health Care, Stakeholder Engagement, and Organizational Excellence. It aims to ensure member satisfaction, strengthen the long-term sustainability of the pension fund, provide equitable and affordable high-quality health care, promote collaboration and transparency with stakeholders, and cultivate a diverse, risk-intelligent, and innovative organizational culture.

This Business Plan outlines initiatives designed to achieve strategic goals and objectives. The plan focuses on enhancing member experience, ensuring pension sustainability, providing exceptional and equitable healthcare, fostering stakeholder engagement through collaboration and transparency, and cultivating organizational excellence through a diverse, risk-intelligent, and innovative culture. Key areas of focus include accurate and timely benefit delivery, risk-adjusted investment returns, affordable and high-quality health access, effective communication, and robust talent management and operational processes, with an overarching integration of diversity, equity, and inclusion.

This business plan outlines the strategic direction for the California Public Employees' Retirement System, focusing on five key areas. It aims to ensure member satisfaction through accurate and timely benefit delivery, strengthen the long-term sustainability of the pension fund, and provide equitable, high-quality, and affordable health care. The plan also emphasizes promoting collaboration and transparency through stakeholder engagement, and cultivating an excellent organization by fostering a diverse, risk-intelligent, and innovative culture.

The subcommittee conducted an educational session regarding the transition to a Total Portfolio Approach (TPA) for investment management and its potential impact on incentive design. The discussion covered the foundational elements of the current compensation plan, including base salary, annual incentives, and long-term incentives. Consultants provided insights from international pension funds regarding the use of reference portfolios, collaboration metrics, and qualitative performance assessments. The session also touched upon future objectives for incentive metrics and the alignment of the senior leadership team with total fund performance goals.