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.
2024
Federal
Congress
- Comment on End-of-Year Legislation to Secure Greater Health Care Affordability, dated November 15, 2024 (PDF)
- Comment on Pay PCPs Act of 2024 Request For Information, dated July 15, 2024 (PDF)
- Comment on Senate Finance Committee Request for Information – Bolstering Chronic Care through Physician Payment, dated July 3, 2024 (PDF)
- Comment on House Committee on Education and the Workforce Request for Information – Reforms to Increase Affordability and Quality in Employer-Sponsored Health Coverage, dated March 15, 2024 (PDF)
- Legislation to Secure Greater Health Care Affordability, dated January 19, 2024 (PDF)
- Lowering Costs and Increasing Access to Health Care With Employer-Driven Innovation, dated January 10, 2024 (PDF)
Environmental Protection Agency (EPA)
Health and Human Services (HHS)
- Comment on CMS Request for Information on the Center for Innovation’s Medicare $2 Drug List Model, dated December 9, 2024 (PDF)
- Comment on Draft Recommendations for the HRSA-Supported Women’s Preventive Services Guidelines, dated November 21, 2024 (PDF)
- Comment on CMS 2025 Medicare Physician Fee Schedule, dated September 9, 2024 (PDF)
- Comment on CMS Request for Information on Medicare Advantage Data, dated May 29, 2024
- Comment on DOJ, FTC, and HHS Request for Information – Consolidation in Health Care Markets, dated May 22, 2024
2023
Federal
Congress
- Legislation to Speed and Expand Generic and Biosimilar Drug Access, dated September 19, 2023 (PDF)
- Support for S. 2007, the Improving Corporate Governance Through Diversity Act of 2023, dated September 6, 2023 (PDF)
Federal Reserve System
- Comment on Joint Agency Proposed Rule – Regulatory Capital Rule: Large Banking Organizations and Banking Organizations With Significant Trading Activity, dated December 22, 2023 (PDF)
- Comment on Federal Reserve System Notice – Principles for Climate-Related Financial Risk Management for Large Financial Institutions, dated February 6, 2023 (PDF)
Federal Trade Commission (FTC)
Health and Human Services (HHS)
- Comment on HHS Notice – HIPAA Privacy Rule to Support Reproductive Health Care Privacy, dated June 14, 2023 (PDF)
- Comment on SAMHSA Draft 2023-2026 Strategic Plan, dated April 27, 2023 (PDF)
- Comment on CMS Notice - Medicare Drug Price Negotiation, dated April 14, 2023 (PDF)
- Comment on HHS Advance Notice - CMS-2023-0010; Advance Notice of Methodological Changes for Calendar Year (CY) 2024 for Medicare Advantage Capitation Rates and Part C and Part D Payment Policies, dated March 6, 2023 (PDF)
Securities and Exchange Commission (SEC)
- Group Comment on SEC Proposed Rule - Further Definition of "As a Part of a Regular Business" in the Definition of Dealer and Government Securities Dealer (File No. S7-12-22), dated November 3, 2023 (PDF)
- Group Comment on SEC Proposed Rule - Regulations NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders, dated March 31, 2023 (PDF)
Other
2022
Federal
Commodity Futures Trading Commission (CFTC)
Securities and Exchange Commission (SEC)
- Comment on SEC Strategic Plan 2022-2026, dated September 29, 2022 (PDF)
- 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
- Comment on FASB Exposure Draft – Segment Reporting: Improvements to Reportable Segment Disclosures, dated December 20, 2022 (PDF)
- ACGA Comment to Japan Exchange Group on Gender Diversity in TSE Prime Market Boards, dated September 21, 2022 (PDF)
- ACGA Comment to Japan’s Financial Services Agency on Gender Diversity in TSE Prime Market Boards, dated September 21, 2022 (PDF)
- Comment on IFRS Exposure Draft – S1 General Sustainability-Related Disclosures, dated July 29, 2022 (PDF)
- Comment on IFRS Exposure Draft – S2 Climate-Related Disclosures, dated July 27, 2022 (PDF)
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
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.
2024
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, 1.18 MB)
- State Actuarial Valuation Report (PDF, 4.4 MB)
Finance
- Annual Comprehensive Financial Report (PDF, 15.9 MB)
- Fiscal Year 2024-25 Annual Budget Proposal (PDF)
- Fiscal Year 2024-25 Mid-Year Budget Revision (PDF)
- Fiscal Year 2023-24 Year-End Expenditure Report (PDF)
Health
- Health Benefits Program Annual Report (PDF, 5.99 MB)
- Preliminary 2025 Health Maintenance Organization and Preferred Provider Organization Plan Premiums and Program Updates (PDF)
Investment
- 2022-23 Annual Investment Report (PDF, 8.7 MB)
- 2024 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Diversity in the Management of Investments (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of December 31, 2023 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2023 (PDF)
- CalPERS Trust Level Review, As of June 30, 2024 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2024 (PDF)
- California Public Employees' Retirement System Independent Verifier's Verification and Examination Report, As of June 30, 2024 (PDF)
- Official Fund Level Performance Prepared by the CalPERS Financial Office, As of June 30, 2024 (PDF)
2023
Actuarial
- 1959 Survivor Benefit Program Actuarial Valuation Report (PDF, 1.2 MB)
- 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
- 2021-22 Annual Investment Report (PDF, 6.28 MB)
- 2023 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Diversity in the Management of Investments (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Report, March 2023 (PDF)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of December 31, 2022 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of December 31, 2022 (PDF)
- CalPERS Trust Level Review, As of June 30, 2023 (PDF)
- CalPERS Public Employees’ Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2023 (PDF, 1.2 MB)
- Quarterly Update- Affiliates Performance and Risk Report, As of June 30, 2023 (PDF)
- California Public Employees’ Retirement System Independent Verifier’s Verification and Examination Report, As of June 30, 2023 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2023 (PDF)
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)
- Schools Actuarial Valuation Report (PDF, 1.12 MB)
- State Actuarial Valuation Report (PDF, 6.83 MB)
Finance
Health
Investment
- 2020-21 Annual Investment Report (PDF, 10.3 MB)
- 2022 California Public Divest from Iran Act Legislative Report (PDF)
- CalPERS Northern Ireland Portfolio Screening Report (PDF)
- Climate Related Financial Disclosure (PDF, 2.6 MB)
- Publicly Traded Companies That Benefited from Forced or Slave Labor, 1929-1945 (PDF)
- Trust Level Review Reports
- CalPERS Trust Level Review, As of June 30, 2022 (PDF, 4.83 MB)
- CalPERS Trust Level Review, Risk Management Summary, As of June 30, 2022 (PDF, 1.79 MB)
- CalPERS Trust Level Quarterly Update - Performance & Risk, As of June 30, 2022 (PDF)
- CalPERS Public Employees' Retirement Fund (PERF) Portfolio & Partnership Report, As of June 30, 2022 (PDF)
- California Public Employees' Retirement System Independent Verifier's Verification and Examination Report, As of June 30, 2022 (PDF)
- Official Fund Level Performance Prepared by CalPERS Financial Office, As of June 30, 2022 (PDF)
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)