Board of Administration Offsite Agenda - July 11, 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.)

AGENDA – DAY ONE
MONDAY, JULY 11, 2022

9:00 a.m.- Welcome/Opening

Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS

9:15 a.m. Swearing-In Ceremony for New Board Member

9:30 a.m. - Closed Session – Investment Strategy – First 90 Days and Beyond
(Government Code Section (11126(c)(16))

Presenter
Nicole Musicco, Chief Investment Officer, CalPERS

10:45 a.m. - Break

11:00 a.m. - Open Session – Opening Comments

Presenter
Nicole Musicco, Chief Investment Officer, CalPERS

11:15 a.m. - Geopolitical Risks and Financial Markets (Board Education)

Moderator
Sterling Gunn, Managing Investment Director, Trust Level Portfolio Management & Implementation, CalPERS

Presenters
Michael Cembalest, Chairman of Market and Investment Strategy, J.P. Morgan Asset Management
Matt Gertken, Chief Strategist, BCA Research

Presentation
Geopolitical Risks and Financial Markets

Background
Geopolitical Risks and Financial Markets

12:15 p.m. - Lunch

1:15 p.m. - Spotlight on Private Debt Opportunities (Board Education)

Moderator
Jean Hsu, Managing Investment Director, Opportunistic Strategies, CalPERS
Presenters
Antony Ressler, Executive Chairman, Ares Management

Presentation
Spotlight on Private Debt Opportunities

Background
Spotlight on Private Debt Opportunities
The Rise of Private Markets Secular Trends in Non-Bank Lending and Their Economic Implications

2:30 p.m. - Shaping Our Strategy on Human Capital Management (Board Education)

Moderator
James Andrus, Interim Managing Investment Director, Board Governance & Sustainability, CalPERS Presenters
Jarvis Hollingsworth, Chair, Teachers Retirement System of Texas; COO, Irradiant Partners
Professor Colleen Honigsberg, Associate Professor of Law, Stanford Law School
Sekou Kaalund, Head of Northeast Banking, J.P. Morgan Chase
Michael Croft, Chairman, CommonWealth Partners
Presentation
Shaping our Strategy on Human Capital
Backgroundbr> Shaping our Strategy on Human Capital
Human Capital Management

3:30 p.m. - Break

3:45 p.m. - Sustainable Investing: Developing an Impact Toolkit for Private Markets (Board Education)

Moderator
Yup Kim, Head of Investments, Private Equity, CalPERS
Presenters
Pete Stavros, Partner & Co-Head of Americas Private Equity, KKR
Megan Starr, Global Head of Impact, Carlyle

Presentation
Sustainable Investing: Developing an Impact Toolkit for Private Markets

Background
Sustainable Investing: Developing an Impact Toolkit for Private Markets – ESG Convergence Project
Sustainable Investing: Developing an Impact Toolkit for Private Markets – Ownership Works
ESG Data Convergence Project

4:45 p.m. Adjourn

AGENDA – DAY TWO
TUESDAY, JULY 12, 2022

9:00 a.m. - Welcome/Opening

Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS

9:15 a.m. - Action Item - Approval of 2023 Health Maintenance Organization Premiums and Approval of 2023 Preferred Provider Organization Premiums

Presenter
Kim Malm, Interim Chief of Health Plan Research & Administration Division, CalPERS
Attachment 1 (PDF)
Attachment 2 (PDF)

Presentation
Attachment 3 (PDF)

10:30 a.m. - 2023 State Annuitant Contribution Formulas and 2023 Association Plan Premiums

Presenter
Kim Malm, Interim Chief of Health Plan Research & Administration Division, CalPERS
Attachment 1 (PDF)
Attachment 2 (PDF)
Presentation
Attachment 3 (PDF)

10:45 a.m. - Break

11:00 a.m. - Behavioral Health Update (Board Education)

Presenters
Don Moulds, Chief Health Director, CalPERS
Julia Logan, Chief Clinical Director, CalPERS
Presentation
Behavioral Health Update
Background
Behavioral Health Update

12:00 p.m. - Lunch Break

1:00 p.m. - Diversity, Equity & Inclusion Framework Update

Presenter
Marlene Timberlake D’Adamo, Chief Diversity, Equity & Inclusion Officer, CalPER
PowerPoint Presentation
Diversity, Equity & Inclusion Framework Semi-Annual Update

1:30 p.m. - Racial Impacts of Financial Markets Operations Diversity, Equity & Inclusion Trends in 2022 (Board Education)

Moderator
Marlene Timberlake D’Adamo, Chief Diversity, Equity & Inclusion Officer, CalPERS
Presenters
Dr. Tyrone A. Holmes, Ed.D.
Renaye Manley

PowerPoint Presentation
Racial Impacts of Financial Markets Operations
Background
Racial Impacts of Financial Markets Operations
Diversity, Equity & Inclusion Trends in 2022

3:15 p.m. - Adjourn

AGENDA – DAY THREE
WEDNESDAY, JULY 13, 2022

9:00 a.m. - Welcome/Opening

Theresa Taylor, President, CalPERS Board of Administration
Marcie Frost, Chief Executive Officer, CalPERS

9:15 a.m. - Action Item - Proposed Decisions of Administrative Law Judges

Action Item - Proposed Decisions of Administrative Law Judges.pdf

1. a. Atziri Villagomez
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
2. b. Salvador Velasquez
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
3. c. Craig M. Culp
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
4. d. Raul M. Rojas
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)
5. e. Michael D. Lemberger
   1. Attachment A (PDF)
   2. Attachment B (PDF)
   3. Attachment C (PDF)

9:20 a.m. - Action Item – Board Travel Approval

Attachment 1

9:30 a.m. - Strategic Plan Discussion

Presenter
Sabrina Hutchins, Division Chief, Enterprise Strategy and Performance Division, CalPERS
PowerPoint Presentations
Strategic Plan Discussion
2022-27 Strategic Plan
2022-23 Business Plan

10:30 a.m. - Break

10:45 a.m. - Annual Stakeholder Perception Survey

Presenters
Kelly Fox, Division Chief, Office of Stakeholder Relations
David Teykaerts, Assistant Division Chief, Office of Stakeholder Relations
PowerPoint Presentation
Annual Stakeholder Perception Survey Update

11:45 a.m. Closed Session – Litigation Matters (Government Code sections 11126(a)(1), (e), and (g))

a. Wedding, et al. v. CalPERS, et al. (Los Angeles County Superior Court, Case No. BC517444)

b. General Counsel’s Update on Pending Litigation

12:15 p.m. Adjourn Offsite

Notes

1. 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.
2. 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.
3. 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 each 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.
4. In accordance with Executive Orders N-08-21, N-33-20, and the stay-at-home orders and social distancing measures put in place throughout California, Board members will participate via videoconference.