Board of Administration Agenda February 14, 2022

The CalPERS Board of Administration considers recommendations from individual Board committees and hears other matters related to the administration of retirement benefits and investment management.

(Agenda items are provided in a PDF format, which require Adobe Reader 8 or higher to view.)

Items designated for Information are appropriate for Action if the Board wishes to take action. Any Agenda Item from a properly noticed Committee meeting, held prior to this Board meeting, may be considered by the Board. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting. Public comment may be taken on agenda items in accordance with applicable law. Public comment will not be taken on agenda items relating to the administrative adjudication of individual cases. There is a three-minute limitation on public comment, unless otherwise directed by the Presiding Officer. (Cal. Code Regs. tit 2, § 552.1.) Members of the public may provide public comment via telephone by calling (800) 259-4105. In accordance with California Government Code section 11133 (added by Stats. 2021, ch. 165, § 2) and Executive Order N-1-22, Board members may participate via videoconference.

Videoconference – see https://www.calpers.ca.gov/page/about/board/board-meetings

February 14, 2022

View February 14, 2022 Board of Administration Open Session Meeting Transcript (PDF)

Open Session

9:00 a.m.

1. Item
   1. Call to Order and Roll Call

Closed Session

Or upon adjournment of Open Session (Government Code sections 11126(a)(1), (e), and (g)(1))

1. Item
   1. Chief Executive Officer's Briefing on Performance, Employment, and Personnel Items

February 15, 2022

View February 15, 2022 Board of Administration Open Session Meeting Transcript (PDF)

Open Session

10:00 a.m.
Or upon adjournment of the Investment Committee – Whichever is later

1. Item
   1. Call to Order and Roll Call

Closed Session

10:00 a.m.
Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (e), and (g)(1))

1. Item
   1. Chief Executive Officer's Briefing on Performance, Employment, and Personnel Issues
   2. Committee Reports and Actions

Open Session

10:00 a.m.
Or upon adjournment of the Closed Session – Whichever is later

1. Item
   1. Call to Order and Roll Call (PDF)
   2. Approval of the February 15, 2022 Board of Administration Timed Agenda (PDF)
   3. Pledge of AllegianceTheresa Taylor
   4. Board President's Report (Verbal Report)Theresa Taylor
   5. Chief Executive Officer's Report (Verbal Report)Marcie Frost
   6. Action Consent ItemsTheresa Taylor
      1. Approval of the November 17, 2021 Board of Administration Meeting Minutes (PDF)
      2. Board Travel Approvals (PDF)
   7. Information Consent ItemsTheresa Taylor
      1. Board Meeting Calendar (PDF)
      2. Draft Agenda for the March 16, 2022 Board of Administration Meeting (PDF)
      3. General Counsel's Report (PDF)
      4. Communications and Stakeholder Relations (PDF)
         1. Attachment 1 (PDF)
         2. Attachment 2 (PDF)
   8. Committee Reports and Actions
      1. Investment Committee (PDF)
      2. Pension & Health Benefits Committee (Verbal Report)
      3. Finance & Administration Committee (PDF)
      4. Performance, Compensation & Talent Management Committee (PDF)
      5. Risk & Audit Committee (PDF)
      6. Board Governance Committee (Verbal Report)
   9. Action Agenda Items
      1. Proposed Decisions of Administrative Law Judges (PDF)Theresa Taylor
         1. Patrick A. Hodak (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         2. Stacie Thompson (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         3. Jenny A. Donovan (dec.) by Melissa Thompson (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         4. Tustin Unified School District (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         5. Maribeth Aragones (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         6. Pamela J. Hullinger (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
         7. Stephen M. Lecouve (PDF)
            1. Attachment A (PDF)
            2. Attachment B (PDF)
            3. Attachment C (PDF)
      2. Fiduciary Counsel Pool (PDF)Matthew Jacobs
         1. Attachment 1 (PDF)
   10. Information Agenda Items
       1. State and Federal Legislation Update (PDF)Danny Brown
          1. Attachment 1 (PDF)
       2. CalPERS 2022-27 Strategic Plan – First Reading (PDF)Sabrina Hutchins
          1. Attachment 1 (PDF)
          2. Attachment 2 (PDF)
          3. Attachment 3 (PDF)
          4. Attachment 4 (PDF)
       3. Summary of Board Direction (Verbal Report)Marcie Frost
       4. Public Comment

Closed Session

Upon Adjournment or Recess of Open Session (Government Code sections 11126(a)(1), (e), and (g)(1))

1. Item
   1. Call to Order and Roll Call
   2. Approval of the November 17, 2021 Board of Administration Closed Session Meeting Minutes
   3. Litigation MattersMatthew Jacobs
      1. Wedding, et al. v. CalPERS, et al. (Los Angeles County Superior Court, Case No. BC517444)
      2. Kesterson, et al. v. CalPERS, California Court of Appeal for the Second District Case No. B284977
      3. General Counsel's Update on Pending Litigation