CalPERS Board Meeting Agendas 2011 Through 2016

a
P.O. Box 942701

Sacramento, CA 94229-2701
(916) 795-3829
Telecommunications Device for the Deaf
No Voice (916) 795-3240
www.calpers.ca.gov
Circular Letter
Date:
Reference No.:
Circular Letter No.:
Distribution:
January 5, 2011
310-078-10
I, IIA, IV, V, VI, X, XII
Special:
TO:
EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND

OTHER INTERESTED PARTIES
SUBJECT:
MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION
Board of Administration
Date and Time: Wednesday, January 19, 2011, 8:30 a.m., Thursday, January 20, 2011,
8:30 a.m., and Friday, January 21, 2011, 8:30 a.m.
Location: Best Western - Monterey, 2600 Sand Dunes Drive, Monterey, CA 93940
The Board of Administration will attend an Off-Site meeting. The Board will hold closed
sessions to discuss personnel and investment matters pursuant to Government Code
sections 11126(a)(1) and (g)(1).
The above information is also available on the CalPERS website at www.calpers.ca.gov.
Questions pertaining to the meeting may be directed to Cheree Swedensky at 916/795-3128.
ANNE STAUSBOLL
Chief Executive Officer
Attachment
a
CalPERS BOARD OF ADMINISTRATION & EXECUTIVE OFFSITE
Best Western Monterey
La Grande Room
AGENDA
DAY ONE January 19, 2011
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
Federal and State Legislative Outlook

- Sizing Up the 2011 Public Policy Landscape Challenges
and Opportunities
10:00 a.m.
Open Session
10:15 a.m.
10:30 a.m.
Open Session
- State Budget Outlook
Break
- National Retirement Security
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Health Care Market Study Findings Overview
1:30 p.m.
Open Session
Health Benefits Program Laying the Groundwork for the

Path Forward
- National Perspective
2:15 p.m.
2:30 p.m.
Open Session
4:00 p.m.
Open Session
Break
- Market Changes and Implications to California

- CalPERS Health Benefits Program Long-Term Positioning
NOTE: All times are approximate and for reference only.
The Board of Administration may consider an item at a different time than set forth herein.
a
La Grande Room
AGENDA
DAY TWO January 20, 2011
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
Application of a Factor-Based Approach to Portfolio and Risk

Management
10:15 a.m.
Break
10:30 a.m.
Open Session
Governance: Best Practices for Boards
12:30 p.m.
Lunch
1:30 p.m.
Open Session
Incentive Compensation Redesign Part II

a
La Grande Room
AGENDA
DAY THREE January 21, 2011
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
CalPERS Organizational Structure and Processes
10:00 a.m.
Break
10:15 a.m.
Closed Session
Chief Executive Officer and Chief Investment

Officer Personnel and Employee Performance Updates
(Government Code sections 11126(a)(1) and (g)(1))
11:15 a.m.
Closed Session
Personnel and Employee Performance Matters Chief

Executive Officer, General Counsel, Chief Actuary, and Chief
Investment Officer
12:15 p.m.
Adjourn Offsite

P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
February 4, 2011
310-012-11
Special:
TO:
EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS

AND OTHER INTERESTED PARTIES
SUBJECT:
MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION,

ITS COMMITTEES AND ADVISORY PANELS
The CalPERS Board of Administration, its Committees and Advisory Panels are
scheduled to meet on the following days in February. All meetings will be held in public
session unless otherwise noted.
Date and Time: Monday, February 14, 2011, 8:30 a.m.
Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA
The Board will meet in closed session to discuss personnel and employment matters
pursuant to Government Code sections 11126(a)(1) and 11126(g)(1).
Investment Committee
Date and Time: Monday, February 14, 2011, 9:00 a.m., or upon recess or adjournment
of the Board of Administration closed session, whichever is later
The Committee will meet in closed session to discuss personnel and investment
matters pursuant to Government Code sections 11126(a)(1) and (c)(16).
Date and Time: Monday, February 14, 2011, 10:00 a.m., or upon adjournment or
recess of the Investment Committee closed session, whichever is later
A closed session will be held upon adjournment or recess of the open session to
consider investment matters pursuant to Government Code section 11126(c)(16).
Policy Subcommittee of the Investment Committee
Date and Time: Monday, February 14, 2011, 2:30 p.m., or upon adjournment or recess
of the Investment Committee meeting, whichever is later
Benefits and Program Administration Committee
Date and Time: Tuesday, February 15, 2011, 8:00 a.m.
Circular Letter No. 310-012-11

February 4, 2011
Page 2
Health Benefits Committee

Date and Time: Tuesday, February 15, 2011, 9:30 a.m. or upon adjournment or recess
of the Benefits and Program Administration Committee meeting, whichever
is later
Date and Time: Tuesday, February 15, 2011, 10:30 a.m., or upon adjournment or
recess of the Health Benefits Committee meeting, whichever is later
The Committee will meet in closed session to discuss long term care program
competitive strategy and rates pursuant to Government Code section 11126(h).
Finance Committee
Date and Time: Tuesday, February 15, 2011, 11:00 a.m., or upon adjournment or
recess of the Health Benefits Committee closed session meeting, whichever is later
Performance and Compensation Committee
Date and Time: Tuesday, February 15, 2011, 1:00 p.m., or upon adjournment or
recess of the Finance Committee meeting, whichever is later
Ad Hoc Risk Management Committee
Date and Time: Tuesday, February 15, 2011, 2:00 p.m., or upon adjournment
or recess of the Performance and Compensation Committee, whichever is later
Date and Time: Wednesday, February 16, 2011, 8:00 a.m.
pursuant to Government Code sections 11126(a)(1) and 11126(g)(1), and investment
matters pursuant to Government Code section 11126(c)(16).
Date and Time: Wednesday, February 16, 2011, 9:00 a.m., or upon adjournment or
recess of the Board of Administration closed session meeting, whichever is later
The Board may adjourn into closed session to deliberate on administrative decisions
pursuant to Government Code section 11126(c)(3).
Board members may attend meetings of committees of which they are not members
and participate in the discussions during those committee meetings.

February 4, 2011
Page 3
The Board would be pleased to have you or representatives of your agency at the
public sessions. The facilities are accessible to persons with disabilities. Requests for
sign language or captioning services require a minimum of 72 hours notice. To request
service, please call (916) 795-3065 (voice or TTY).
Items scheduled for the public sessions of the meetings are listed on the attached
agendas. This information is also available on the CalPERS website at
www.calpers.ca.gov. Please contact Cheree Swedensky, at (916) 795-3128, with any
questions regarding the meetings. Thank you.
ANNE STAUSBOLL
Attachment
California Public Employees Retirement System

www.calpers.ca.gov
CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM

BOARD OF ADMINISTRATION
INVESTMENT COMMITTEE
February 14, 2011
9:00 a.m.
Robert F. Carlson Auditorium
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Tony Oliveira, Vice Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Ronald Yank
CLOSED SESSION
9:00 a.m.
1. Chief Investment Officer's Briefing on Market and Personnel Issues
(Government Code sections 11126(a)(1) and 11126(c)(16))
2. Discussion with Board Consultants on Strategic Investment
Initiatives (Government Code section 11126(c)(16))
OPEN SESSION
10:00 a.m. or Upon Adjournment or Recess of Closed Session,

Whichever is Later
CLOSED SESSION
Upon Adjournment or Recess of Open Session

(Government Code section 11126(c)(16))
AGENDA
OPEN SESSION
Call to Order and Roll Call
Action Items
1.
Approval of the December 13, 2010 Open Session Minutes
Policy Subcommittee
Chair Moret
2.
December 2010 Policy Subcommittee Report

a. Global Fixed Income Revision of Policy on Barclays
Aggregate Program
b. Synthetic Enhanced Equity Strategy Policies
1) Revision of Policy on Low Duration Fixed Income
Program
2) Revision of Policy on Internally Managed Global
Enhanced Equity Strategies
Ted Eliopoulos
3.
Real Estate Strategic Plan
Eric Baggesen
4.
Annual Legislative Report Holocaust Era and Northern

Ireland
5.
Total Fund
a. Investment Office Roadmap
b. Investment Office Risk Heat Map and Target Operating
Model Update
6.
Program Updates
a. Alternative Investment Management (AIM) Annual
Program Review
b. Global Equity Corporate Governance Financial
Market Reform Update
c. Real Estate
d. Inflation-Linked Asset Class (ILAC)
e. Global Fixed Income
f. Global Equity
g. Affiliate Investment Programs
7.
Activity Reports
a. Consolidated Investment Activity Report
b. Chief Operating Investment Officers Status Report
8.
Agenda and Calendar

a. Draft Agenda for March 14, 2011
b. 2011 Annual Agenda Item Calendar
9.
Public Comment
Information Items
Joseph Dear
Janine Guillot
Joseph Dear
Anne Simpson
Joseph Dear
Janine Guillot
Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee
wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held immediately prior to
this meeting may be reported on or presented to the Investment Committee for its consideration.
CLOSED SESSION

(Government Code sections 11126(c)(16))
Call to Order
Action Items
1.
Approval of the December 13, 2010 Closed Session

Minutes
2.
Program Updates
a. Real Estate
1) Quarterly Strategic Plan Implementation Update
2) Quarterly Consultant Report on Real Estate
Portfolio
b. Alternative Investments Management (AIM) Portfolio
Update
c. Global Equity Quarterly Portfolio Update
3.
External Manager Updates

a. Real Estate
b. Alternative Investments Management (AIM)
c. Inflation-Linked Asset Class (ILAC)
d. Global Fixed Income
e. Global Equity
f. Affiliate Investment Programs
4.
Activity Reports
a. Status of Action Items Not Yet Reported
b. Investment Activity Reports
1) Alternative Investments Management
2) Real Estate
3) Risk Managed Absolute Return Strategies
4) Corporate Governance
5) Inflation-Linked Assets
6) Disclosure of Placement Agent Fees
7) Other Programs
Joseph Dear
5.
Alternative Investment and Real Estate Partnership / LLC

Restructure
Peter Mixon
6.
Review of Investments / Placement Agents
Information Items
Ted Eliopoulos
Pension Consulting
Alliance
Joseph Dear
Eric Baggesen
Janine Guillot
Joseph Dear
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

POLICY SUBCOMMITTEE
OF THE INVESTMENT COMMITTEE
February 14, 2011
2:30 p.m.
or Upon Adjournment or Recess of the
Investment Committee Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
SUBCOMMITTEE MEMBERS
Louis F. Moret, Chair
JJ Jelincic, Vice Chair
George Diehr
Priya Mathur
AGENDA
1.
Action
2.
Approval of the December 13, 2010 Meeting Minutes
Information
Janine Guillot
3.
Discussion of the Role of Private Asset Class Consultants
Information
4.
Agenda and Calendar

a. Draft Agenda for April 11, 2011
b. 2011 Annual Agenda Item Calendar
5.
Public Comment
Note: Items designated for information are appropriate for Subcommittee action if the Subcommittee wishes to take
action. Any agenda item acted upon at this Subcommittee meeting may be brought to the Investment Committee at
its next regularly scheduled meeting. Items are noticed for action after a first reading. The Subcommittee is free,
however, to request a second reading of any item before approving it.
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.

BENEFITS AND PROGRAM ADMINISTRATION COMMITTEE
February 15, 2011
8:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Interim Chair
George Diehr, Vice Chair
John Chiang
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the December 14, 2010 Benefits and

Program Administration Committee Meeting Minutes
3.
Administrative Services
a. 2011 Retired Member Election Notice of
Election and Schedule of Events
4.
Legal
a. Policy for Proposed Decisions from the Office of
Administrative Hearings
5.
Actuarial and Employer Services
Action / Kim Malm
Action / Peter Mixon
a. Employer Customer Inquiry Performance

Measures
b. 2010 Cost-of-Living Report
c. Chief Actuary Report
Information / Lori McGartland

Information / Alan Milligan
6.
Information / Donna Lum
Member and Benefit Services

a. Member Branch Performance Measures
b. Assistant Executive Officer Report

Rolling Master Agenda Item Calendar
AEO Matrix
c. Draft Agenda for March 15, 2011

7.
Public Comment
NOTE: Items designated for information are appropriate for Committee action if the Committee wishes to take action. Any agenda
item properly noticed for this committee meeting may be brought to the full Board at its next regularly scheduled meeting.

HEALTH BENEFITS COMMITTEE
February 15, 2011
9:30 a.m.
or Upon Adjournment or Recess of the Benefits and Program
Administration Committee Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
Ronald Yank
OPEN SESSION:
9:30 a.m. or Upon Adjournment or Recess of the Benefits

and Program Administration Committee Meeting,
Whichever is Later
CLOSED SESSION:
10:30 a.m., or Upon Adjournment or Recess of Open

Session, Whichever is Later, CLOSED SESSION TO
DISCUSS LONG TERM CARE PROGRAM COMPETITIVE
STRATEGY AND RATES (Government Code Section
11126(h))
OPEN SESSION
AGENDA
1.
2.
Approval of the December 14, 2010, Health Benefits

Committee Meeting Minutes
3.
Program Wide Reports

a. Health Care Reform Update
b. Proposed Regulations: Prohibition on
Rescissions
c. Health Open Enrollment Period Results
4.
Health Maintenance Organization

a. Blue Shield of California Knee and Hip
Replacement Proposal
5.
Assistant Executive Officer Report

Annual Rolling Calendar Review
Health Benefits Branch Assignment Matrix
6.
Proposed Agenda for March 15, 2011, Health

Benefits Committee Meeting
7.
Public Comment
Information/Doug McKeever
Action/Doug McKeever
Information/Kathleen Billingsley
CLOSED SESSION

Government Code Section 11126(h)
Information/Kathy Donneson
1.
2.
Long-Term Care Program
NOTES: Items designated for information are appropriate for Committee action if the Committee wishes to
take action. Any agenda item properly noticed for this Committee meeting may be brought to the full Board
at its next regularly scheduled meeting.
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.

FINANCE COMMITTEE
February 15, 2011
11:00 a.m.
Health Benefits Committee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Louis F. Moret, Vice Chair
John Chiang
JJ Jelincic
Bill Lockyer
Tony Oliveira
AGENDA
1.
2.
Approval of December 14, 2010, Meeting Minutes
3.
Audits
Information/Margaret Junker
Action/Margaret Junker
Action/Danny Brown
a.
b.
c.
4.
Information/MaryLee Miglino
Information/Sherry Johnstone
Chief Auditors Report

Management Letter
State Legislative Proposal: Recovery of Additional
Audit Costs
Compliance
a.
b.
c.
Chief Compliance Officers Annual Report

Compliance Office Report
CalPERS Ethics Helpline Report
5.
Action/Steve Pietrowski
Information/Joan Parks
Information/Dave Cornejo
Information/Steve Pietrowski
Budgets and Financial Reporting

a.
b.
c.
d.
e.
6.
Action/Nancy Quinlan
Planning
a.
7.
Information/Dale Jablonsky
Information/Russell Fong
Assistant Executive Officers Report on Information

Technology Activities
a.
b.
9.
CalPERS 2010-11 Business Plan Update
Information Technology Services

a.
8.
Contingency Reserve Fund 2010-11 Adjustment

Accounting Action Plan 2011
Quarterly Delinquency Report
Current Budget Issues
Current Financial Reporting Issues
Interim Assistant Executive Officer Report on

Administrative Services Activities
Annual Rolling Agenda Item Calendar Review
Administrative Services Branch Assignment
Matrix
Proposed March 2011 Agenda
Public Comment
NOTES: Items designated for information are appropriate for Committee action if the Committee wishes to take
action. Any agenda item properly noticed for this Committee meeting may be brought to the full Board at its next
regularly scheduled meeting.
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.

PERFORMANCE AND COMPENSATION COMMITTEE
February 15, 2011
1:00 p.m.
Upon Adjournment or Recess of the
Finance Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Vice Chair
George Diehr
Bill Lockyer
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the December 14, 2010, Performance and

Compensation Committee Meeting Minutes
3.
Performance and Compensation Activities
Action/Michael A. Willihnganz
a. First and Second Quarter Status Reports on

Performance Plans of the Chief Executive Officer,
Chief Actuary, General Counsel, Chief Investment
Officer and His Direct Reporting Staff
b. Changes in Senior Portfolio Manager and
Portfolio Manager Performance Plans
Information/Michael A. Willihnganz
4.
a.
b.
5.
Human Resources Division Report

Proposed March 2011 Agenda
Public Comment
item acted upon at this committee meeting may be brought to the full Board at its next regularly scheduled meeting.
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.

AD HOC RISK MANAGEMENT COMMITTEE
February 15, 2011
2:00 p.m.
Performance and Compensation Committee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Tony Oliveira, Chair
Henry Jones, Vice Chair
George Diehr
Rob Feckner
Priya Mathur
Louis F. Moret
AGENDA
1.
2.
Approval of December 13, 2010, Meeting Minutes
3.
Project Status Report
Information/Larry Jensen
a.
b.
4.
a.
b.
5.
Office of Enterprise Risk Management Action

Plan Update
Enterprise Risk Management Risk Exposure
Report
Interim Chief Risk Officer Board Report

Draft Agenda for the April 2011 Meeting
Public Comment

February 16, 2011
9:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Rob Feckner, President
George Diehr, Vice President
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 A.M.
CHIEF EXECUTIVE OFFICERS BRIEFING ON PERFORMANCE,

EMPLOYMENT AND PERSONNEL ISSUES
(Gov. Code secs. 11126(a)(1) and (g)(1))
REVIEW OF INVESTMENTS/PLACEMENT AGENTS
(Gov. Code sec. 11126(c)(16))
OPEN SESSION
9:00 A.M. OR UPON ADJOURNMENT OF CLOSED SESSION, WHICHEVER IS
LATER
1.
2.
Pledge of Allegiance
3.
Approval of Meeting Minutes
4.
Election of President and Vice President for

Calendar Year 2011
Mr. Feckner
5.
Presidents Report
Ms. Stausboll
6.
Chief Executive Officers Report
Investments
Mr. Dear
7.
Chief Investment Officers Report
Committee Reports
(Any Agenda Item from a Properly Noticed Committee Meeting
Held Prior to this Meeting May be Reported on or Presented to the
Board for its Consideration.)
Mr. Diehr
8.
Investment Committee (Oral)
Mr. Oliveira
9.
Ad Hoc Risk Management Committee (Oral)
Mr. Feckner
10.
Benefits and Program Administration Committee (Oral)
Ms. Mathur
11.
Health Benefits Committee (Oral)
Mr. Jones
12.
Finance Committee (Oral)
Mr. Feckner
13.
Ad Hoc Board Governance Committee (Oral)
Mr. Dunmoyer
14.
Performance and Compensation Committee (Oral)
General
Ms. Stausboll
15.
Board Meeting Calendar
Mr. Jablonsky
Mr. Jasper
16.
Pension System Resumption (PSR) Project Update
Ms. Lum
Mr. Fong
17.
Organizational Structure and Processes Initiative Update
External Affairs
Ms. Macht
18.
External Affairs Update
Mr. Brown
19.
Boards State Legislative Program/Boards Position on State

Legislation
Mr. Brown
20.
Boards Federal Legislative Program/Boards Position on

Federal Legislation
Mr. Pacheco
21.
Public Affairs Update
Mr. Mixon
22.
Special Review Recommendations and

Implementation Plan
Other
Mr. Feckner
23.
Board Travel Approvals
Ms. Stausboll
24.
Draft Agenda for March 16, 2011 Meeting
Legal
Mr. Mixon
25.
General Counsel's Report

a. Monthly New Case Report
b. Assignment Matrix
Mr. Mixon
26.
Proposed Decisions of Administrative Law Judges

a. Adrian Nunez
b. Joseph Banuelos
c. Eduardo Mata
d. Sandra Sutherland
e. Perry Beckley
f. Jerry Scott
g. Drew Aratani
h. Janette Gleason-Jack
i. David Scroggin
j. Ralph Chandler
k. Noe Ibarra
l. Robert Burch
m. Ronald Kline
Mr. Mixon
27.
Petitions for Reconsideration

a. Jack Stroppini
b. Deborah Abercrombia
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))
The Board may adjourn into closed session to deliberate

on any Proposed Decision(s) or Petition(s) for
Reconsideration
28.
Public Comment
Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee wishes to
take action. Any agenda item from a properly noticed Committee meeting held immediately prior to this Board
meeting may be considered by the Board.
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
March 4, 2011
310-017-11
Special:
TO:

SUBJECT:

scheduled to meet on the following days in March. All meetings will be held in public
Date and Time: Monday, March 14, 2011, 8:30 a.m.
1) The Board will meet in closed session to discuss personnel and employment
matters pursuant to Government Code sections 11126(a)(1) and 11126(g)(1).
2) The Board will meet in closed session to discuss Special Review/Placement
Agents pursuant to Government Code section 11126(c)(16)).
Date and Time: Monday, March 14, 2011, 10:00 a.m., or upon recess or adjournment
Date and Time: Monday, March 14, 2011, 10:30 a.m., or upon adjournment or recess
of the Investment Committee closed session, whichever is later
Date and Time: Tuesday, March 15, 2011, 8:30 a.m.

March 4, 2011
Page 2

Date and Time: Tuesday, March 15, 2011, 9:30 a.m. or upon adjournment or recess of
the Benefits and Program Administration Committee meeting, whichever
is later
Date and Time: Tuesday, March 15, 2011, 10:30 a.m., or upon adjournment or recess
of the Health Benefits Committee meeting, whichever is later
The Committee will meet in closed session to discuss health plan contract negotiations
pursuant to Government Code section 11126(c)(17)).
Date and Time: Tuesday, March 15, 2011, 1:00 p.m., or upon adjournment or recess of
the Health Benefits Committee closed session meeting, whichever is later
the Board of Administration meeting, whichever is later
Date and Time: Wednesday, March 16, 2011, 8:00 a.m.
Finance Committee
Date and Time: Wednesday, March 16, 2011, 9:00 a.m., or upon adjournment or
recess of the Finance Committee meeting, whichever is later
recess of the Board of Administration, whichever is later
Location: Room 1140, Lincoln Plaza North, 400 Q Street, Sacramento, CA
The Board will attend an Ethics Training.

March 4, 2011
Page 3
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov

March 14, 2011
10:00 a.m.
Board of Administration Closed Session, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Ronald Yank
CLOSED SESSION
10:00 a.m. or Upon Adjournment or Recess of the Board of

Administration Closed Session, Whichever is Later
Chief Investment Officer's Briefing on Market and Personnel Issues
OPEN SESSION
10:30 a.m. or Upon Adjournment or Recess of Closed

Session, Whichever is Later
CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the February 14, 2011, Open Session Minutes
3.
Election of the Chair and Vice Chair
4.
California Employers Retiree Benefit Trust (CERBT)

Investment Annual Update and Strategic Asset Allocation
Recommendation
5.
February 2011 Policy Subcommittee Report
6.
Total Fund
a. CalPERS Total Fund Quarterly Report
Action Items
Geraldine Jimenez
Information Items
Policy Subcommittee
Chair Moret
Wilshire Consulting and
Pension Consulting
Alliance
Farouki Majeed
Janine Guillot and
Kami Niebank
b. Risk Management Quarterly Update

c. Investment Office Roadmap Cost Effectiveness and
Financial Overview
7.
Program Updates
a. Real Estate
b. Inflation-Linked Asset Class (ILAC)
c. Alternative Investments Management (AIM)
e. Global Equity
f. Global Equity Corporate Governance
8.
Activity Reports
9.
Agenda and Calendar

a. Draft Agenda for April 11, 2011
b. 2011-12 Annual Agenda Item Calendar
Joseph Dear
Janine Guillot
10. Public Comment

wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held immediately
prior to this meeting may be reported on or presented to the Investment Committee for its consideration.
CLOSED SESSION

1.
2.
Approval of the February 14, 2011, Closed Session Minutes
3.
Corporate Governance Focus List Recommendation to

Engage Companies
4.
Total Fund
a. CalPERS Total Fund Quarterly Report on Market Issues
5.

a. Real Estate
e. Global Equity
6.
Activity Reports
2) Real Estate
7) Other Programs
7.
Alternative Investment and Real Estate Partnership / LLC

Restructure
Action Items
Anne Simpson
Information Items
Pension Consulting
Alliance
Geraldine Jimenez
Janine Guillot
Joseph Dear
Joseph Dear

March 15, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Interim Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the February 15, 2011, Benefits and

Program Administration Committee Meeting Minutes
3.
Election of the Benefits and Program Administration

Committee Chair and Vice Chair
4.
a. Board Election Information
Information / Kim Malm

5.
a. Policy for Proposed Decisions from the Office of

Administrative Hearings Second Reading

6.
Action / Danny Brown
Legal
Legislation
a. AB 89 (Hill) - Compensation Limit for Determining
Retirement Benefits
b. AB 873 (Furutani): Post-Separation Employment

for State Retirement System Board and Staff
c. SB 439 (Negrete McLeod): Limits on Gifts and

Travel
7.
Actuarial and Employer Services

a. Establishment of Discount Rate Assumption for
the Public Employees Retirement Fund
b. Establishment of Three Asset Allocations for the
California Employers Retiree Benefit Trust
c. Actuarial Assumptions Model for Other PostEmployment Benefits Revision to Existing
Model
d. California Employers Retiree Benefit Trust
(CERBT) Update
e. Chief Actuary Report
8.
PSR: Stakeholder Communications for System

Conversion
9.
Member and Benefit Services

a. Assistant Executive Officer Report
Rolling Master Agenda Item Calendar
AEO Matrix
b. Draft Agenda for April 12, 2011
Action / Alan Milligan

Action / Rand Anderson
Information / Rand Anderson
10. Public Comment


March 15, 2011
9:30 a.m.
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
Ronald Yank
OPEN SESSION:

Whichever is Later
CLOSED SESSION:

Session, CLOSED SESSION TO DISCUSS HEALTH PLAN
CONTRACT NEGOTIATIONS (Government Code Section
11126(c)(17))
AGENDA
OPEN SESSION
1.
2.
Approval of the February 15, 2011, Health Benefits

3.
Election of Health Benefits Committee Chair and Vice

Chair
4.
Legislation
a. AB 36 (Perea) As Amended February 18,
2011, State Tax Conformity for Dependent
Care Coverage up to Age 26
5.
Program-Wide Reports
a. Partnership for Change Update
b. Catholic Healthcare West/Hills
Physicians/Blue Shield of California Pilot
Project Update
c. Colorectal Cancer Screening Project Update
d. Health Benefits Program 2011 Open
Enrollment Period
6.
Preferred Provider Organization

a. Extension of the Existing Self-Funded
Preferred Provider Organization Contract
7.

a. Long-Term Care Program Second Quarter
Financial Report and Program Update
8.

9.
Proposed Agenda for April 12, 2011, Health Benefits

Committee Meeting
Action/Danny Brown
Information/Don Martinez
Action/Kathy Donneson
10. Public Comment
CLOSED SESSION
Upon Adjournment or Recess of Open Session Government

Code Section 11126(c)(17)
1.
2.
Health Plan Contract Negotiations

a. Health Plan Quarterly Financial Reports
b. PBM Contract Negotiations

March 15, 2011
1:00 p.m.
Health Benefits Committee Closed Session Meeting,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
OPEN SESSION
1:00 P.M. OR UPON ADJOURNMENT OF THE FINANCE COMMITTEE, WHICHEVER
IS LATER
Mr. Mixon
1.
2.
Special Review Report and Recommendations
3.
Public Comment

March 15, 2011
2:00 p.m.
Board of Administration Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan
George Diehr
Bill Lockyer
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the February 15, 2011, Performance and

3.
Election of the Performance and Compensation

4.
a. Executive Compensation Consultant RFP

Interviews and Selection
5.
a.
b.
6.

Proposed May 2011 Agenda
Public Comment

FINANCE COMMITTEE
March 16, 2011
9:00 a.m.
Board of Administration Closed Session,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
AGENDA
1.
2.
Approval of February 15, 2011, Meeting Minutes
3.
Election of the Finance Committee Chair and Vice Chair
4.
Audits
a.
b.
c.
5.

Office of Audit Services Quarterly Status Report
Audit Resolution Policy Proposed Revisions
Compliance
a.
b.

6.
Information/Sheri Hofer
Privacy and Security

a.
7.
a.
b.
c.
d.
8.

a.
b.
10.
Fiscal Year 2011-12 Budget Proposals (First

Reading)
Budget and Expenditure Report for the Second
Quarter of Fiscal Year 2010-11

a.
9.
Enterprise Privacy and Security Officers Quarterly

Report

Matrix
Proposed April 2011 Agenda
Public Comment

March 16, 2011
10:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 A.M.

OPEN SESSION
10:00 A.M. OR UPON ADJOURNMENT OF THE FINANCE COMMITTEE,
WHICHEVER IS LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Risk Management Committee (Oral)
Mr. Feckner
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Dunmoyer
13.
General
Ms. Stausboll
14.
Mr. Jablonsky
Mr. Jasper
15.
Ms. Lum
Mr. Fong
16.
Organizational Structure and Processes Initiative Update
Ms. Plaza
17.
Diversity Update
External Affairs
Ms. Macht
18.
Mr. Brown
19.

Legislation
Mr. Brown
20.

Federal Legislation
Mr. Pacheco
21.
Other
Mr. Feckner
22.
Ms. Stausboll
23.
Draft Agenda for April 13, 2011
Legal
Mr. Mixon
24.

Mr. Mixon
25.

a. Phillip Kopping
b. Robert Perry
c. Christina Elliot
d. Rita Takahashi
e. Cecilia Anderson
f. Anita Lafollette
g. Vickie Willis
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
26.
Public Comment
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
March 30, 2011
310-019-11
Special:
TO:

SUBJECT:

scheduled to meet on the following days in April. All meetings will be held in public
Date and Time: Monday, April 11, 2011, 8:30 a.m.
pursuant to Government Code sections 11126(a)(1) and 11126(g)(1): Chief Executive
Officer, Chief Investment Officer, General Counsel, and Chief Actuary.
Date and Time: Monday, April 11, 2011, 9:00 a.m., or upon recess or adjournment of
the Board of Administration closed session, whichever is later
Date and Time: Monday, April 11, 2011, 9:30 a.m., or upon adjournment or recess of
the Investment Committee closed session, whichever is later
the Investment Committee meeting, whichever is later
Ad Hoc Risk Management Committee
Date and Time: Monday, April 11, 2011, 1:00 p.m., or upon adjournment
or recess of the Policy Subcommittee of the Investment Committee, whichever is later

March 30, 2011
Page 2

Date and Time: Tuesday, April 12, 2011, 8:30 a.m.
Date and Time: Tuesday, April 12, 2011, 9:00 a.m. or upon adjournment or recess of
the Benefits and Program Administration Committee meeting, whichever is later
Date and Time: Tuesday, April 12, 2011, 9:30 a.m., or upon adjournment or recess of
the Health Benefits Committee meeting, whichever is later
Finance Committee
Date and Time: Tuesday, April 12, 2011, 1:00 p.m., or upon adjournment or recess of
Date and Time: Wednesday, April 13, 2011, 8:00 a.m.
Date and Time: Wednesday, April 13, 2011, 9:00 a.m., or upon adjournment or recess
of the Board of Administration closed session meeting, whichever is later

March 30, 2011
Page 3
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov

April 11, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
9:00 a.m. or Upon Adjournment or Recess of the Board of

OPEN SESSION

Whichever is Later
CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the March 14, 2011, Open Session Minutes
Farouki Majeed
3.
Fund Policy Benchmarks
Geraldine Jimenez
4.
Judges II (JRS II) and Legislators (LRS) Retirement

Systems Annual Update and Strategic Asset Allocation
Kami Niebank
5.
Contracts Global Equity External Investment Manager

Solicitation
6.
Total Fund
a. California Investment Update
1) CalPERS for California Report
2) AIM California Initiative Update
7.
Program Updates
a. Real Estate
e. Global Equity
8.
Activity Reports
9.
Agenda and Calendar

a. Draft Agenda for May 16, 2011
b. Rolling Annual Agenda Item Calendar
Action Items
Information Items
Joseph Dear
Joseph Dear
Janine Guillot
10. Public Comment

Note: Items designated for information are appropriate for Board/Committee action if the
Board/Committee wishes to take action. Any agenda item from a properly noticed Subcommittee
meeting held immediately prior to this meeting may be reported on or presented to the Investment
Committee for its consideration.
CLOSED SESSION

1.
2.
Approval of the March 14, 2011, Closed Session Minutes
3.
Infrastructure Strategic Plan
4.

a. Real Estate
e. Global Equity
5.
Activity Reports
2) Real Estate
7) Other Programs
Action Items
Joseph Dear and
Randall Mullan
Information Items
Janine Guillot
Joseph Dear

POLICY SUBCOMMITTEE
April 11, 2011
11:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
Richard Costigan
George Diehr
Priya Mathur
AGENDA
1.
2.
Approval of the February 14, 2011, Meeting Minutes
3.
Election of Chair and Vice Chair
4.
Policies relevant to adoption of new asset classifications,

asset allocation mix, and asset class ranges:
a. Revision of Policy on Asset Allocation Strategy
b. Revision of Policy on Benchmark Modification and
Benchmark Details
c. Liquidity Asset Classification
1) Adoption of Policy on Liquidity
2) Revision of Policy on Low Duration Fixed Income
Program
d. Adoption of Policy on Inflation Assets and its
components: Commodities and Inflation-Linked Bonds
e. Adoption of Policy on Real Assets and its components:
Real Estate, Forestland, and Infrastructure
f. Repeal of Policies on:
1) Inflation-Linked Asset Class (ILAC)
2) Real Estate
Action Items
Janine Guillot
Farouki Majeed
Matt Flynn
Curtis Ishii
Curtis Ishii
Ted Eliopoulos
Ted Eliopoulos
Action Items
Janine Guillot
5.
Adoption of Policy on the Role of Private Asset Class Board

Investment Consultants
Dan Bienvenue
6.
Repeal of Policy on Directed Brokerage Arrangement
7.
Agenda and Calendar

a. Draft Agenda for June 13, 2011
8.
Public Comment
Information Items

AD HOC RISK MANAGEMENT COMMITTEE
April 11, 2011
1:00 p.m.
Investment Policy Subcommittee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr
Rob Feckner
Priya Mathur
Louis F. Moret
AGENDA
1.
2.
Approval of February 15, 2011, Meeting Minutes
3.
Election of the Chair and Vice Chair for the Ad Hoc Risk
Management Committee
4.
Enterprise Risk Management Reports
a.
b.
c.
5.
Office of Enterprise Risk Management Action

Plan Update
Risk Exposure Reports
Stakeholder Relations
Administrative
a.
b.
Chief Risk Officer Board Report

Draft Agenda for the June 2011 Meeting
6.
Public Comment

April 12, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Rob Feckner, Vice Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the March 15, 2011, Benefits and Program

Administration Committee Meeting Minutes
3.
Legislation
a. AB 344 (Furutani) Final Compensation and
Post Retirement Employment
b. SB 27 (Simitian) Pension Spiking and Return to
Work Limits
c. SB 503 (Vargas) Judges Retirement System II:
Credit for Subordinate Judicial Officer Service
d. Federal Legislative and Regulatory Policy
Guidelines for Retirement Security
Administrative Service
a. Board Member Employer Reimbursements

4.
Action / Russell Fong
Action / Kim Malm
b. Contract Reform Update
5.
Actuarial Office
a. External Review of Experience Study
Action / Barbara Ware
b. Judges Retirement System Valuation

6.
Customer Services and Support

a. Adoption of Regulation: Publicly Available Pay
Schedule and Written Labor Policy or Agreement
b. Deputy Executive Officer Report
Rolling Annual Agenda Item Calendar
DEO Matrix
c. Draft Agenda for May 17, 2011
7.
Public Comment
Action / Lori McGartland


April 12, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
OPEN SESSION:

Whichever is Later
CLOSED SESSION:
9:30 a.m. or Upon Adjournment or Recess of Open Session,

CLOSED SESSION TO DISCUSS HEALTH PLAN CONTRACT
NEGOTIATIONS (Government Code Section 11126(c)(17))
AGENDA
OPEN SESSION
1.
2.
Approval of the March 15, 2011, Health Benefits

3.

a. Long-Term Care Request for Proposal
4.

a. Self-Funded Health Plans 2010 Year End
Financial Report
5.
a. Health Plan Contract Innovations (Pilots) and
Data Analysis Projects Update
6.

7.
Proposed Agenda for May 17, 2011, Health Benefits

Committee Meeting
8.
Public Comment
Information/Gary McCollum
CLOSED SESSION

1.
2.

a. Proposed Benefit Design Changes and
Other 2012 Contract Negotiations
b. Pharmacy Benefit Manager

FINANCE COMMITTEE
April 12, 2011
1:00 p.m.
Health Benefits Committee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
AGENDA
1.
2.
Approval of March 16, 2011, Meeting Minutes
3.
Audits
a.
b.
4.

Establishment of Specialty Investment Audit
Services Spring-Fed Pool
Compliance
a.
b.
c.
Office of Enterprise Compliance Quarterly

Status Report
5.
Action/Nancy Quinlan
Business Planning
a. CalPERS 2011-12 Business Plan
6.
a.
b.
c.
d.
7.

a.
8.
Assistant Executive Officers Report on

Information Technology Activities
a.
b.
9.
Fiscal Year 2011-12 Budget Proposals (Second

Reading)
Annual Report of Discharge of Accountability for
Uncollectible Debt

Annual Rolling Agenda Item Calendar
Review
Matrix
Proposed June 2011 Agenda
Public Comment

April 13, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m. OR UPON ADJOURNMENT OF THE CLOSED SESSION, WHICHEVER IS
LATER
1.
2.
3.

a. March 15, 2011, Board of Administration Meeting
b. March 16, 2011, Board of Administration Meeting
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Ad Hoc Risk Management Committee (Oral)
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
General
Ms. Stausboll
14.
Mr. Jablonsky
Mr. Jasper
15.
External Affairs
Ms. Macht
16.
Mr. Brown
17.

Legislation
Mr. Brown
18.

Federal Legislation
Mr. Pacheco
19.
Other
Mr. Feckner
20.
Committee Delegations of Authority: Board Governance

Committee and Risk Management Committee
Mr. Feckner
21.
Ms. Stausboll
22.
Draft Agenda for May 18, 2011
Legal
Mr. Mixon
23.

c. Special Review Recommendations
Mr. Mixon
24.

a. Ray L. McEdward
b. William R. Danser
c. Maria T. Prieto
d. Evelyn Staub
e. Carolyn E. Bowen
f. David Smith
Mr. Mixon
25.
Petition for Reconsideration

a. Ralph Chandler
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
26.
Public Comment
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
May 5, 2011
310-023-11
Special:
TO:

SUBJECT:

scheduled to meet on the following days in May. All meetings will be held in public
Date and Time: Monday, May 16, 2011, 8:30 a.m
Date and Time: Monday, May 16, 2011, 10:00 a.m., or upon adjournment or recess of
Date and Time: Monday, May 16, 2011, 2:00 p.m., or upon adjournment or recess of
Date and Time: Tuesday, May 17, 2011, 8:30 a.m.
Date and Time: Tuesday, May 17, 2011, 9:30 a.m. or upon adjournment or recess of

May 5, 2011
Page 2

Date and Time: Tuesday, May 17, 2011, 10:00 a.m., or upon adjournment or recess of
the Health Benefits Committee meeting, whichever is later
Date and Time: Tuesday, May 17, 2011, 1:00 p.m., or upon adjournment or recess of
Date and Time: Wednesday, May 18, 2011, 8:00 a.m.
The Board will meet in closed session to discuss personnel, performance, and
employment matters pursuant to Government Code sections 11126(a)(1) and
11126(g)(1): Chief Executive Officer, Chief Investment Officer, General Counsel, and
Chief Actuary.
Date and Time: Wednesday, May 18, 2011, 8:30 a.m., or upon adjournment or recess
Board of Administration Media Training
of the Board of Administration Media Training, whichever is later

May 5, 2011
Page 3
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov

May 16, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
8:30 a.m.
1.
2.
Chief Investment Officer's Briefing on Market and Personnel

Issues (Government Code sections 11126(a)(1) and
11126(c)(16))
Discussion with Board Consultants on Strategic Investment
OPEN SESSION

CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the April 11, 2011 Open Session Minutes
3.
April 2011 Policy Subcommittee Report

a. Policies relevant to adoption of new asset classifications,
asset allocation mix, and asset class ranges:
1) Adoption of Policy on Liquidity Program
2) Revision of Policy on Asset Allocation Strategy
3) Revision of Policy on Benchmarks
4) Adoption of Policy on Inflation Assets and its
Components: Commodities and Inflation-Linked
Bonds
5) Adoption of Policy on Real Assets and its
Components: Real Estate, Forestland, and
Infrastructure; and repeal of policies on InflationLinked Asset Class (ILAC) and Real Estate
b. Repeal of Policy on Directed Brokerage Arrangement
4.
Asset Allocation Implementation

a. Interim Asset Allocation Targets
b. Chief Investment Officer and Senior Investment Officer
Delegation Resolutions
1) Adoption of the Real Assets Delegation Resolution
2) Revision of the Global Fixed Income Delegation
Resolution
Geraldine Jimenez
5.
Long-Term Care Investment Annual Update and Strategic

Asset Allocation
Danny Brown
6.
Legislation
a. SB 294 (Price) Emerging Investment Managers: Five
Year Plan
b. AB 17 (Davis) Emerging Investment Managers and
Brokerage Firms
c. AB 1255 (Perez, V. Manuel) Investments: Corporate
Board Diversity Information
d. AB 1379 (Bradford) Reports on California and
Emerging Domestic Market Investments
Action Items
Policy Subcommittee
Chair Jelincic
Farouki Majeed
Ted Eliopoulos
Curtis Ishii
Information Items
7. . Program Updates
a. Real Estate
e. Global Equity
8.
Activity Reports
Joseph Dear
Janine Guillot
9. 8Agenda and Calendar

. a. Draft Agenda for June 13, 2011
10. 9Public Comment
.
CLOSED SESSION

1.
2.
Approval of the April 11, 2011 Closed Session Minutes
3.
Investments in Companies Doing Business in Iran and

Sudan
4.
Program Updates
a. Real Estate
1) Quarterly Report on Real Estate Portfolio
2) Quarterly Consultant Report on Real Estate Portfolio
Action Items
Joseph Dear and
Eric Baggesen
Information Items
Ted Eliopoulos
Pension Consulting
Alliance
Eric Baggesen
b. Global Equity Quarterly Portfolio Update
Janine Guillot
Joseph Dear
5.

a. Real Estate
e. Global Equity
6.
Activity Reports
2) Real Estate
7) Other Programs

May 16, 2011
2:00 p.m.
Or Upon Adjournment or Recess of the
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
OPEN SESSION
2:00 P.M. OR UPON ADJOURNMENT OF THE INVESTMENT COMMITTEE
MEETING, WHICHEVER IS LATER
1.
2.
Full Board Hearing - Rita Takahashi

May 17, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the April 12, 2011 Benefits and Program

3.
Operations
a. 2011 Special Member At Large Election Notice
of Election and Schedule of Events Update
4.
Actuarial Office
a. Actuarial Valuation Report for the 1959 Survivor
Benefit Program as of June 30, 2010 and
Required Employer and Employee Contribution
Rate for the 2011-2012 Fiscal Year
Action / Kim Malm
Action / Rick Santos
Action / Fritzie Archuleta
b. Actuarial Valuation Report for the Judges II

Retirement System as of June 30, 2010 and
Employer Contribution Rate for the 2011-2012
Fiscal Year
Action / David Clement
c. Actuarial Valuation Report for the Legislators

Retirement System as of June 30, 2010 and
Employer Contribution Rate for the 2011-2012
Fiscal Year
Information / Alan Milligan /

David Lamoureux
d. State and Schools Employer Contribution Rates

for the 2011-2012 Fiscal Year
e. Chief Actuary Report
5.
PSR: Stakeholder Communication for System

Conversion
6.

a. Alternate Retirement Program Update
b. Customer Services and Support Performance
Measures
c. Deputy Executive Officer Report
DEO Matrix
d. Draft Agenda for June 14, 2011
7.
Public Comment
Information / Darryl Watson

NOTE: Items designated for information are appropriate for Committee action if the Committee wishes to take action.
Any agenda item properly noticed for this committee meeting may be brought to the full Board at its next regularly
scheduled meeting.

May 17, 2011
9:30 a.m.
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
OPEN SESSION:
9:30 a.m., or Upon Adjournment or Recess of the Benefits

Whichever is Later
CLOSED SESSION:

11126(c)(17))
AGENDA
OPEN SESSION
1.
2.
Approval of the April 12, 2011, Health Benefits

3.
Legislation
a. SB 751 (Gaines) - Health Care Provider
Contracts: Transparency
4.
a. Health Care Reform Quarterly Update
b. Health Benefits Purchasing Review Project
5.

6.
Proposed Agenda for June 14, 2011, Health Benefits

Committee Meeting
7.
Public Comment
Action/Danny Brown
CLOSED SESSION
(Government Code Section

11126(c)(17))
1.
2.

3.
Pharmacy Benefit Manager Contract

a. Pharmacy Benefit Manager Negotiations
Update

May 17, 2011
1:00 p.m.
Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan
George Diehr
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the March 15, 2011, Performance and

3.
a.
b.
c.
d.
2010-2011 Third Quarter Status Reports on

Performance Plans of the Chief Executive
Officer, Chief Actuary, General Counsel, Chief
Investment Officer and His Direct Reporting
Staff
Changes in Senior Portfolio Manager and
Portfolio Manager Performance Plans
2011-2012 Performance Plans for the Chief
Executive Officer, Chief Actuary and General
Counsel (First Reading)
2011-2012 Performance Plans for the Chief
Investment Officer, Chief Operating Investment
Officer, Senior Investment Officers, Senior
Portfolio Managers and Portfolio Managers
(First Reading)
4.
a.
b.
5.

Proposed June 2011 Agenda
Public Comment

May 18, 2011
11:00 a.m.
Board of Administration Media Training, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 A.M.
PERSONNEL, PERFORMANCE, AND EMPLOYMENT MATTERS:

CHIEF EXECUTIVE OFFICER, CHIEF INVESTMENT OFFICER,
GENERAL COUNSEL, AND CHIEF ACTUARY
(Gov. Code secs. 11126(a)(1) and (g)(1)
CLOSED SESSION
8:30 A.M.

EMPLOYMENT, PERSONNEL AND MARKET ISSUES
(Gov. Code secs. 11126(a)(1), (g)(1), and (c)(16))
OPEN SESSION
11:00 A.M. OR UPON ADJOURNMENT OF THE BOARD OF ADMINISTRATION
MEDIA TRAINING, WHICHEVER IS LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Board Governance Committee (Oral)
Mr. Moret
13.
General
Ms. Stausboll
14.
Mr. Jablonsky
Mr. Jasper
15.
Mr. Fong
16.
Chief Auditor and Chief Risk Officer Independence

Confirmation
External Affairs
Ms. Macht
17.
Mr. Brown
18.

Legislation
Mr. Brown
19.

Federal Legislation
Mr. Pacheco
20.
Other
Mr. Feckner
21.
Ms. Stausboll
22.
Draft Agenda for June 15, 2011
Legal
Mr. Mixon
23.

c. Special Review Implementation Plan
Mr. Mixon
24.

a. Cynthia L. Ginez-Garcia
b. Nathaniel W. Eddins
c. Clayton Smith
d. Pamela Mize-Schrieber
e. Richard Cornett
f. Joseph Ordway
g. Wayne Shaffer
h. Clarence Bolton
i. Elliott V. Gabler
j. Kathleen Sheffield
k. Edward B. Killgore
l. Patricia Thrush
m. Thomas R. Pollard
n. Sheila V. Duran
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
25.
Public Comment
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
May 5, 2011
310-024-11
Special:
TO:

SUBJECT:

Circular Letter No. 310-023-11, dated May 5, 2011, is amended as follows:

The May 18, 2011 Board of Administration meeting agenda is amended to add an
additional item as follows:
25.

a. Robert Perry
All other information contained in Circular Letter No. 310-023-11, dated May 5, 2011
remains the same. The meeting information is also available on the CalPERS website
at www.calpers.ca.gov.
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov

May 18, 2011
11:00 a.m.
Board of Administration Media Training, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 A.M.
PERSONNEL, PERFORMANCE, AND EMPLOYMENT MATTERS:

GENERAL COUNSEL, AND CHIEF ACTUARY
(Gov. Code secs. 11126(a)(1) and (g)(1)
CLOSED SESSION
8:30 A.M.

EMPLOYMENT, PERSONNEL AND MARKET ISSUES
(Gov. Code secs. 11126(a)(1), (g)(1), and (c)(16))
OPEN SESSION
11:00 A.M. OR UPON ADJOURNMENT OF THE BOARD OF ADMINISTRATION
MEDIA TRAINING, WHICHEVER IS LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
General
Ms. Stausboll
14.
Mr. Jablonsky
Mr. Jasper
15.
Mr. Fong
16.
Chief Auditor and Chief Risk Officer Independence

Confirmation
External Affairs
Ms. Macht
17.
Mr. Brown
18.

Legislation
Mr. Brown
19.

Federal Legislation
Mr. Pacheco
20.
Other
Mr. Feckner
21.
Ms. Stausboll
22.
Draft Agenda for June 15, 2011
Legal
Mr. Mixon
23.

Mr. Mixon
24.

a. Cynthia L. Ginez-Garcia
b. Nathaniel W. Eddins
c. Clayton Smith
d. Pamela Mize-Schrieber
e. Richard Cornett
f. Joseph Ordway
g. Wayne Shaffer
h. Clarence Bolton
i. Elliott V. Gabler
j. Kathleen Sheffield
k. Edward B. Killgore
l. Patricia Thrush
m. Thomas R. Pollard
n. Sheila V. Duran
25.

a. Robert Perry
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
26.
Public Comment
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
June 2, 2011
310-031-11
Special:
TO:

SUBJECT:

scheduled to meet on the following days in June. All meetings will be held in public
Date and Time: Monday, June 13, 2011, 8:30 a.m.
Date and Time: Monday, June 13, 2011, 9:00 a.m., or upon adjournment or recess of
Risk Management Committee
Date and Time: Monday, June 13, 2011, 2:00 p.m., or upon adjournment or recess of
A closed session will be help upon adjournment or recess of the open session to
discuss personnel matters pursuant to Government Code sections 11126(a)(1) and
(g)(1)).
Finance Committee
Date and Time: Monday, June 13, 2011, 3:00 p.m., or upon adjournment or recess of
the Risk Management Committee meeting, whichever is later
A closed session will be help upon adjournment or recess of the open session to
discuss personnel matters pursuant to Government Code sections 11126(a)(1) and
(g)(1)).

June 2, 2011
Page 2

Date and Time: Tuesday, June 14, 2011, 8:30 a.m.
Date and Time: Tuesday, June 14, 2011, 9:00 a.m., or upon adjournment or recess of
the Performance and Compensation Committee meeting, whichever is later
Date and Time: Tuesday, June 14, 2011, 1:00 p.m., or upon adjournment or recess of
the Health Benefits Committee closed session, whichever is later.
Date and Time: Tuesday, June 14, 2011, 2:00 p.m. or upon adjournment or recess of
Date and Time: Wednesday, June 15, 2011, 8:00 a.m.
11126(g)(1)) (Chief Executive Officer, Chief Investment Officer, Chief Actuary, and
General Counsel).
Date and Time: Wednesday, June 15, 2011, 8:30 a.m., or upon adjournment or recess
The Board will meet in closed session to discuss personnel, performance, and employment
matters pursuant to Government Code sections 11126(a)(1) and 11126(g)(1), and
investment matters pursuant to Government Code section 11126(c)(16).
Date and Time: Wednesday, June 15, 2011, 9:00 a.m., or upon adjournment or recess
Date and Time: Wednesday, June 15, 2011, 10:30 a.m., or upon adjournment or
recess of the Policy Subcommittee of the Investment Committee, whichever is later

June 2, 2011
Page 3
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov

June 13, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
8:30 a.m.
OPEN SESSION

Whichever is Later
CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the May 16, 2011 Open Session Minutes
3.
Investment Policies
a. Adoption of Real Assets Policy Real Estate Program
b. Revision of Liquidity Program Policy
4.
Contracts
a. Real Estate Board Investment Consultant Request for
Proposal
b. Investment Proposal Solicitation Process
Joseph Dear
5.
Alternative Investments Management (AIM) Professional

Staff Delegation Resolution
Eric Baggesen
6.
Global Equity Manager Development Program (MDP)

Manager Transition
Danny Brown
7.
Legislation
a. AB 1151 (Feuer) Fiduciary Determinations for Iran
Divestment
b. SB 903 (Anderson) Fiduciary Determinations for Iran
Divestment
8.
Total Fund
Action Items
Ted Eliopoulos
Curtis Ishii
Kami Niebank
Kami Niebank
Information Items
Pension Consulting
Alliance
Farouki Majeed

9.
Eric Baggesen
Wilshire Consulting
Program Updates
a. Global Equity Internal Equity Brokerage: Process and
Results
b. Consultant Review of Internal Programs
1) Inflation-Linked Asset Class (ILAC) Commodities
Program
2) Global Fixed Income Currency Management
Program
d. Global Equity Corporate Governance
e. Affiliate Investment Programs
Joseph Dear
Janine Guillot
Joseph Dear
Janine Guillot
10. Activity Reports

a. Quarterly Roadmap Progress Report
b. Quarterly Target Operating Model Update
c. Consolidated Investment Activity Report
d. Chief Operating Investment Officers Status Report
11. Agenda and Calendar
a. Draft Agenda for August 15, 2011
b. Draft ESG Workshop Agenda, August 15, 2011
c. Rolling Annual Agenda Item Calendar
12. Public Comment
Note: Items designated for information are appropriate for Board/Committee action if the Board/
Committee wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held
immediately prior to this meeting may be reported on or presented to the Investment Committee for its
consideration.
CLOSED SESSION

Action Items
1.
2.
Approval of the May 16, 2011 Closed Session Minutes
Joseph Dear
3.
Alternative Investments Management (AIM) New

Commitment

Pension Consulting
Alliance
4.
Total Fund
Information Items
Joseph Dear
Janine Guillot
Joseph Dear
b. Innovation Partners Opportunistic Portfolio

5.

a. Real Estate
e. Global Equity
6.
Activity Reports
2) Real Estate
7) Other Programs

RISK MANAGEMENT COMMITTEE
June 13, 2011
2:00 p.m.
Investment Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr
Rob Feckner
Priya Mathur
Louis F. Moret
OPEN SESSION:
2:00 p.m. or Upon Adjournment or Recess of the Investment

Committee, Whichever is Later
CLOSED SESSION:
2:30 p.m. or Upon Adjournment or Recess of Open Session

CLOSED SESSION TO DISCUSS PERSONNEL MATTERS
(Government Code Sections 11126(a)(1) and (g)(1))
AGENDA
1.
2.
Approval of April 11, 2011, Meeting Minutes
3.
Action/Larry Jensen
a.
b.
Information/Pat Macht
c.
d.
Risk Management Committee Charter First

Reading
Office of Enterprise Risk Management Status
Update
Stakeholder Relations Assessment Program
Results
4.
a.
b.
5.
CLOSED SESSION:
Administrative
Draft Agenda for the August 2011 Meeting
Public Comment

(Government Code Sections 11126(A)(1) and (g)(1))
1.
2.
Personnel, Employment, and Performance

Chief Risk Officer

FINANCE COMMITTEE
June 13, 2011
3:00 p.m.
or Upon Adjournment of the
Risk Management Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
OPEN SESSION:
3:00 p.m. or Upon Adjournment or Recess of the Risk Management

CLOSED SESSION:
3:30 or Upon Adjournment or Recess of Open Session

AGENDA
1.
2.
Approval of April 12, 2011, Meeting Minutes
3.
Audits
a.
b.
c.
d.
e.

Annual Internal Audits Risk Assessments
Annual Audit Plan
Office of Audit Services Charter Revision (First
Reading)
4.
Compliance
a.
b.
5.
Privacy and Security

a.
6.
a.
b.
c.
d.
e.
a.
b.
c.
CLOSED SESSION:

Action/Russell Fong
9.
Budget and Expenditure Report for the Third

Contingency Reserve Fund Appropriations
Adjustment

a.
8.
Privacy and Security Office Quarterly Report
7.

Finance Committee Charter Revision (First

Reading)
Acting Chief Financial Officer Report
Review
Acting Chief Financial Officer Board Report
Proposed September 2011 Agenda
Public Comment

1.
2.

Chief Auditor

June 14, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan
George Diehr
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the May 17, 2011, Performance and

3.
a. 2011-2012 Performance Plans for the Chief

Executive Officer, Chief Actuary and General
Counsel (Second Reading)
b. 2011-2012 Performance Plans for the Chief
Investment Officer, Chief Operating Investment
Officer, Senior Investment Officers, Senior
(Second Reading)
4.
a.
b.
5.

Proposed August 2011 Agenda
Public Comment

June 14, 2011
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
CLOSED SESSION:
9:00 a.m., or Upon Adjournment or Recess of the

Performance and Compensation Committee Meeting,
CLOSED SESSION TO DISCUSS HEALTH PLAN CONTRACT
NEGOTIATIONS (Government Code Section 11126(c)(17))
OPEN SESSION:
2:00 p.m., or Upon Adjournment or Recess of the Benefits

Whichever is Later
CLOSED SESSION
1.
2.

3.
Pharmacy Benefit Manager Contract

a. Pharmacy Benefit Manager Negotiations
Update
OPEN SESSION
AGENDA
1.
2.
Approval of the May 17, 2011, Health Benefits

3.
National Coalition on Health Care Organization

Update
4.
2012 Health Benefits Rates

a. Approval of 2012 Proposed Benefit Design
Modifications
b. Approval of 2012 Health Maintenance
Organization Plans Rates
c. Approval of 2012 Preferred Provider
d. Approval of 2012 Association Plans Rates
5.
a. State Annuitant Contribution Formula
b. Adoption of Regulations: Prohibition on
Rescissions
6.

a. Pharmacy Benefit Manager Contract with
CVS/Caremark
7.

Action/Kathleen Billingsley
Action/DeLesa Swanigan
8.
Proposed Agenda for August 16, 2011, Health

9.
Public Comment

June 14, 2011
1:00 p.m.
Health Benefits Committee Closed Session,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the May 17, 2011 Benefits and Program

3.
Operations
a. Contract Reform Project
4.
Legislation
a. AB 1184 (Gatto) CalPERS Employer Liability
for Excessive Compensation and Closure of the
Replacement Benefits Plan for New Members
b. AB 1247 (Fletcher) Financial and Investment
Reporting Requirements
c. AB 1320 (Allen) Taxpayer Adverse Risk
Prevention Accounts

Information / Danny Brown
5.
d. AB 873 (Furutani) Post-Separation

Employment for State Retirement System Board
and Staff
Actuarial Office
a. Board Resolutions Regarding Termination of
Contracts
b. Chief Actuary Report
6.
PSR: Stakeholder Communications Update
7.

a. Public Employees Compensation Update
b. California Employers Retiree Benefit Trust
(CERBT) Update
c. Deputy Executive Officer Report
DEO Matrix
d. Draft Agenda for August 16, 2011
8.
Public Comment



POLICY SUBCOMMITTEE
June 15, 2011
9:00 a.m.
Board of Administration Closed Session Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
JJ Jelincic, Chair
Richard Costigan
George Diehr
Priya Mathur
AGENDA
1.
2.
Approval of the April 11, 2011 Meeting Minutes
Geraldine Jimenez
3.
Affiliate Fund Investment Policies

a. Repeal of the Affiliate Funds Policy
b. Adoption of the California Employers Retiree Benefit
Trust (CERBT) Policy
c. Adoption of the Judges Retirement System II (JRS II)
Policy
d. Adoption of the Legislators Retirement System (LRS)
Policy
e. Adoption of the Long-Term Care Fund Policy
Dan Bienvenue
4.
Global Equity Revision of the Internally Managed Global

Equity Index Funds Policy
Randall Mullan
5.
Real Assets Revision of the Infrastructure Program Policy
Janine Guillot
6.
Adoption of the Role of Private Asset Class Board

Investment Consultants Policy (Second Reading)
Action Items
Information Items
7.
Agenda and Calendar

a. Draft Agenda for August 15, 2011
8.
Public Comment
action. Any agenda item acted upon at this Subcommittee meeting may be brought to the Investment Committee at its
next regularly scheduled meeting. Items are noticed for action after a first reading. The Subcommittee is free, however, to
request a second reading of any item before approving it.

June 15, 2011
10:30 a.m.
Policy Subcommittee of the Investment Committee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 A.M.

PERFORMANCE, PERSONNEL, AND EMPLOYMENT ISSUES:
CHIEF ACTUARY, AND GENERAL COUNSEL
OPEN SESSION
10:30 A.M. OR UPON ADJOURNMENT OF THE POLICY SUBCOMMITTEE OF THE
INVESTMENT COMMITTEE, WHICHEVER IS LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
General
Ms. Stausboll
14.
Mr. Jablonsky
Mr. Jasper
15.
Ms. Plaza
16.
Diversity Update
External Affairs
Ms. Macht
17.
Mr. Brown
18.

Legislation
Mr. Brown
19.

Federal Legislation
Mr. Pacheco
20.
Other
Mr. Feckner
21.
Ms. Stausboll
22.
Draft Agenda for August 17, 2011
Legal
Mr. Mixon
23.

c. Special Review Implementation Matrix
Mr. Mixon
24.
Delegation, Board Governance Committee
Mr. Mixon
25.

a. Elena K. Crattic
b. Paul Bado
c. Carol A. Brown
d. James E. Glaser
e. Kerri A. Hawkins
f. Damon Schamu
g. Wendell Murphy
h. Stephen Johnson
Mr. Mixon
26.
Petition for Reconsider

a. Nathaniel Eddins
Ms. McConnell
27.
Full Board Hearing Decision Rita Takahashi
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
28.
Public Comment
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
June 17, 2011
310-042-11
Special:
TO:

SUBJECT:
Date and Time: Tuesday, June 28, 2011, 12:30 p.m.
Some members of the Board will attend an Emerging Investment Manager Roadmaps
Workshop.
Please contact Cheree Swedensky, at (916) 795-3128, with any questions regarding
the meeting. Thank you.
ANNE STAUSBOLL

www.calpers.ca.gov
P.O. Box 942701

(916) 795-3829
No Voice (916) 795-3240
Circular Letter
Date:
Reference No.:
Distribution:
July 8, 2011
310-045-11
Special:
TO:

SUBJECT:

Date and Time: Monday, July 18, 2011, 8:30 a.m., Tuesday, July 19, 2011,
9:00 a.m., and Wednesday, July 20, 2011, 8:30 a.m.
Location: Sheraton Sonoma County, 745 Baywood Drive, Petaluma, CA, 94954.
sessions to discuss personnel, performance, employment, and investment matters
pursuant to Government Code sections 11126(a)(1), (c)(16), and (g)(1).
Questions pertaining to the meeting may be directed to Cheree Swedensky at
916/795-3128.
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov
a
Sheraton Sonoma County Petaluma
Heron Ballroom
AGENDA
DAY ONE July 18, 2011
8:30 a.m.
Open Session
Welcome/Opening
Program and Benefit Issues
8:45 a.m.
Open Session
Health Care Services and Delivery
10:30 a.m.
Break
10:45 a.m.
Open Session
Pension Benefits and Pending Proposals
11:45 a.m.
Lunch
Actuarial Risk Issues
1:00 p.m.
Open Session
Actuarial Funding Basics
2:15 p.m.
Break
2:30 p.m.
Open Session
Managing and Understanding Funding Risk
4:00 p.m.
Closed Session
Personnel, Performance, Employment, and Investment Matters

(Government Code sections 11126(a)(1), (c)(16), and (g)(1))

a
Heron Ballroom
AGENDA
DAY TWO July 19, 2011
9:00 a.m.
Open Session
Welcome/Opening
Investment Performance
9:05 a.m.
Open Session
Investment Risk
10:30 a.m.
Break
10:45 a.m.
Open Session
Investment Beliefs (Marina Overlook Room)
11:45 a.m.
Lunch
12:45 p.m.
Open Session
Investment Beliefs (Continued- Heron Ballroom)

Enterprise Matters
1:45 p.m.
Open Session
Workforce Sustainability and Intergenerational Trends
2:45 p.m.
Break
3:00 p.m.
Open Session
Board Technology
3:30 p.m.
Closed Session
Personnel, Performance, and Employment Matters: Executive

Management of Information Technology
4:30 p.m.
Closed Session
Personnel, Performance, and Employment Matters: Chief

Executive Officer, Chief Investment Officer, Chief Actuary, and
General Counsel

a
Heron Ballroom
AGENDA
DAY THREE July 20, 2011
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
Board Governance
10:15 a.m.
Break
10:30 a.m.
Closed Session

and Management Staff
11:30 a.m.
Lunch Break
12:00 1:30 p.m.

Closed Session

and Management Staff (Continued)

P.O. Box 942701

(916) 795-3829
No Voice (877) 249-7442
Circular Letter
Date:
Reference No.:
Distribution:
August 4, 2011
310-052-11
Special:
TO:

SUBJECT:

scheduled to meet on the following days in August. All meetings will be held in public
Date and Time: Monday, August 15, 2011, 9:00 a.m.
Board members will attend a workshop on Sustainable Investing.
Date and Time: Monday, August 15, 2011, 10:30 a.m. or upon adjournment or recess
of the Investment Committee workshop, whichever is later
Date and Time: Monday, August 15, 2011, 11:30 a.m., or upon adjournment or recess
The Committee will meet in closed session to discuss investment and litigation matters
pursuant to Government Code sections 11126(c)(16) and (e)(1)).
Date and Time: Monday, August 15, 2011, 3:00 p.m., or upon adjournment or recess
Date and Time: Tuesday, August 16, 2011, 8:30 a.m.

August 4, 2011
Page 2

Date and Time: Tuesday, August 16, 2011, 9:00 a.m., or upon adjournment or recess
of the Benefits and Program Administration Committee meeting, whichever is later
Date and Time: Tuesday, August 16, 2011, 9:30 a.m. or upon adjournment or recess
The Committee will meet in closed session to discuss long term care program
competitive strategy and rates pursuant to Government Code section 11126(h).
Finance Committee
Date and Time: Tuesday, August 16, 2011, 1:00 p.m., or upon adjournment or recess
Board Governance Committee
Date and Time: Tuesday, August 16, 2011, 2:00 p.m., or upon adjournment or recess
of the Finance Committee meeting, whichever is later
Date and Time: Wednesday, August 17, 2011, 8:00 a.m.
11126(g)(1)).
Date and Time: Wednesday, August 17, 2011, 9:00 a.m., or upon adjournment or
recess of the Board of Administration closed session, whichever is later
pursuant to Government Code section 11126(c)(3). The Board will meet in closed session
to discuss personnel, performance, and employment matters pursuant to Government Code
sections 11126(a)(1) and 11126(g)(1)).

August 4, 2011
Page 3
ANNE STAUSBOLL
Attachment

www.calpers.ca.gov
A
WORKSHOP
Sustainable Investing: Integration of Environmental, Social, &
Governance (ESG) Factors
9:00 a.m.
Lincoln Plaza North
400 Q Street, Room 1140
Sacramento, CA
AGENDA
10 minutes
Welcome
George Diehr, Chair, Investment Committee
Overview: Workshop Objectives

Joe Dear, Chief Investment Officer
15 minutes
Developing a Total Fund Process for Integrating ESG Factors

Review of Evidence of ESG impact on risk and return
Recent trends in ESG investment
Benchmarking to global peers: strengths and opportunities
Jane Ambachtsheer, Partner, Mercer Consulting
Rob Lake, Director of Strategic Development, PRI
(Former Head of Sustainability & Governance, APG Asset Management)
10 minutes
Total Fund Strategy for Environmental, Social, & Governance

CalPERS ESG Inventory
Cross asset class themes: climate change, human capital,
alignment of interest
Priorities, performance, procurement
Anne Simpson, Senior Portfolio Manager
45 minutes
Implementation: Roundtable Discussion with CalPERS Board

Members on Potential Focus for Asset Classes and Total Fund
Moderated by Anne Simpson, Senior Portfolio Manager
10 minutes
Global Equity Eric Baggesen, SIO

Global Fixed Income Curtis Ishii, SIO
Alternative Investment Management - Ral Desrochers, SIO
Real Assets Ted Eliopoulos, SIO
Asset Allocation & Risk Management Farouki Majeed, SIO
Total Fund Anne Simpson, SPM
Next Steps
Joe Dear, Chief Investment Officer

August 15, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
OPEN SESSION
WORKSHOP
Room 1140
9:00 a.m.
Sustainable Investing: Integration of Environmental, Social, and
Governance (ESG) Factors
CLOSED SESSION
10:30 a.m. or Upon Adjournment or Recess of the Workshop,

Whichever is Later
OPEN SESSION

CLOSED SESSION

(Government Code sections 11126(c)(16) and (e)(1)
[Item 3])
AGENDA
OPEN SESSION
1.
2.
Approval of the June 13, 2011 Open Session Minutes
3.
June 2011 Policy Subcommittee Report

a. Affiliate Fund Investment Policies
1) Repeal of the Affiliate Funds Policy
2) Adoption of the California Employers Retiree Benefit
Trust (CERBT) Policy
3) Adoption of the Judges Retirement System II (JRS
II) Policy
4) Adoption of the Legislators Retirement System
(LRS) Policy
5) Adoption of the Long-Term Care Fund Policy
b. Global Equity Revision of the Internally Managed
Global Equity Index Funds Policy
c. Real Assets Revision of the Infrastructure Program
Policy
d. Adoption of the Role of Private Asset Class Board
Investment Consultants Policy
4.
Real Assets
a. Revision of Professional Staff Delegation Resolutions
relevant to Infrastructure and Global Fixed Income
b. Real Estate Program
1) Revision of the Real Estate Program Policy
2) Update on the Neutrality Trial Responsible
Contractor Program Policy and Program Extension
Request
3) Recommended Emerging Manager Program
Kami Niebank
5.
Contracts Real Estate Board Investment Consultant

Revised Letter of Engagement
Farouki Majeed
6.
Interim Asset Allocation Targets
Eric Baggesen and

Dan Bienvenue
7.
Growth-Public Equity Graduation of Internal Enhanced

Equity Strategy
Action Item
Policy Subcommittee
Chair Jelincic
Ted Eliopoulos and

Cutis Ishii
Ted Eliopoulos
Information Item
8.
Program Updates
a. Absolute Return Strategies (ARS) Program
1) ARS Program Update
2) ARS Allocation
b. Consultant Review of Internal Programs
1) Fixed Income Program
2) Public Equity Passive Equity Portfolio
c. Corporate Governance Update Proxy Access
d. Growth-Public Equity
e. GrowthPrivate Equity
f. Income (Global Fixed Income and Liquidity)
g. Real Assets (Real Estate, Infrastructure, Forestland)
h. Inflation Assets (Commodities, ILB)
i. Absolute Return Strategies Program
j. Affiliate Investment Programs
9.
Activity Reports
Joseph Dear
Farouki Majeed
Wilshire Consulting
Peter Mixon
Joseph Dear
Janine Guillot

a. Draft Agenda for September 12, 2011
11. Public Comment
CLOSED SESSION
(Government Code sections 11126(c)(16) and (e)(1) [Item 3])
1.
2.
Approval of the June 13, 2011 Closed Session Minutes
3.
Litigation -- CalPERS, et al. v. Wachovia Capital Markets,

LLC, et al., Case No. BC389785 California Superior Court
Action Items
Peter Mixon
Information Items
4.
Ted Eliopoulos
Pension Consulting
Alliance
Eric Baggesen
Janine Guillot
Joseph Dear
Program Updates
a. Real AssetsReal Estate Program
b. GrowthPublic Equity Quarterly Program Portfolio
Update
5.

a. GrowthPublic Equity
b. GrowthPrivate Equity
c. Income (Global Fixed Income and Liquidity)
d. Real Assets (Real Estate, Infrastructure, Forestland)
e. Inflation Assets (Commodities, ILB)
f. Absolute Return Strategies Program
6.
Activity Reports
2) Real Estate
7) Other Programs

POLICY SUBCOMMITTEE
August 15, 2011
3:00 p.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
JJ Jelincic, Chair
Richard Costigan
George Diehr
Priya Mathur
AGENDA
1.
2.
Approval of the June 15, 2011 Meeting Minutes
3.
Changes to the Risk Managed Absolute Return Strategies

(RMARS) Program and Revisions to Related Policies
a. Revision of the RMARS Policy
b. Revision of Global Equity Sub-Asset Class Allocation
Ranges Policy
4.
Revision of Global Principles of Accountable Corporate

Governance
5.
Draft Agenda for October 17, 2011 Meeting
6.
Public Comment
Action Items
Joseph Dear
Eric Baggesen
Anne Simpson
Information Items
action. Any agenda item acted upon at this Subcommittee meeting may be brought to the Investment Committee at its
next regularly scheduled meeting. Items are noticed for action after a first reading. The Subcommittee is free, however, to
request a second reading of any item before approving it.

August 16, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the June 14, 2011 Benefits and Program

3.
Legislation
a. AB 1320 (Allen) - Taxpayer Adverse Risk
Prevention (TARP) Accounts

4.
Actuarial Office
a. State Industrial Disability Cost Report
b. Asset Allocation Change for the Terminated
Agency Pool
5.
PSR: Stakeholder Communications for System

Conversion

6.

a. Proposed Regulations for Submission of Payroll
and Contribution Information and Administrative
Fees for Incomplete or Erroneous Submissions
b. Retirement Contract Activity Report
c. Customer Service and Support Performance
Measures
d. Deputy Executive Officer Report
DEO Matrix
e. Draft Agenda for September 13, 2011
7.
Public Comment
Action / Sharen Scott

NOTE: Items designated for information are appropriate for Committee action if the Committee wishes to take action. Any
agenda item properly noticed for this committee meeting may be brought to the full Board at its next regularly scheduled
meeting.

August 16, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Auditorium
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
OPEN SESSION:
9:00 a.m., or Upon Adjournment or Recess of the Benefits

Whichever is Later
CLOSED SESSION:

Session, CLOSED SESSION TO DISCUSS LONG TERM
CARE PROGRAM COMPETITIVE STRATEGY AND RATES
(Government Code Section 11126(h))
AGENDA
1.
2.
Approval of the June 14, 2011, Health Benefits

3.
Legislation
a. AB 52 (Feuer) Health Care Coverage: Rate
Approval
4.
a. Health Care Reform Quarterly Update
b. Partnership for Change Update
5.

a. Self-Funded Health Plans First Quarter 2011
Financial Report
6.

a. Long-Term Care Valuation and Program
Update
7.
Deputy Executive Officer Report

Health Benefits Assignment Matrix
8.
Proposed Agenda for September 13, 2011, Health

9.
Public Comment
Action/Danny Brown
Information/Ann Boynton
CLOSED SESSION

Code Sections 11126(c)(17) and 11126(h)
1.
2.
Long-Term Care Program Strategy

a. Long-Term Care Request for Proposal

FINANCE COMMITTEE
August 16, 2011
1:00 p.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
AGENDA
1.
2.
Approval of June 13, 2011, Meeting Minutes
3.
Business Planning
Information/Nancy Quinlan
a.
4.
Compliance
a.
5.
CalPERS 2010-11 Business Plan Year-End

Report
Audits
a.
Selection of the Board of Administrations

Independent Financial Statement Auditor
6.
a.
7.
Proposed September 2011 Agenda
Public Comment

BOARD GOVERNANCE COMMITTEE
August 16, 2011
2:00 p.m.
Finance Committee Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
AGENDA
1.
2.
Approval of the October 18, 2010, Board Governance

Action/Peter Mixon
3.
Board Governance Project Board Principles,

Policies and Procedures
Information/Peter Mixon
4.
Special Review Recommendations Update
5.
Public Comment

August 17, 2011
8:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

-
Executive Management of Information Technology
OPEN SESSION
LATER
Mr. Feckner
1.
2.
3.
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
External Affairs
Mr. Glazier
14.
Mr. Brown
15.

Legislation
Mr. Brown
16.

Federal Legislation
Mr. Pacheco
17.
General
Mr. Jablonsky
Mr. Jasper
18.
Ms. Stausboll
19.
Draft Agenda for September 14, 2011
Ms. Stausboll
20.
Mr. Feckner
21.
Legal
Mr. Mixon
22.

Mr. Mixon
23.

a. Thomas J. Harron
b. Melanie Williams
c. Thomas Banville
d. Connie Peters
e. Tammy Torres Jordan
f. Tailun Chow
g. Gayla Ruble
h. Robert Mialocq and Jeffrey Segol
i. Cheryl Mega
j. Linda Bulka
k. Jean Rankin
l. Carla N. Fowler
m. Hector Sanchez
Mr. Mixon
24.

a. Paul Bado
b. James E. Glaser
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))
CLOSED SESSION
(Gov. Code sec.
11126(a)(1) and
(g)(1))

Reconsideration
25.
Public Comment
26.
ANNUAL EMPLOYEE PERFORMANCE REVIEW AND

UPDATES (Chief Executive Officer, Chief Investment
Officer, Chief Actuary, and General Counsel)

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-059-11
September 1, 2011
TO:
SUBJECT: MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION,

scheduled to meet on the following days in September. All meetings are held in public
Date and Time: Monday, September 12, 2011, 8:30 a.m.
The Committee will meet in closed session to discuss personnel and investment matters
pursuant to Government Code sections 11126(a)(1) and (c)(16).
Date and Time: Monday, September 12, 2011, 9:30 a.m., or upon adjournment or recess
A closed session will be held upon adjournment or recess of the open session to consider
Date and Time: Monday, September 12, 2011, 1:00 p.m., or upon adjournment or recess
Date and Time: Monday, September 12, 2011, 2:00 p.m., or upon adjournment or recess
A closed session will be held upon adjournment or recess of the open session to discuss
personnel, performance, and employment matters pursuant to Government Code
sections 11126(a)(1) and (g)(1).
Circular Letter No.: 310-059-11

September 1, 2011
Page 2
Date and Time: Tuesday, September 13, 2011, 8:00 a.m.
11126(g)(1).
Date and Time: Tuesday, September 13, 2011, 9:00 a.m. or upon adjournment or recess
Location: Lincoln Plaza North, 400 Q Street, Sacramento, CA
Date and Time: Tuesday, September 13, 2011, 10:00 a.m., or upon adjournment or
recess of the Board Governance Committee meeting, whichever is later
Date and Time: Tuesday, September 13, 2011, 10:30 a.m. or upon adjournment or
recess of the Health Benefits Committee meeting, whichever is later
Date and Time: Tuesday, September 13, 2011, 11:00 a.m., or upon adjournment or
recess of the Health Benefits Committee closed session meeting, whichever is later
Date and Time: Wednesday, September 14, 2011, 8:00 a.m.
employment matters pursuant to Government Code sections 11126(a)(1) and 11126(g)(1)
(Chief Executive Officer, Chief Investment Officer, Chief Actuary, and General Counsel).
Date and Time: Wednesday, September 14, 2011, 9:00 a.m., or upon adjournment or
The Board may adjourn into closed session to deliberate on administrative decisions pursuant
to Government Code section 11126(c)(3). The Board will meet in closed session to discuss
personnel, performance, and employment matters pursuant to Government Code sections
11126(a)(1) and 11126(g)(1).

September 1, 2011
Page 3
Board members may attend meetings of committees of which they are not members and
participate in the discussions during those committee meetings.
The Board would be pleased to have you or representatives of your agency at the public
sessions. The facilities are accessible to persons with disabilities. Requests for sign
language or captioning services require a minimum of 72 hours notice. To request
ANNE STAUSBOLL
Attachment

September 12, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
8:30 a.m.
Initiatives (Government code section 11126(c)(16))
2. Chief Investment Officer's Briefing on Market and Personnel
Issues (Government Code sections 11126(a)(1) and 11126(c)(16))
OPEN SESSION

Whichever is Later
CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the August 15, 2011 Open Session Minutes
Policy Subcommittee
Chair Jelincic
3.
August 2011 Policy Subcommittee Report Revision of the

Global Equity Sub-Asset Class Allocation Ranges Policy
Geraldine Jimenez
4.
Affiliate Investment Programs Annual Review
Geraldine Jimenez
and Kami Niebank
5.
Contracts Affiliate Investment Programs Multi-Strategy

Index Fund Request for Proposal
Farouki Majeed
6.
Absolute Return Strategies (ARS) Allocation
7.
Total Fund
Action Items
Information Items
Wilshire Consulting
and Pension
Consulting Alliance
Farouki Majeed
Ted Eliopoulos and
Meketa Investment
Group
Joseph Dear
Janine Guillot
Joseph Dear
Janine Guillot

c. California Infrastructure Investing
8.
Program Updates
h. Corporate Governance Program
i. Special Review Implementation Plan/Investment Office
9.
Activity Reports
c. Monthly Total Fund Update
d. Investment Office Assignment Matrix

a. Draft Agenda for October 17, 2011
11. Public Comment
wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held immediately prior
to this meeting may be reported on or presented to the Investment Committee for its consideration.
CLOSED SESSION

1.
2.
Approval of the August 15, 2011 Closed Session Minutes
Action Items
Information Items
Wilshire Consulting
3.
and Pension
Consulting Alliance
4.
Ral Desrochers
Janine Guillot
Joseph Dear
Total Fund
Program Update
a. GrowthPrivate Equity AIM Program Strategy Review
5.

6.
Activity Reports
1) Investment Proposal Activity
2) Items Completed Under Delegated Authority
4) Other Programs

September 12, 2011
1:00 p.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION 1:00 p.m. OR UPON ADJOURNMENT OF THE INVESTMENT

COMMITTEE MEETING, WHICHEVER IS LATER
Closed Session
(Gov. Code sec.
11126(a)(1) and
(g)(1))
1.
2.

UPDATES
a. Review of 2010-2011 Performance: Chief Executive
Officer, Chief Actuary, General Counsel and Chief
Investment Officer

September 12, 2011
2:00 p.m.
or Upon Adjournment or Recess of the Board of Administration
Closed Session Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan
George Diehr
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
OPEN SESSION
1.
2.
Approval of the June 14, 2011, Performance and

3.
Action/Laurie Menchaca
a.
4.
Information/Laurie Menchaca
a.
b.
5.
CLOSED SESSION
2011-12 Performance Plan for RecentlyAppointed Senior Investment Officer, Alternative

Investments (First Reading)

Proposed November 2011 Agenda
Public Comment

(Gov. Code Section 11126(a) and 11126(g)(1))
1.
2.
Approval of September 13, 2010 Performance and

Compensation Committee Closed Session Minutes
3.
Review of 2010-2011 Performance: Chief Operating

Investment Officer and Senior Investment Officers
4.
Chief Executive Officers Report of 2010-2011

Performance: Senior Portfolio Managers and Portfolio
Managers

September 13, 2011
9:00 a.m.
or Upon Adjournment or Recess
of the Board of Administration Closed Session Meeting,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
AGENDA
Action/Peter Mixon
1.
2.
Approval of the August 16, 2011, Board Governance

3.
Board Governance Project Board Principles,

Policies and Procedures
4.
Public Comment

September 13, 2011
10:00 a.m.
or Upon Adjournment or Recess of the Board Governance
Committee Meeting, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
Rob Feckner
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
OPEN SESSION:
10:00 a.m., or Upon Adjournment or Recess of the Board

Governance Committee Meeting, Whichever is Later
CLOSED SESSION:

11126(c)(17))
AGENDA
1.
2.
Approval of the August 16, 2011, Health Benefits

3.
a. Health Benefits Purchasing Review Project
Update
b. Wellness and Disease Management Update
4.
Health Maintenance Organization

a. Extension of the Existing Blue Shield of
California Health Maintenance Organization
Contract
5.

Health Benefits Assignment Matrix
6.
Proposed Agenda for October 18, 2011, Health

7.
Public Comment
Action/Doug McKeever
CLOSED SESSION

1.
2.

a. Health Plan Quarterly Financial Reports
b. Health Plan Performance Guarantees

September 13, 2011
11:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Vice Chair
George Diehr
Rob Feckner
Henry Jones
Louis F. Moret
AGENDA
1.
2.
Approval of June 13, 2011, Meeting Minutes
3.
a.
Action/Larry Jensen
b.
c.

Update
Risk Management Committee Charter Second
Reading
4.
Administrative
a.
b.
5.

Draft Agenda for the October 2011 Meeting
Public Comment

September 14, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
External Affairs
Mr. Glazier
14.
Mr. Brown
15.

Legislation
Mr. Brown
16.

Federal Legislation
Mr. Pacheco
17.
General
Mr. Lamoureux
18.
Separate State Contribution Rates for CSU
Mr. Jablonsky
Mr. Jasper
19
Ms. Plaza
20.
Diversity Update
Ms. Stausboll
21.
Draft Agenda for October 19, 2011
Ms. Stausboll
22.
Mr. Feckner
23.
Legal
Mr. Mixon
24.

Mr. Mixon
25.

a. Vernelda Burnett
b. Nancy Mazzei
c. Steven Viero
d. Richard Hinojosa
e. Jo Ann Bailey
f. Nichole C. Single
26.

a. Connie Peters
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))
CLOSED SESSION
(Gov. Code sec.
11126(a)(1) and
(g)(1))

Reconsideration
27.
Public Comment
28.

UPDATES
a. Review of 2010-2011 Performance: Chief Executive
Officer, Chief Investment Officer, General Counsel, and
Chief Actuary
b. 2010-2011 Performance: Chief Operating Investment
Officer and Senior Investment Officers (Closed Session
Report of Performance and Compensation Committee)
c. 2010-2011 Performance Report: Senior Portfolio
Managers and Portfolio Managers (Closed Session
Report of Performance and Compensation Committee)

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
TO:
SUBJECT:
Reference No.:
Distribution:
Special:
310-061-11
September 2, 2011


Circular Letter No. 310-059-11, dated September 1, 2011, is amended as follows:

The Board of Administration will meet in closed session to discuss personnel,
performance, and employment matters pursuant to Government Code Sections
11126(a)(1) and (g)(1).
All other information contained in Circular Letter No. 310-059-11, dated September 1,
2011 remains the same. The meeting information is also available on the CalPERS
website at www.calpers.ca.gov. Please contact Cheree Swedensky, at (916) 795-3128,
with any questions regarding this meeting. Thank you.
ANNE STAUSBOLL
Attachment

September 12, 2011
8:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

-
Executive Management of Information Technology

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
TO:
SUBJECT:
Reference No.:
Distribution:
Special:
310-063-11
September 12, 2011


Date and Time: Wednesday, September 14, 2011, 2:15 p.m., or upon adjournment or
recess of the regular meeting of the Board of Administration, whichever is later
agenda. This information is also available on the CalPERS website at
ANNE STAUSBOLL
Attachment

(Government Code Section 11125.4)
September 14, 2011
2:15 p.m.
Or Upon Adjournment or Recess
Of the Regular Meeting of the
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Public Discipline of Board Member
3.
Public Comment

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-065-11
October 7, 2011
TO:

SUBJECT:

scheduled to meet on the following days in October. All meetings are held in public
Date and Time: Monday, October 17, 2011, 9:00 a.m.
Address of Telephonic Location: 3200 California Street, San Francisco, CA 94118
Date and Time: Monday, October 17, 2011, 9:30 a.m., or upon adjournment or recess of
investment matters pursuant to Government Code section 11126(c)(16) and litigation
matters pursuant to Government Code Section 11126(e).
Date and Time: Monday, October 17, 2011, 1:00 p.m., or upon adjournment or recess of
Date and Time: Tuesday, October 18, 2011, 8:30 a.m.

October 7, 2011
Page 2

Date and Time: Tuesday, October 18, 2011, 9:30 a.m., or upon adjournment or recess of
Date and Time: Tuesday, October 18, 2011, 10:30 a.m. or upon adjournment or recess
Date and Time: Wednesday, October 19, 2011, 8:00 a.m.
and may meet in closed session to deliberate on a full Board hearing pursuant to
Government Code Section 11126(c)(3).
Date and Time: Wednesday, October 19, 2011, 9:00 a.m., or upon adjournment or
The Board may adjourn into closed session to deliberate on administrative appeal decisions
and a full Board hearing pursuant to Government Code section 11126(c)(3).
Date and Time: October 24, 2011, 8:00 a.m., October 25, 2011, 8:00 a.m., and
October 26, 2011, 8:00 a.m.
Location: Long Beach Convention Center, 300 East Ocean Boulevard, Long Beach, CA
Members of the Board will attend the CalPERS Educational Forum 2011.

October 7, 2011
Page 3
ANNE STAUSBOLL
Attachment

October 17, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
9:00 a.m.
OPEN SESSION

Whichever is Later
CLOSED SESSION

(Government Code sections 11126(c)(16) and 11126(e))
AGENDA
OPEN SESSION
1.
2.
Approval of the September 12, 2011 Open Session

Minutes
Eric Baggesen
3.
Global Equity Annual Program Review
Joseph Dear
4.
Delegation Resolutions relevant to the Absolute Return

Strategies (ARS) Program
a. Revision of Global Equity Professional Staff Delegation
Resolution
b. Adoption of ARS Professional Staff Delegation
Resolution
Wilshire Consulting
5.
Consultant Annual Review of the Internal Absolute Return

Fund of Funds Program Review
Ted Eliopoulos and

Randall Mullan
6.
Discussion on Real Assets Professional Staff Delegation

Resolution relevant to Infrastructure
Ted Eliopoulos,
Randall Mullan,
and Laurie Weir
7.
Infrastructure Investment in California State and Local

Government Outreach Plan
8.
Program Updates
a. Corporate Governance Program Proxy Access
b. Special Review Implementation Plan Investment Office
c. GrowthPublic Equity
d. GrowthPrivate Equity
e. Income (Global Fixed Income and Liquidity)
f. Real Assets (Real Estate, Infrastructure, Forestland)
g. Inflation Assets (Commodities, ILB)
h. Absolute Return Strategies Program
i. Affiliate Investment Programs
9.
Activity Reports
a. Total Fund Monthly Update
b. Investment Office Assignment Matrix
Action Items
Information Items
Anne Simpson
Janine Guillot
Joseph Dear
Janine Guillot

a. Draft Agenda for November 14, 2011
11. Public Comment
CLOSED SESSION

(Government Code sections 11126(c)(16) and 11126(e)
[Item 6 only])
1.
2.
Approval of the September 12, 2011 Closed Session

Minutes
3.
Program Update
a. Corporate Governance Focus List Update
4.

5.
Activity Reports
4) Other Programs
6.
Litigation CalPERS vs. Fuld, et. al., S.D.N.Y., Case

No. 11-CV-01281, and ARVCO v. CalPERS, Douglas
County, Case No. 11-CV-0162
Action Items
Information Items
Anne Simpson
Janine Guillot
Joseph Dear
Peter Mixon

POLICY SUBCOMMITTEE
October 17, 2011
1:00 p.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
Louis F. Moret, Interim Chair / Vice Chair
Richard Costigan
George Diehr
JJ Jelincic
Priya Mathur
AGENDA
1.
2.
Approval of the August 15, 2011 Meeting Minutes
Dan Bienvenue
3.
Revision of Internally Managed Global Enhanced Equity

Strategies Policy
Anne Simpson
4.
Revision of Global Principles of Accountable Corporate

Governance (Second Reading)
Craig Dandurand
5.
Revision of Absolute Return Strategies Policy
Farouki Majeed
6.
Revision of the Leverage Policy
Ral Desrochers
7.
Revision of the Alternative Investment Management (AIM)

Program Policy
8.
Draft Agenda for December 12, 2011 Meeting
9.
Public Comment
Action Items
Information Items

October 18, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the August 16, 2011 Benefits and Program

3.
Operations
Action / Kim Malm
a. Proposed Amendments to Board Election

Regulation Section 554.4 Candidate Statements
b. 2011 Member-At-Large Special Board Election

and Retired Board Election Summaries
c. Proposed Regulation for Contract Related

Disclosure Policy
4.
Finance Office
Action / Russ Fong
a. Board Member Employer Reimbursements
Action / Larry Jensen
b. Proposed Regulations Regarding Personal

Trading
5.
Action / David Lamoureux
Actuarial Office
a. EFIs Parallel Valuation and Certification of the
June 30, 2010 actuarial valuations for JRS, JRS
II, LRS and the 1959 Survivor Program
b. Review of Board Actuarial Policies


6.
Customer Service and Support

a. California Employers Retiree Benefit Trust
(CERBT) Update
b. Deputy Executive Officer Report
DEO Matrix
c. Draft Agenda for December 13, 2011
7.
Public Comment


October 18, 2011
9:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Rob Feckner, Interim Vice Chair
John Chiang
George Diehr
JJ Jelincic
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the September 13, 2011, Health Benefits

3.
Health Plan Contract Innovations (Pilots) and Data

Analysis Projects Update
4.
Catholic Healthcare West/Hills Physicians Pilot

Update
5.
Anthem Blue Cross Innovations Update
6.

Health Benefits Committee Assignment Matrix
7.
Proposed Agenda for November 15, 2011, Health

8.
Public Comment

October 18, 2011
10:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
AGENDA
Action/Anne Stausboll and

Peter Mixon
1.
2.
Approval of the September 13, 2011, Board

Governance Committee Meeting Minutes
3.
Board Governance Project Implementation Plan and

Final Report Summary
4.
Public Comment

October 19, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

(Gov. Code sections 11126(a)(1) and (g)(1))
8:45 a.m.
FULL BOARD HEARING DELIBERATIONS THOMAS HARRON

(Gov. Code section 11126(c)(3))
OPEN SESSION
LATER
Mr. Feckner
1.
2.
3.
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
External Affairs
Mr. Glazier
14.
Mr. Brown
15.

Legislation
Mr. Brown
16.

Federal Legislation
Mr. Pacheco
17.
General
Mr. Jablonsky
Mr. Jasper
18.
Ms. Stausboll
19.
Draft Agenda for November 16, 2011
Ms. Stausboll
20.
Mr. Feckner
21.
Legal
Mr. Mixon
22.

Mr. Mixon
23.

a. Jim McHenry
b. Sandra Watkins
c. Leon LaSage
d. Jacqueline J. Mandosia
e. Joyce A. King
24.
Full Board Hearing Thomas Harron
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

on the Full Board Hearing, any Proposed Decision(s) or
any Petition(s) for Reconsideration
25.
Public Comment

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-071-11
November 4, 2011
TO:

SUBJECT:

scheduled to meet on the following days in November. All meetings are held in public
Date and Time: Monday, November 14, 2011, 9:00 a.m.
Date and Time: Monday, November 14, 2011, 10:00 a.m., or upon adjournment or recess
Date and Time: Tuesday, November 15, 2011, 8:30 a.m.
Finance Committee
Date and Time: Tuesday, November 15, 2011, 9:00 a.m., or upon adjournment or recess
of the Health Benefits Committee, whichever is later
A closed session will be help upon adjournment or recess of the open session to discuss
personnel matters pursuant to Government Code sections 11126(a)(1) and (g)(1)).

November 4, 2011
Page 2

Date and Time: Tuesday, November 15, 2011, 10:30 a.m. or upon adjournment or recess
of the Finance Committee meeting, whichever is later
Date and Time: Wednesday, November 16, 2011, 8:00 a.m.
and may meet in closed session to deliberate on a full Board hearing pursuant to
Government Code Section 11126(c)(3).
Date and Time: Wednesday, November 16, 2011, 9:00 a.m., or upon adjournment or
The Board may adjourn into closed session to deliberate on administrative appeal decisions
0pursuant to Government Code section 11126(c)(3).
ANNE STAUSBOLL
Attachment

November 14, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
9:00 a.m.
OPEN SESSION

CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the October 17, 2011 Open Session Minutes
Policy Subcommittee
Interim Chair Moret
3.
October 2011 Policy Subcommittee Report regarding

revision of:
a. Internally Managed Global Enhanced Equity Strategies
Policy
b. Global Principles of Accountable Corporate Governance
c. Absolute Return Strategies Policy
d. Leverage Policy
e. Alternative Investment Management (AIM) Program
Policy
Curtis Ishii
4.
Global Fixed Income Annual Program Review
Kami Niebank
5.

Finalist Selection
6.
Total Fund CalPERS CIO Total Fund Quarterly

Performance Report
7.
Program Updates
a. Corporate Governance Program
1) Wilshire Focus List Program Analysis
2) Proxy Voting Quarterly Report Results
3) UN Principles for Responsible Investment Annual
Update
4) Financial Market Reform
b. Growth-Public Equity
c. Growth-Private Equity
d. Income (Global Fixed Income and Liquidity)
e. Real Assets (Real Estate, Infrastructure, Forestland)
f. Inflation Assets (Commodities, ILB)
g. Absolute Return Strategies Program
h. Affiliate Investment Programs
8.
Activity Reports
c. Special Review Implementation Plan Investment Office
Action Items
Information Items
Joseph Dear
Wilshire Consulting
Anne Simpson
Anne Simpson
Anne Simpson
Joseph Dear
Janine Guillot
Janine Guillot
9.
Agenda and Calendar

a. Draft Agenda for December 12, 2011
10. Public Comment

CLOSED SESSION

1.
2.
Approval of the October 17, 2011 Closed Session Minutes
3.
Total Fund CalPERS CIO Total Fund Quarterly Report on

Market Issues
4.
Program Update
5.

6.
Activity Reports
4) Other Programs
Action Items
Information Items
Joseph Dear
Ted Eliopoulos
Pension Consulting
Alliance
Janine Guillot
Joseph Dear

November 15, 2011
8:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
George Diehr
JJ Jelincic
Henry Jones
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the October 18, 2011, Health Benefits

3.
Extension of the Long-Term Care Program ThirdParty Administrator Contract with United Health
Actuarial Services, Inc.
4.
Long-Term Care Program 2011 Annual Valuation

Report
5.
Priority Care Project Update
6.
Health Care Reform Quarterly Update
7.
Self-Funded Health Plans Second Quarter 2011
Financial Report
8.

Health Benefits Committee Assignment Matrix
9.
Proposed Agenda for December 13, 2011, Health

10.
Public Comment

FINANCE COMMITTEE
November 15, 2011
9:00 a.m.
of the Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
OPEN SESSION:
9:00 a.m., or Upon Adjournment or Recess of the Health

Benefits Committee, Whichever is Later
CLOSED SESSION:
9:30 a.m., or Upon Adjournment or Recess of Open Session

AGENDA
1.
2.
Approval of August 16, 2011, Meeting Minutes
3.
Audits
a.
b.
c.
d.
4.

Office of Audit Services Quarterly and
Year-End Status Report
External Audit Fees
Office of Audit Services Charter Revision
(Second Reading)
Compliance
a.
b.
c.
5.
Action/Dave Cornejo
a.
Action/Dave Cornejo
b.
Action/Dave Cornejo
c.
Action/Dave Cornejo
d.
e.
f.
g.
6.
a.
Information/Kimberly A. Malm
b.
Information/Nancy Quinlan
a.
b.
CLOSED SESSION:

10.
CalPERS 2011-12 Business Plan Update

a.
9.
Annual Contracts and Procurement Activity Reports

for Period July 1, 2010 June 30, 2011
Disabled Veteran Business Enterprise Contract
Participation, Fiscal Year 2010-11 Annual Report
Planning
a.
8.
Year-End Budget and Expenditure Report for Fiscal

Year 2010-11
Fiscal Year 2011-12 Health Budget Change
Proposal
Fiscal Year 2011-12 Mid-Year Budget Revisions
(First Reading)
Draft Audited Basic Financial Statement
Contracts
Information/Kimberly A. Malm
7.
Office of Enterprise Compliance Quarterly Status

Report
Acting Chief Financial Officers Report on

Proposed December 2011 Agenda
Public Comment

(Government Code Sections 11126(c)(1) and (g)(1))
1.
2.

Chief Auditor

November 15, 2011
10:30 a.m.
of the Finance Committee, Whichever is Later

Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
JJ Jelincic
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
AGENDA
1.
2.
Approval of the October 18, 2011, Board Governance

3.
Board Governance Project

a. Agenda Guidelines and Templates (First
Reading)
4.
Public Comment
Action/Kami Niebank

November 16, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
External Affairs
Mr. Glazier
14.
Mr. Brown
15.

Legislation
a. Pension Proposals
Mr. Brown
16.

Federal Legislation
Mr. Pacheco
17.
General
Mr. Jablonsky
Ms. Lum
Mr. Jasper
18.
my|CalPERS Update
Mr. Mixon
19.

a. Board Committee Delegations (First Reading)
b. Chief Executive Officer Delegation (First Reading)
Ms. Stausboll
20.
Draft Agenda for December 14, 2011
Ms. Stausboll
21.
Mr. Feckner
22.
Legal
Mr. Mixon
23.

a. Annual Litigation Report
Mr. Mixon
24.
Full Board Hearing Decision Thomas Harron
25.

a. Toni Cellucci
b. Ester Loanzon Bolton
c. Alice Wittig
d. Julie L. Williams
e. Barbara McGowan
f. Maricela Mendoza
g. Ruth Ross Lewis
h. Diane Cooke
i. Neal Miller
j. Elizabeth Ramsden
26.

a. Jo Ann Bailey
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
27.
Public Comment

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-072-11
November 9, 2011
TO:

SUBJECT:

Circular Letter No. 310-071-11, dated November 4, 2011, is amended as follows:

Date and Time: Monday, November 14, 2011, 9:00 a.m.
of closed session (CIO Briefing on Market and Personnel Issues), whichever is later
of the Investment Committee closed sessions, whichever is later
All other information contained in Circular Letter No. 310-071-11, dated November 4,
website at www.calpers.ca.gov. Please contact Cheree Swedensky, at (916) 795-3128,
with any questions regarding this meeting. Thank you.
ANNE STAUSBOLL

November 4, 2011
Page 2
Attachment
AMENDED
November 14, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
9:00 a.m.
CLOSED SESSION
9:30 a.m., or Upon Adjournment or Recess of Closed Session

(CIO Briefing on Market and Personnel Issues), Whichever is
Later
OPEN SESSION

Sessions, Whichever is Later
AGENDA
CLOSED SESSION
1.
2.
Approval of the October 17, 2011 Closed Session Minutes
3.
Total Fund CalPERS CIO Total Fund Quarterly Report on

Market Issues
4.
Program Update
5.

6.
Activity Reports
4) Other Programs
Action Items
Information Items
Joseph Dear
Ted Eliopoulos
Pension Consulting
Alliance
Janine Guillot
Joseph Dear
OPEN SESSION
Upon Adjournment or Recess of Closed Sessions

1.
2.
Approval of the October 17, 2011 Open Session Minutes
3.
October 2011 Policy Subcommittee Report regarding

revision of:
a. Internally Managed Global Enhanced Equity Strategies
Policy
b. Global Principles of Accountable Corporate Governance
Action Items
Policy Subcommittee
Interim Chair Moret
c. Absolute Return Strategies Policy

d. Leverage Policy
e. Alternative Investment Management (AIM) Program
Policy
Curtis Ishii
4.
Global Fixed Income Annual Program Review
Kami Niebank
5.

Finalist Selection
6.
Total Fund CalPERS CIO Total Fund Quarterly

Performance Report
7.
Program Updates
a. Corporate Governance Program
1) Wilshire Focus List Program Analysis
2) Proxy Voting Quarterly Report Results
3) UN Principles for Responsible Investment Annual
Update
4) Financial Market Reform
b. Growth-Public Equity
c. Growth-Private Equity
e. Real Assets (Real Estate, Infrastructure, Forestland)
f. Inflation Assets (Commodities, ILB)
g. Absolute Return Strategies Program
h. Affiliate Investment Programs
8.
Activity Reports
c. Special Review Implementation Plan Investment Office
9.
Agenda and Calendar

a. Draft Agenda for December 12, 2011
Information Items
Joseph Dear
Wilshire Consulting
Anne Simpson
Anne Simpson
Anne Simpson
Joseph Dear
Janine Guillot
Janine Guillot
10. Public Comment


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-073-11
December 2, 2011
TO:

SUBJECT:

scheduled to meet on the following days in December. All meetings are held in public
Date and Time: Monday, December 12, 2011, 9:00 a.m.
Date and Time: Monday, December 12, 2011, 9:30 a.m., or upon adjournment or recess
Board Members will participate in Real Estate Board Investment Consultant Finalist
Interviews
Date and Time: Monday, December 12, 2011, 1:00 p.m., or upon completion or recess of
the Investment Committee Open Session Interviews, whichever is later
Date and Time: Monday, December 12, 2011, 2:00 p.m., or upon adjournment or recess

December 2, 2011
Page 2

Date and Time: Tuesday, December 13, 2011, 8:00 a.m.
Health Benefits Committee Workshop
Date and Time: Tuesday, December 13, 2011, 9:00 a.m., or upon adjournment or recess
of the Performance and Compensation Committee, whichever is later
Board members will attend a Health Benefits Purchasing Review Project Workshop
Date and Time: Tuesday, December 13, 2011, 1:00 p.m., or upon adjournment or recess
of the Health Benefits Committee workshop, whichever is later
of the Risk Management Committee, whichever is later
Finance Committee
of the Benefits and Program Administration Committee, whichever is later
Date and Time: Wednesday, December 14, 2011, 8:00 a.m.
11126(g)(1).
Date and Time: Wednesday, December 14, 2011, 9:30 a.m., or upon adjournment or

December 2, 2011
Page 3

ANNE STAUSBOLL
Attachment

December 12, 2011
9:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
CLOSED SESSION
9:00 a.m.
OPEN SESSION
INTERVIEWS
Room 1140

Whichever is Later
Real Estate Board Investment Consultant Finalist Interviews
OPEN SESSION
1:00 p.m. or Upon Completion or Recess of Open Session

Interviews, Whichever is Later
CLOSED SESSION

AGENDA
OPEN SESSION
1.
2.
Approval of the November 14, 2011 Open Session Minutes
Kami Niebank
3.

Finalist Selection
Eric Baggesen
4.
Annual Legislative Report Sudan and Iran Divestment
5.
Total Fund CalPERS Consultant Total Fund Quarterly

Performance Report
6.
Program Updates
a. Growth-Public Equity
d. Real Assets (Real Estate, Infrastructure and Forestland)
h. Corporate Governance Program
7.
Activity Reports
c. Total Fund Monthly Update
d. Investment Office Assignment Matrix
e. Special Review Implementation Plan Investment Office
8.
Agenda and Calendar

a. Draft Agenda for February 13, 2012
9.
Public Comment
Action Items
Information Items
Wilshire Consulting
and Pension
Consulting Alliance
Joseph Dear
Janine Guillot
Joseph Dear
Janine Guillot
Janine Guillot
CLOSED SESSION

1.
2.
Approval of the November 14, 2011 Closed Session

Minutes
3.
Total Fund CalPERS Consultant Total Fund Quarterly

Report on Market Issues
4.
External Manager and Significant Activity Updates

c. Real Assets (Real Estate, Infrastructure, Forestland)
5.
Activity Reports
4) Other Programs
Action Items
Information Items
Wilshire Consulting
and Pension
Consulting Alliance
Ral Desrochers
Eric Baggesen
Ted Eliopoulos
Joseph Dear

December 12, 2011
2:00 p.m.
of the Investment Committee, Whichever is Later

Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
JJ Jelincic
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
AGENDA
1.
2.
Approval of the November 15, 2011, Board

3.

a. Agenda Guidelines and Templates (Second
Reading)
b. Board Governance Policy (First Reading)
4.
Public Comment
Action/Kami Niebank
Action/Peter Mixon

December 13, 2011
8:00 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan
George Diehr
Bill Lockyer
Tony Oliveira
Ronald Yank
AGENDA
Information/Janine Guillot
1.
2.
Approval of the September 12, 2011, Performance and

3.

a. First Quarter Status Reports on Performance
Plans of the Chief Executive Officer, Chief
Actuary, General Counsel, Chief Investment
Officer and the CIOs Direct-Reporting Staff
b. Changes in Senior Portfolio Manager and Portfolio
Manager Performance Plans
c. 2011-2012 Performance Plans for Recently
Appointed Investment Managers (First Reading)
d. Change to Chief Operating Investment Officers
Incentive Schedule
e. Salary Range and Incentive Schedule for Chief
Financial Officer Classification
f. Investment Office Classification and Organization
Study
4.
a. Human Resources Division Report
b. Proposed February 2012 Agenda
5.
Public Comment
WORKSHOP
Health Benefits Purchasing Review Project
December 13, 2011
9:00 a.m.
Performance and Compensation Committee Meeting,
Whichever is Later
Lincoln Plaza North
400 Q Street, Room 1140
Sacramento, CA
AGENDA
Topic
Notes/Presenter
1. Introduction
Ann Boynton, Deputy Executive Officer

Benefit Programs Policy and Planning
CalPERS
2. Market Dynamics
Dr. Saum Sutaria, Director

McKinsey & Company
Q&A
3. Health Plan Options and Adverse Selection Considerations
Q&A
4. Wellness
Q&A
5. Evidence Based Medicine and Disease Management
Q&A
6. Wrap Up & Next Steps
John Kessler, Director

Deloitte Consulting, LLP
&
Mark Eichman, Senior Manager
Deloitte Consulting, LLP
Melissa Hayden-Cook, Chief Executive Officer
Sharp Health Plan
Keith R. Doram, Chief Medical Officer &
Vice President, Clinical Effectiveness
Adventist Health
Doug McKeever, Chief
Health Policy Research Division
CalPERS
&
Ann Boynton, Deputy Executive Officer
Benefit Programs Policy and Planning
CalPERS

December 13, 2011
1:00 p.m.
Health Benefits Committee Workshop, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Michael Bilbrey
George Diehr
Rob Feckner
Henry Jones
Louis F. Moret
OPEN SESSION:
1:00 p.m. or Upon Adjournment or Recess of the Investment

CLOSED SESSION:
1:30 p.m. or Upon Adjournment or Recess of Open Session

AGENDA
1.
2.
Approval of September 13, 2011, Meeting Minutes
3.
a.
b.
c.

Update
Risk Assessment Management Plan
4.
a.
b.
5.
CLOSED SESSION:
Administrative
Draft Agenda for the March 2012 Meeting
Public Comment

(Government Code Sections 11126(A)(1) and (g)(1))
1.
2.

Chief Risk Officer

December 13, 2011
2:00 p.m.
Risk Management Committee, Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
John Chiang
Richard Costigan
Henry Jones
Priya Mathur
Louis Moret
Tony Oliveira
Ronald Yank
AGENDA
1.
2.
Approval of the October 18, 2011 Benefits and Program

3.
Action / Russell Fong
4.
5.
Information / Nancy Campbell
Legislation
a. State Legislative Proposal: Minor Policy and
Technical Amendments to the Public Employees
Retirement Law (PERL)
Finance Office
a. Proposed Regulations Regarding Personal
Trading (Second Reading)
Actuarial Office
a. Results of Actuarial Valuations for Public
Agencies
b. Public Hearing and Committee Recommendation

for Adoption of Regulations Regarding the
Terminated Agency Pool
c. Review of General Actuarial Policies Regarding
Funding Methods and Assumptions

d. Chief Actuary Report

6.
Customer Service and Support

a. Deputy Executive Officer Report
DEO Matrix
b. Draft Agenda for February 14, 2012 Pension and
Health Benefits Committee Meeting
7.
Public Comment


FINANCE COMMITTEE
December 13, 2011
2:30 p.m.
Benefits and Program Administration Committee,
Whichever is Later
Lincoln Plaza North
400 Q Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
JJ Jelincic
Bill Lockyer
Priya Mathur
Tony Oliveira
AGENDA
1.
2.
Approval of November 15, 2011, Meeting Minutes
3.
Audits
a.
b.
4.
Compliance
a.
b.
5.


Privacy and Protection

a.
Privacy and Protection Office Quarterly Report
6.

a.
b.
Action/Dave Cornejo
c.
Action/Dave Cornejo
d.
e.
7.

a.
8.

a.
b.
9.
Financial Office Initiative Update

Fiscal Year 2011-12 Mid-Year Budget Revisions
(Second Reading)
Budget and Expenditure Report for the First
Acting Chief Financial Officers Report on

Review
Proposed February 2012 Agenda
Public Comment

December 14, 2011
9:30 a.m.
Lincoln Plaza North
400 Q Street
Sacramento, CA
MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Louis F. Moret
Tony Oliveira
Ronald Yank
AGENDA
CLOSED SESSION
8:00 a.m.

PERFORMANCE, PERSONNEL, AND EMPLOYMENT ISSUES:
CHIEF ACTUARY, AND GENERAL COUNSEL
OPEN SESSION
LATER
1.
2.
3.
Mr. Feckner
4.
Presidents Report
Ms. Stausboll
5.
Investments
Mr. Dear
6.
Committee Reports
Mr. Diehr
7.
Mr. Oliveira
8.
Mr. Diehr
9.
Ms. Mathur
10.
Mr. Jones
11.
Mr. Feckner
12.
Mr. Moret
13.
External Affairs
Mr. Glazier
14.
Mr. Brown
15.

Legislation
Mr. Brown
16.

Federal Legislation
Mr. Pacheco
17.
General
Mr. Jablonsky
Ms. Lum
Mr. Jasper
18.
my|CalPERS Update
Mr. Mixon
19.

a. Board Committee Delegations (Second Reading)
b. Chief Executive Officer Delegation (Second Reading)
Ms. Plaza
20.
Diversity Update
Ms. Stausboll
21.
Draft Agenda for February 15, 2012
Ms. Stausboll
22.
Mr. Feckner
23.
Legal
Mr. Mixon
24.

Mr. Mixon
25.

a. David Yamamoto
b. Abby Shawhan
c. William Halvorsen
d. Michael St. John
e. Tony Peoples
f. Scotty Skiles
Mr. Mixon
26.

a. Toni G. Celluci
CLOSED SESSION
(Gov. Code sec.
11126(c)(3))

Reconsideration
27.
Public Comment

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-078-00
January 10, 2012
TO:

SUBJECT:

Date and Time: Monday, January 23, 2012, 8:30 a.m., Tuesday, January 24, 2012,
8:30 a.m., and Wednesday, January 25, 2012, 8:30 a.m.
sessions to discuss personnel, investment, and litigation matters pursuant to Government
Code sections 11126(a)(1), (c)(16), (g)(1), and (e).
(916) 795-3128.
ANNE STAUSBOLL
Attachment
a
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome/Opening
8:40 a.m.
Open Session
Election of President and Vice President for Calendar Year

2012 (Action Item)
8:45 a.m.
Open Session
State Employer Retirement Contribution Payment Schedule

(Action Item)
Investment Issues
9:00 a.m.
Open Session
Investment Environment
10:30 a.m.
Break
10:45 a.m.
Open Session
Reading and Understanding the Quantitative Risk Report
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Applications of Scenario Analysis For Qualitative Risk

Assessment
2:30 p.m.
Break
2:45 p.m.
Open Session
Asset/Liability Risks
3:45 p.m.
Closed Session
Litigation
(Government Code section 11126(e))
In re NYSE Specialists Securities Litigation, Master File No.
03-cv-8264 (RWS)
4:00 p.m.
Closed Session

(Government Code sections 11126(a)(1), (c)(16) and (g)(1))

a
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome/Opening
Health Purchasing Project Recap
8:35 a.m.
Open Session
Recommended Strategic Changes PPO/HMO RFP Process
10:30 a.m.
Break
10:45 a.m.
Open Session
Recommended Strategic Changes PPO/HMO RFP Process

(Continued)
12:30 p.m.
Lunch
1:30 p.m.
Open Session
PSR Update Impact on Customer Service Levels and Plan

Forward
2:15 p.m.
Break
2:30 p.m.
Open Session
Building a New Strategic Plan A Framework (Main Session at
4:30 p.m.
Closed Session

La Grande Room; Breakout Session at Point Alones Room)

a
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
State Budget Outlook
8:55 a.m.
Open Session
Pension Reform/State Legislative Update
11:00 a.m.
Break
11:15 a.m. 11:45 a.m.

Open Session
Federal Legislative Update


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-004-12
February 2, 2012
TO:

SUBJECT:

scheduled to meet on the following days in February. All meetings are held in public
Date and Time: Monday, February 13, 2012, 9:00 a.m.
Date and Time: Monday, February 13, 2012, 9:30 a.m., or upon adjournment or recess of
Pension and Health Benefits Committee
Date and Time: Tuesday, February 14, 2012,8:30 a.m.
Long-Term Care program strategy pursuant to Government Code section 11126(h).
Date and Time: Tuesday, February 14, 2012, 11:30 a.m., or upon adjournment or recess
of the Pension and Health Benefits Committee, whichever is later
The Board will meet in closed session to discuss personnel, performance, investment,
and employment matters pursuant to Government Code sections 11126(a)(1),
11126(c)(16), and 11126(g)(1).

February 2, 2012
Page 2
Finance and Administration Committee

Date and Time: Tuesday, February 14, 2012, 1:00 p.m., or upon adjournment or recess
of the Finance and Administration Committee meeting, whichever is later
of the Board Governance Committee meeting, whichever is later
Members of the Board of Administration will attend a Fiduciary Workshop.
Date and Time: Wednesday, February 15, 2012, 9:30 a.m., or upon adjournment or
recess of the Board of Administration Fiduciary Workshop meeting, whichever is later
The Board may adjourn into closed session to deliberate on any Proposed Decision(s) or
Petition(s) for Reconsideration.

February 2, 2012
Page 3
ANNE STAUSBOLL
Attachment
February 13, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Ronald Yank
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

OPEN SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Closed Session, Whichever

is Later
CLOSED SESSION

OPEN SESSION
1.
2.
Election of Chair and Vice Chair
3.
Executive Report Chief Investment Officer Briefing
Joseph Dear
Page 2 of 3
4.
Consent Items
Action Consent Items:
a. Approval of the December 12, 2011 Open Session
Minutes
b. Annual Legislative Report Holocaust Era and Northern
Ireland
c. Contract Extensions
1) Private Equity Board Investment Consultant Contract
Extension
2) Infrastructure Board Investment Consultant Contract
Engagement Renewal
Information Consent Items:
d. Draft Agenda for March 12, 2012 Committee Meeting
e. Annual Calendar
f. Activity Reports
1) Total Fund Monthly Update
2) Investment Office Assignment Status
Action Agenda Items

5.
Janine Guillot
Ted Eliopoulos and
Laurie Weir
Policy
a. Rescind Investment Policy Subcommittee Delegation
b. Responsible Contractor Program Policy Revision Process
Information Agenda Items

6.
Total Fund
a. CalPERS CIO Total Fund Performance Report
b. Investment Committee Agenda Review Project Update
7.
Program Reviews
a. Affiliate Investment Programs Review
b. Private Equity Program Review
c. Real Estate Program Review Responsible Contractor
Annual Report
d. Corporate Governance Program Review
e. Total Fund Integration of Environmental, Social, and
Governance (ESG) Practices August 2011 Workshop
Implementation Plan
8.
Public Comment
Joseph Dear
Janine Guillot
Geraldine Jimenez
Ral Desrochers
Ted Eliopoulos
Anne Simpson
Anne Simpson
Page 3 of 3
CLOSED SESSION

1.
2.
Consent Items
a. Approval of the December 12, 2011 Closed Session
Meeting Minutes
b. Activity Reports
1) Status of Action Items Not Yet Reported
2) Investment Proposal Status Reports
4) Items Completed Under Delegation of Authority

Joseph Dear and
Eric Baggesen
3.
Review of Tobacco Restrictions
4.
Program Reviews
a. Private Equity Program Review
b. Real Estate Program Review
1) Report on Real Estate Portfolio
2) Consultant Report on Real Estate Portfolio
5.

a. Public Equity
b. Private Equity
c. Real Assets (Real Estate, Infrastructure, Forestland)
Ral Desrochers
Ted Eliopoulos
Pension Consulting
Alliance
Eric Baggesen
Ral Desrochers
Ted Eliopoulos
Notes
1) Items designated for information are appropriate for Committee action if the Committee wishes to
take action.
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 any Agenda item. There is a 3 minute limitation on each public
comment unless otherwise directed by the Committee Chair.
Pension & Health Benefits Committee

February 14, 2012

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
George Diehr
JJ Jelincic
Henry Jones
Bill Lockyer
Ronald Yank
MEETING AGENDA
OPEN SESSION
8:30 a.m.
1. Call to Order and Roll Call
2. Election of Pension and Health Benefits Committee
Chair and Vice Chair
3. Executive Report(s)
Ann Boynton
4. Consent Items
a. Approval of the November 15, 2011, Health
Benefits Committee Meeting Minutes
b. Approval of the December 13, 2011, Benefit and
Program Administration Committee Meeting
Minutes
c. 2011 Cost-of-Living Report
d. Annual Calendar Review
e. Draft Agenda for March 13, 2012, Pension and
Page 2 of 2
f. Health Care Reform Quarterly Update

g. California Employers Retiree Benefit Trust
(CERBT) Results and Outlook
h. Partnership for Change Update
i.
Long-Term Care Program 1st Quarter Financial

Report
j.
Self-Funded Health Plans 3rd Quarter 2011

Financial Report

Doug McKeever
5. Hospital Finances
Kathy Donneson
6. Long-Term Care Program Market Study
Kathy Donneson
7. Potentially Avoidable Complications Analysis

8. Public Comment
CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Open Session,

Whichever is Later (Government Code Section 11126(h))
Ann Boynton
2. Long-Term Care Strategy: Third-Party Administrator
Notes
1) Items designated for Information are appropriate for Committee Action if the Committee wishes to
take action.
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public
comment, unless otherwise directed by the Committee Chair.
Finance & Administration Committee

February 14, 2012

1:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
John Chiang
Richard Costigan
George Diehr
JJ Jelincic
Bill Lockyer
Ron Yank
MEETING AGENDA
OPEN SESSION
1:00 p.m.
Or Upon Adjournment or Recess of the Pension & Health

2. Election of the Finance & Administration Committee
Russell Fong
3. Executive Report
Russell Fong
4. Consent Items
a. Approval of December 2011 Finance Committee
Meeting Minutes
b. Annual Agenda Item Calendar Review
c. Draft Agenda for March 2012 Committee Meeting
d. Assistant Executive Officers Report on
Page 2 of 2
Action Agenda Items

5. Administrative Services
Kim Malm
a. Proposed Changes to the Board Election

Nomination Petition and the Ballot and Booklet
Envelope
Kim Malm
b. Public Hearing and Committee Recommendation:

Adoption of Amendments to Board Election
Regulation (Candidate Statements)
Sharen Scott
c. Public Hearing and Committee Recommendation:

Adoption of Regulations for Submission of Payroll
and Contribution Information and Method for
Collecting Interest and Administrative Costs
Peter Mixon
d. Public Hearing and Committee Recommendation:

Adoption of Regulations: Contract Related
Disclosure Requirements
6. Business Planning
Sean Tracy
a. 2011-12 Business Plan Update

Kim Malm
a. Board Member Elections Process Modified

Plurality
8. Budgets and Financial Reporting
Dave Cornejo
a. Current Budget Issues
Dave Cornejo
b. Current Financial Reporting Issues

9. Public Comment
Notes
take action.

February 14, 2012

1:30 p.m.
Finance and Administration Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
1:30 p.m.
Or Upon Adjournment or Recess of the Finance and

Administration Committee, Whichever is Later
Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of December 2011 Meeting Minutes
b. Annual Calendar Review
Action Agenda Items
Peter Mixon
4. Board Governance Policy (Second Reading)
Gina Ratto
5. Issuance of Board Self Evaluation RFP
Page 2 of 2

Peter Mixon
6. Board Governance Project Implementation Status

7. Public Comment
Notes
take action.
Performance & Compensation Committee

February 14, 2012

2:00 p.m.
Board Governance Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
Ronald Yank
MEETING AGENDA
OPEN SESSION
2:00 p.m.
Or Upon Adjournment or Recess of the Board Governance

2. Election of the Performance and Compensation
Russell Fong
3. Executive Report
Russell Fong
4. Consent Items
Action Agenda Items
Katrina S. Hagen
5. Biennial Salary Survey Approach
Page 2 of 2

Katrina S. Hagen
6. 2011-2012 Performance Plans for Recently Appointed

Investment Managers
Katrina S. Hagen
7. Human Resources Division Report

8. Public Comment
Notes
take action.
February 15, 2012

9:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Ronald Yank
Gubernatorial Appointee, Vacant
Legislative Appointee, Vacant
MEETING AGENDA
OPEN SESSION
9:30 a.m.
Or Upon Adjournment of the Fiduciary Workshop, Whichever

is Later
2. Pledge of Allegiance
Rob Feckner
3. Board Presidents Report

4. Executive Reports
Anne Stausboll
a. Chief Executive Officer Report (Oral)
Joe Dear
b. Chief Investment Officer Report (Oral)
Page 2 of 3
Rob Feckner
5. Consent Items
b. Board Travel Approvals
c. Proposed Decisions of Administrative Law Judges
(1) Adriana M. Moreno
(2) Mark W. Johnson
(3) Mark L. Faler
(4) Barbara Neustadter
(5) Van Pena
(6) Glenn D. Baude
(7) Tammy Helie
(8) Roberta Williams
(9) Raymond Garcia
(10) Marilyn Cassillas
(11) Lynn E. Bone
(12) Ronald W. Smith
(13) Craig F. Woods
d. Petitions for Reconsideration
(1)
(2)
(3)
(4)
Abby Shawhan
William Halvorsen
Michael St. John
Tony L. Peoples

e. Board Meeting Calendar
f. Draft Agenda for March 2012 Meeting
g. External Affairs Report
h. General Counsels Report
Rob Feckner
6. Committee Reports and Actions

a. Investment Committee (Oral)
b. Pension and Health Benefits Committee (Oral)
c. Finance and Administration Committee (Oral)
Page 3 of 3
d. Performance and Compensation Committee (Oral)

e. Risk and Audit Committee (Oral)
f. Board Governance Committee (Oral)
Dale Jablonsky
Donna Lum
7. my|CalPERS Update
Sean Tracy
8. Strategic Plan Update
Danny Brown
9. Legislative Report
a. State Legislative Program
b. Federal Legislative Program
CLOSED SESSION
OPEN SESSION
The Board may adjourn into Closed Session to deliberate

Reconsideration
10. Public Comment
Notes
1) Items designated for Information are appropriate for Board Action if the Board wishes to take
action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to this
Board meeting may be considered by the Board.
3) Public comment may be taken on any agenda item. There is a 3-minute limitation on each public
comment, unless otherwise directed by the Board President.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-007-12
March 1, 2012
TO:

SUBJECT:

scheduled to meet on the following days in March. All meetings are held in public session
unless otherwise noted.
11126(g)(1).
Investment Committee Workshop
Date and Time: Monday, March 12, 2012, 10:00 a.m., or upon adjournment or recess of
Board members will attend the Absolute Return Strategies Workshop
Date and Time: Monday, March 12, 2012, 12:30 p.m., or upon adjournment or recess of
the Investment Committee Workshop, whichever is later

March 1, 2012
Page 2

Date and Time: Tuesday, March 13, 2012, 8:00 a.m
Date and Time: Tuesday, March 13, 2012, 8:30 a.m., or upon adjournment or recess of
the Performance and Compensation Committee, whichever is later
Long-Term Care program strategy pursuant to Government Code section 11126(h).
Risk and Audit Committee
the Pension and Health Benefits Committee meeting, whichever is later
the Risk and Audit Committee, whichever is later
11126(g)(1).
Date and Time: Wednesday, March 14, 2012, 9:00 a.m., or upon adjournment or recess

March 1, 2012
Page 3
ANNE STAUSBOLL
Attachment
March 12, 2012

9:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Director, Department of
Personnel Administration
MEETING AGENDA
CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of Board Closed Session,

Whichever is Later
Issues
OPEN SESSION
WORKSHOP
10:00 a.m.
Room 1140
Or Upon Adjournment or Recess of Closed Session, Whichever is

Later
Absolute Return Strategies
OPEN SESSION
12:30 p.m.
Or Upon Adjournment or Recess of Workshop, Whichever is

Later
CLOSED SESSION

(Government Code section 11126(c) (16))
OPEN SESSION
MEETING AGENDA
Joseph Dear
2.
3.
Consent Items
a. Approval of the February 13, 2012 Open Session
Meeting Minutes
b. Draft Agenda for April 16, 2012 Committee Meeting
c. Annual Calendar Review
d. Activity Reports Total Fund Monthly Update
Action Agenda Items

Kami Niebank
4.
Private Equity Board Investment Consultant Contract

Extension
Danny Brown
5.
Legislation SB 955 (Pavely) California Infrastructure

Investment Mandate

6.
Total Fund
a. FY 2012-14 Investment Office Roadmap
b. Performance and Cost Effectiveness
c. Risk Management Update
d. CalPERS Consultant Total Fund Quarterly Performance
Report
7.
Public Comment
Joseph Dear
Janine Guillot
Farouki Majeed
Wilshire Consulting
Michael Schlachter
Andrew Junkin
Pension Consulting
Alliance
Mike Moy
Allan Emkin
CLOSED SESSION

2. Consent Items
a. Approval of the February 13, 2012 Closed Session
Meeting Minutes
b. Activity Reports
Wilshire Consulting
and Pension
Consulting Alliance
Eric Baggesen
Ted Eliopoulos
3. Total Fund - CalPERS Consultant Total Fund Quarterly

Report on Market Issues
4. External Manager and Significant Activity Updates

a. Public Equity
b. Real Assets (Real Estate, Infrastructure, Forestland)
c. Private Equity
h. Placement Agents/Investment Transactions
Notes
take action.
3) Public comment may be taken on any Agenda item. There is a 3-minute limitation on each public
March 12, 2012

10:00 a.m.
Or Upon Adjournment of Recess of Closed Session, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
WORKSHOP
Absolute Return Strategies
AGENDA
Welcome
Henry Jones, Chair, Investment Committee
Overview: Workshop Objectives

Joseph Dear, Chief Investment Officer
Absolute Return Strategies Presentation

What are hedge funds
Benefits of hedge fund investing
The evolution of ARS
Craig Dandurand, Portfolio Manager
Panel Discussion: Role of Hedge Funds in Public Pension Plans

Q&A
Bruce Amlicke, Co-CIO, and Head of UBS-Alternative Investment Solutions
Afsaneh Beschloss, President, and CEO, The Rock Creek Group
Jane Buchan, CEO, and Managing Director, Pacific Alternative Asset Management
Company
Dan Och, CEO, and Chairman of the Board of Directors, Och-Ziff Capital
Management Group LLC
Conclusion
Craig Dandurand, Portfolio Manager
Next Steps

March 13, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Michael Bilbrey, Vice Chair
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Russell Fong
2. Executive Report
Russell Fong
3. Consent Items
a) Approval of February 2012 Meeting Minutes
b) Annual Calendar Review
c) Draft Agenda for May 2012 Committee Meeting
Action Agenda Items
Katrina S. Hagen
4. Second Quarter Status Reports on Performance Plans

of the Chief Executive Officer and Chief Investment
Officer
Katrina S. Hagen
5. 2011-2012 Performance Plan for Recently Appointed

Investment Manager
Page 2 of 2
7. Public Comment
Notes
1) Items designated for Information are appropriate for Committee Action if the Committee wishes to take action.
2) The hour designated as the earliest starting time for this meeting is not intended to communicate the expected
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment,
unless otherwise directed by the Committee Chair.

March 13, 2012

8:30 a.m.
Performance and Compensation Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Ann Boynton
3. Consent Items
a. Approval of the February 14, 2012, Pension and
Health Benefits Committee Meeting Minutes
c. Draft Agenda for April 17, 2012, Pension and
d. Health Open Enrollment Period Results
Action Agenda Items
Alan Milligan
4. Review of Discount Rate and Other Economic

Assumptions
Page 2 of 2
Doug McKeever
5. Health Benefits Purchasing Review Statutory

Initiatives
Kathy Donneson/
Dr. James C. Robinson
6. Wellness and Disease Management: Rheumatoid

Arthritis
Ann Boynton/
Robert Glazier
7. Pension Reform Update

8. Public Comment
CLOSED SESSION
Or Upon Adjournment or Recess of Open Session
9:30 a.m.
(Government Code Section 11126(c)(17) and 11126(h))

Doug McKeever
2. Health Maintenance Organization Rate Renewal

Negotiations Strategy
James DeBenedetti
3. Health Maintenance Organization Contract

Negotiations
Kathy Donneson
4. Health Plan Performance Guarantees 2012

Updates
Kathy Donneson
5. Long-Term Care Strategy: Third Party Administrator
Notes
take action.
Risk & Audit Committee

March 13, 2012

1:00 p.m.
Pension & Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Michael Bilbrey
George Diehr
Rob Feckner
JJ Jelincic
Henry Jones
MEETING AGENDA
OPEN SESSION
1:00 p.m.

2. Election of the Risk & Audit Committee Chair and Vice
Chair
Russell Fong
3. Executive Report
Russell Fong
4. Consent Items
a. Approval of December 13, 2011 Meeting Minutes
c. Draft Agenda for May 2012 Committee Meeting
d. Risk Officer Board Report
Page 2 of 2
e. Office of Audit Services Quarterly Status Report
f. Chief Auditors Report
g. Office of Enterprise Compliance Quarterly Status
Report
h. CalPERS Ethics Helpline Report
i.
Privacy and Security Officers Quarterly Report
Action Agenda Items

Margaret Junker
5. Audits
a. Management Letter
Larry Jensen
6. Risk Management
a. Proposed Personal Trading Regulations
Larry Jensen
7. Enterprise Risk Management

a. Risk Exposure Reports
8. Public Comment
CLOSED SESSION

2. Approval of December 13, 2011 Closed Session
Meeting Minutes
Margaret Junker
3. Personnel, Employment, and Performance Chief

Auditor
Notes
take action.

March 13, 2012

1:30 p.m.
Risk and Audit Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Richard Costigan, Vice Chair
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:30 p.m.
Or Upon Adjournment or Recess of the Risk and Audit

Russell Fong
2. Executive Report
Russell Fong
3. Consent Items
a. Approval of Meeting Minutes
b. Quarterly Budget and Expenditure Report
c. Contingency Reserve Fund Adjustment
d. Annual Rolling Calendar Review
e. Draft Agenda for April 2012 Committee Meeting
f. Assistant Executive Officers Report on
Page 2 of 2
Action Agenda Items

Dave Cornejo
a. Annual Budget Proposals (First Reading)

Sean Tracy
a. 2012-14 Business Plan (First Reading)

6. Actuarial
Alan Milligan
a. Annual Review of Funding Levels and Risks

Dave Cornejo
Dave Cornejo

Sean Tracy
a. Strategic Plan Update

9. Public Comment
Notes
take action.
March 14, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Chief Executive Officers Briefing on Performance,

Employment, and Personnel Issues
OPEN SESSION
9:00 a.m.
Or Upon Adjournment of the Closed Session, Whichever is

Later
Anne Stausboll
3. Consent Items
Page 2 of 3
1.
2.
3.
4.
5.
Monika Y. Smith
Terry Bullock
Barbara Bentley
Wayne R. Beard
Bruce Lundy

d. Board Meeting Calendar
e. Draft Agenda for April 2012 Meeting
f. General Counsels Report
Rob Feckner

Anne Stausboll
a. Chief Executive Officers Report (Oral)
Joe Dear
b. Chief Investment Officers Report (Oral)

Henry Jones
Priya. Mathur
George Diehr
Dan Dunmoyer
Priya Mathur
Rob Feckner

Action Agenda Items
Peter Mixon
7. Revision to Governance Committee Delegation

Donna Lum
Karen Ruiz
Chris Jasper
8.
my|CalPERS Update
Page 3 of 3
Lindy Plaza
Laurie Weir
Gina Ratto
9.
Diversity Report
Robert Udall Glazier

Tom Lussier
10. External Affairs/State and Federal Legislation
CLOSED SESSION

Reconsideration
OPEN SESSION
11. Public Comment
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-007-12
April 5, 2012
TO:

SUBJECT:

scheduled to meet on the following days in April. All meetings are held in public session
Date and Time: Monday, April 16, 2011, 9:00 a.m.
11126(g)(1).
Date and Time: Monday, April 16, 2012, 9:30 a.m., or upon adjournment or recess of the
Board of Administration closed session, whichever is later
Date and Time: Tuesday, April 17, 2012, 8:00 a.m.

April 5, 2012
Page 2

Date and Time: Tuesday, April 17, 2012, 9:00 a.m., or upon adjournment or recess of the
Finance and Administration Committee, whichever is later
health plan contract negotiations pursuant to Government Code section 11126(c)(17).
Date and Time: Tuesday, April 17, 2012, 3:00 p.m., or upon adjournment or recess of the
Pension and Health Benefits Committee meeting, whichever is later
Date and Time: Wednesday, April 18, 2012, 8:00 a.m.
11126(g)(1).
Date and Time: Wednesday, April 18, 2012, 9:00 a.m., or upon adjournment or recess of
Members of the Board will attend a Strategic Planning Workshop.
Date and Time: Wednesday, April 18, 2012, 11:00 a.m., or upon adjournment or recess
of the Board of Administration Strategic Planning Workshop, whichever is later

April 5, 2012
Page 3
ANNE STAUSBOLL
Attachment
April 16, 2012

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
OPEN SESSION
10:00 a.m.
Or Upon Adjournment or Recess of Closed Session,

Whichever is Later
CLOSED SESSION
Upon Adjournment or Recess of Open Session, Whichever

is Later
Page 2 of 5

Joseph Dear
2. Executive Report Chief Investment Officer Briefing
Joseph Dear
3. Consent Items
a. Approval of March 12, 2012 Open Meeting
Minutes
b. Real Estate Board Investment Consultant
Special Project Request
c. Revision of Asset Allocation Delegation Resolution
for Professional Staff
4. Consent Items
a. Annual Rolling Calendar Review
b. Draft Agenda for May 2012 Committee Meeting
c. Activity Reports
1. Total Fund Monthly Update
2. Special Review Implementation Plan
Investment Office
Action Agenda Items
Geraldine Jimenez
Ben Meng
Wilshire Consulting
Michael Schlachter
Stephen Marshall
Ned McGuire
5. Total Fund Long Term Care Asset Allocation

Wilshire Consulting
Michael Schlachter
Andrew Junkin
PCA Consulting
Michael Moy
David Glickman
Janine Guillot
6. Total Fund
a. CalPERS Consultant Quarterly Report on the
Total Fund
b. Target Operating Model (TOM) Update
Page 3 of 5
Anne Simpson
c. Corporate Governance Update

7. Program Reviews
Eric Baggesen
Wilshire Consulting
Michael Schlachter
Andrew Junkin
a. Public Equity Annual Program Review
Curtis Ishii
Kevin Winter
Arnie Phillips
Tom McDonagh
Mike Rosborough
Wilshire Consulting
Andrew Junkin
Michael Schlachter
b. Fixed Income Annual Program Review
8. Public Comment
CLOSED SESSION

is Later

Joseph Dear
2. Consent Items
a. Approval of March 12, 2012 Closed Meeting
Minutes
3. Consent Items
a. Activity Reports
1. Status of Action Items Not Yet Reported
2. Items Completed Under Delegation of Authority
3. Disclosure of Placement Agent Fees: Proposed
Investments
4. Investment Proposal Status Reports
Page 4 of 5
Action Agenda Items

Ted Eliopoulos
Jim Hurley
4. Program Reviews Real Assets Project Les Habs

5. Total Fund
Wilshire Consulting
Michael Schlachter
Andrew Junkin
PCA Consulting
Michael Moy
David Glickman
a. CalPERS Consultant Quarterly Report on the

Total Fund
Joseph Dear
Ben Meng
b. Multi-Asset Class (MAC) Partner Due Diligence

Update
6. Program Reviews
Eric Baggesen
Wilshire Consulting
Michael Schlachter
Andrew Junkin
a. Public Equity Annual Program Review
Curtis Ishii
Kevin Winter
Arnie Phillips
Tom McDonagh
Mike Rosborough
Wilshire Consulting
Andrew Junkin
Michael Schlachter
b. Fixed Income Annual Program Review

Eric Baggesen
a. Public Equity
Ral Desrochers
b. Private Equity
Ted Eliopoulos
c. Real Assets
Page 5 of 5
d. Income
e. Inflation Assets
f. Absolute Return Strategies
8. Investment Committee Closed Session with
Consultants Investment Strategies
Notes
take action.

April 17, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the March 13, 2012, Meeting Minutes
b. 2011-12 Business Plan Update
Russell G. Fong
4. Consent Items
a. Annual Calendar Review
b. Draft Agenda for the June 2012 Committee
Meeting
c. Assistant Executive Officers Report on
d. 2012-2017 Strategic Plan Update
e. Annual Report of Discharge of Accountability for
Uncollectible Debt
Page 2 of 2
Action Agenda Items

Kimberly A. Malm
a. Board Contract Activity Reporting Policy and

Report of Contracts
Sean Tracy
a. 2012-14 Business Plan (Second Reading)

Dave Cornejo
a. Annual Budget Proposals (Second Reading)
Dave Cornejo
b. Board Member Employer Reimbursements

Dave Cornejo
a. Contingency Reserve Fund Adjustment Process
Dave Cornejo
b. Current Budget Issues
Dave Cornejo
c. Current Financial Reporting Issues

9. Public Comment
Notes
take action.

April 17, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Ann Boynton
3. Consent Items
a. Approval of the March 13, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for May 15, 2012, Pension and
c. Public Agency Recruitment and Retention
Page 2 of 2
Action Agenda Items

Alan Milligan
5. Phasing-in the Impact of the Change in Discount

Rate
Alan Milligan/Barbara
Ware
6. Judges Retirement System Actuarial Valuation
TIME CERTAIN: 9:30 a.m.

Kathy Donneson
7. Interviews and Selection of Long-Term Care

Program Third-Party Administrator
Danny Brown
8. SB 1196 (Hernandez) - Health Care Cost

Transparency: Claims Data Disclosure
Kathy Donneson
9. Long-Term Care Program Second Quarter

Financial Report
Donna Lum
10. Workload Inventory

11. Public Comment
CLOSED SESSION
11:00 a.m.

(Government Code Section 11126(c)(17))
Doug McKeever
2. Health Plan Quarterly Reports
Doug McKeever

Negotiation Strategy
Kathy Donneson
4. Health Maintenance Organization and Preferred

Provider Organization Contracting Strategy
Notes
take action.
2) The hour designated as the earliest starting time for this meeting is not intended to communicate the

April 17, 2012

3:00 p.m.
Pension and Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
3:00 p.m.
Or Upon Adjournment or Recess of the Pension and Health

Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of February 2012 Meeting Minutes
Peter Mixon
4. Consent Items
a. Annual Board Governance Committee Calendar
Review
b. Draft Agenda for May 2012 Board Governance
Committee Meeting
Page 2 of 2
Action Agenda Items

Peter Mixon
Gina Ratto
5. Board Gift Policy (First Reading)
Peter Mixon
6. CEO Delegation Contracts and Procurement

Authority
Peter Mixon

8. Public Comment
Notes
take action.
April 18, 2012

9:00 11:00 A.M.
Or Upon Adjournment of Recess of Closed Session, Whichever is Later
Board Workshop Room 1140
Lincoln Plaza North
400 P Street
Sacramento, CA
WORKSHOP
2012-2017 CalPERS Strategic Plan
AGENDA
9:00
9:10 A.M.
Welcome, Introductions, Status Update, and Workshop Objectives
9:10
9:30 A.M.
Alternative Missions Exercise
9:30
10:50
A.M.
Goals and Objectives Breakout Exercise
Rob Feckner, President, Board of Administration

Anne Stausboll, Chief Executive Officer
Reggie Van Lee, Booz Allen Hamilton

Review Current Mission and Statutory Obligations
Consider Alternative Mission Statements
Identify and Confirm Goals

Review Objectives and Sample Strategic Initiatives
Describe Success and Desired Results
Report Out
Facilitators:
Reggie Van Lee, Booz Allen Hamilton
Timathie Leslie, Booz Allen Hamilton
Chris Foster, Booz Allen Hamilton
Jim Oliver, Booz Allen Hamilton
Lisa Fabish, Booz Allen Hamilton
10:50
11:00
A.M.
Laurie Ball, ESPD

Carlos Jora, ESPD
Michael Champ, ESPD
Brittany Emmons, ESPD
Dianna Boyd, ESPD
Wrap Up and Next Steps

Timathie Leslie, Vice President, Booz Allen Hamilton
April 18, 2012

11:00 a.m.
Or Upon Adjournment of the
Strategic Planning Workshop, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
11:00 a.m.
Or Upon Adjournment of the Strategic Planning Workshop,

Whichever is Later
Rob Feckner

Anne Stausboll
Joe Dear
Page 2 of 3
Rob Feckner
5. Consent Items
1. Jesus Mejia-Gaytan
2. Katherine Boxton
3. Glenn Berry
4. Cecilia Y. Anderson
5. Albert Telfer
6. Mark L. Ramirez
7. Ernesto A. Chavez
8. Allison Chavez
9. Ian Starbuck
10. Kevin C. Webster
11. Barbara Lindsay
12. Rachel Cargill
13. Christopher Cervelli
14. Richard Bradford
d. Petition for Reconsideration
1. Ronald W. Smith
6. Consent Items
a. Board Meeting Calendar
b. Draft Agenda for May 2012 Meeting
c. General Counsels Report
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
JJ Jelincic
Page 3 of 3
Rob Feckner

Action Agenda Items
Peter Mixon
8. Precedential Decision -- Craig F. Woods
Peter Mixon
Gina Ratto
9. Board Self-Assessment Request for Proposal

Interview and Selection
Donna Lum
Karen Ruiz
Chris Jasper

Tom Lussier
CLOSED SESSION
OPEN SESSION

Reconsideration
12. Public Comment
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-015-12
May 3, 2012
TO:

SUBJECT:

scheduled to meet on the following days in May. All meetings are held in public session
Date and Time: Monday, May 14, 2011, 9:00 a.m.
11126(g)(1).
Date and Time: Monday, May 14, 2012, 9:30 a.m., or upon adjournment or recess of the
Date and Time: Monday, May 14, 2012, 10:00 a.m., or upon adjournment or recess of
Date and Time: Tuesday, May 15, 2012, 8:00 a.m.

May 3, 2012
Page 2

Date and Time: Tuesday, May 15, 2012, 8:30 a.m., or upon adjournment or recess of the
Performance and Compensation Committee, whichever is later
Date and Time: Tuesday, May 15, 2012, 9:30 a.m., or upon adjournment or recess of the
Risk and Audit Committee, whichever is later
The committee will meet in closed session to discuss health plan contract negotiations
Date and Time: Tuesday, May 15, 2012, 1:00 p.m., or upon adjournment or recess of the
Pension and Health Committee closed session, whichever is later
Date and Time: Wednesday, May 16, 2012, 8:00 a.m.
11126(g)(1).
Date and Time: Wednesday, May 16, 2012, 9:00 a.m., or upon adjournment or recess of

May 3, 2012
Page 3
ANNE STAUSBOLL
Attachment
May 14, 2012

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
Investment Committee Closed Session with Consultants
Investment Strategies
OPEN SESSION
10:00 a.m.

Whichever is Later
CLOSED SESSION

is Later

Joseph Dear
Joseph Dear
3. Consent Items
a. Approval of April 16, 2012 Open Meeting Minutes
b. Infrastructure Board Investment Consultant
c. Long-Term Care Fund Asset Allocation Policy
Revision
d. Revision of Alternative Investment Management
(AIM) Delegation Resolution for Professional Staff
e. Revision of Global Fixed Income Delegation
Resolution for Professional Staff and Global Fixed
Income Program Policy
4. Consent Items
a. Draft Agenda for June 2012 Committee Meeting
b. Annual Rolling Calendar Review
c. Activity Reports Total Fund Monthly Update
Action Agenda Items
5. Asset Allocation, Performance & Risk
Ben Meng
Alan Milligan
David Lamoureux
Geraldine Jimenez
a. Investment Strategy for Terminated Agency Pool
Joseph Dear
Farouki Majeed
b. Investment Beliefs

6. Total Fund
Joseph Dear
Eric Baggesen
Craig Dandurand
Ral Desrochers
Ted Eliopoulos
Curtis Ishii
Wilshire Consulting
Michael Schlachter
Andrew Junkin
PCA Consulting
David Glickman
a. CIO Quarterly Performance Report and

Consultant Performance Review
Anne Simpson
b. Global Governance Program Review
Ted Eliopoulos
Randall Mullan
Meketa Consulting
David Altshuler
7. Program Reviews Real Assets Infrastructure and

Forestland Annual Program Review
8. Public Comment
CLOSED SESSION

is Later
Joseph Dear
2. Consent Items
a. Approval of April 16, 2012 Closed Meeting Minutes
Joseph Dear
3. Consent Items
a. Closed Session Activity Reports
1. Status of Action Items Not Yet Reported
2. Items Completed Under Delegation of Authority
3. Disclosure of Placement Agent Fees: Proposed
Investments
4. Investment Proposal Status Reports

Joseph Dear
Eric Baggesen
Craig Dandurand
Ral Desrochers
Ted Eliopoulos
Curtis Ishii
Wilshire Consulting
Michael Schlachter
Andrew Junkin
PCA Consulting
David Glickman
4. Total Fund CIO Quarterly Performance Report and

5. Program Reviews
Ted Eliopoulos
Randall Mullan
a. Real Assets Forestland and Infrastructure

Annual Program Review
Ted Eliopoulos
Miller Capital Advisory
Andrew Miller
First Washington
Realty
William Wolfe
b. Real Assets Real Estate Partner Presentations

Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
c. Public Equity
d. Income
e. Inflation Assets
Notes
take action.

May 15, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Julie Chapman
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Russell Fong
2. Executive Report
Russell Fong
3. Consent Items
a. Approval of March 13, 2012 Meeting Minutes
Russell Fong
4. Consent Items
b. Draft Agenda for June 2012 Committee Meeting
Action Agenda Items
Katie Hagen
5. Third Quarter Status Reports on Performance Plans of

the Chief Executive Officer and Chief Investment
Officer
Katie Hagen
6. Year-End Performance Evaluation Process Overview

7. Public Comment
Notes
duration (or ending time. of the preceding meeting.

May 15, 2012

8:30 a.m.
Performance & Compensation Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
John Chiang
George Diehr
Rob Feckner
Henry Jones
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Or Upon Adjournment or Recess of the Performance &

Compensation Committee, Whichever is Later
Russell Fong
2. Executive Report
Russell Fong
3. Consent Items
a. Approval of March 13, 2012 Meeting Minutes
Russell Fong
4. Consent Items
b. Draft Agenda for August 2012 Committee
Meeting
c. Enterprise Risk Management Quarterly Status
Report
d. Office of Audit Services Quarterly Status Report
Page 2 of 2
e. Office of Enterprise Compliance Quarterly Status

Report
f. CalPERS Ethics Helpline Report
Action Agenda Items
Larry Jensen
5. Risk Management
a. Annual Risk Assessment Plan
Margaret Junker
6. Audits
a. Annual Audit Plan
Margaret Junker
7. Audits
a. Specialty Investment Audit Services Spring-Fed
Pool
Larry Jensen

9. Public Comment
CLOSED SESSION


2. Approval of March 13, 2012 Closed Session Meeting
Minutes
Margaret Junker
3. Personnel, Employment, and Performance Chief

Auditor
Notes
take action.

May 15, 2012

9:30 a.m.
Risk & Audit Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
9:30 a.m.
Or Upon Adjournment or Recess of the Risk & Audit

Doug McKeever

Kathy Donneson
3. Contract Negotiations: Risk Sharing and Other

Provisions
OPEN SESSION
1:00 p.m.

Whichever is Later
Page 2 of 3
Ann Boynton
3. Consent Items
a. Approval of the April 17, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for June 12, 2012, Pension and
c. Self-Funded Health Plans 2011 4th Quarter
Financial Report
Action Agenda Items
Danny Brown
5. SB 1294 (Berryhill) Mariposa County: Employer

Contribution for Retiree Health Benefits
Alan Milligan/
Kerry Worgan
6. 1959 Survivor Benefit Program Actuarial Valuation

and Employer and Employee Contribution Rates
Alan Milligan/
Kelly Sturm
7. State and Schools Actuarial Valuation and Employer

Contribution Rates
Alan Milligan/
David Clement
8. Legislators Retirement System Actuarial Valuation

Alan Milligan/
Fritzie Archuleta
9. Judges II Retirement System Actuarial Valuation and

Employer Contribution Rate
David Lamoureux
10. Proposed Regulation to Permit Transfer of Assets in

Severely Overfunded Situations
Doug McKeever
11. Proposed Regulations:

a. Dependent Eligibility Verification Amnesty
b. Options for Medicare Supplement Plans
Page 3 of 3

Ann Boynton
12. Preview of Upcoming Actuarial Topics
Donna Lum
13. Customer Service Delivery Transformation and

Performance Measurements
Kathy Donneson/
Richard Sun
14. Urban Institute Report on Preventable Chronic

Conditions
15. Public Comment
Notes
take action.
May 16, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.
Lincoln Plaza North
Room 1140
Or Upon Recess or Adjournment of the Closed Session,

Whichever is Later
Sean Tracy
Booz Allen Hamilton
Timathie Leslie
1. Strategic Planning Session
Alan Milligan
David Lamoureaux
2. Risk Pooling: Background and Education
OPEN SESSION
11:00 a.m.
Auditorium
Or Upon Recess or Adjournment of Risk Pooling Session,

Whichever is Later
Page 2 of 3
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1.
2.
3.
4.
5.
6.
7.
Franklin R. King
Richard L. Sanchez
Marcella White
Laureano E. Macaraeg
Angelina Baclig
Audrey Phelan
Robert E. Burch
6. Consent Items
b. Draft Agenda for June 2012 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
JJ Jelincic
Rob Feckner
Page 3 of 3
Donna Lum
Karen Ruiz
KPMG
Chris Jasper

Lussier, Gregor,
Vienna & Associates
Tom Lussier
CLOSED SESSION
OPEN SESSION

Reconsideration
10. Public Comment
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-020-12
May 31, 2012
TO:

SUBJECT:

scheduled to meet on the following days in June. All meetings are held in public session
Date and Time: Monday, June 11, 2012, 9:00 a.m.
Date and Time: Monday, June 11, 2012, 9:30 a.m., or upon adjournment or recess of the
Investment Committee closed session, whichever is later
Date and Time: Monday, June 11, 2012, 2:00 p.m., or upon adjournment or recess of the
Investment Committee meeting, whichever is later
Finance and Administration Committee meeting, whichever is later

May 31, 2012
Page 2

Performance and Compensation Committee meeting, whichever is later
Date and Time: Tuesday, June 12, 2012, 8:00 a.m.
Date and Time: Tuesday, June 12, 2012, 10:00 a.m., or upon adjournment or recess of
the Pension and Health Benefits Committee closed session, whichever is later
Date and Time: Wednesday, June 13, 2012, 8:00 a.m.
11126(g)(1).
Date and Time: Wednesday, June 13, 2012, 9:30 a.m., or upon adjournment or recess of

May 31, 2012
Page 3
ANNE STAUSBOLL
Attachment
June 11, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Issues
OPEN SESSION
9:30 a.m.

Whichever is Later
CLOSED SESSION

Joseph Dear
Joseph Dear
3. Consent Items
a. Approval of May 14, 2012 Open Meeting Minutes
b. Terminated Agency Pool Policy
c. Report to the Legislature Placement Agent
Activity Report
d. Primary Pension Consultant Contract for

Services
4. Consent Items
a. Draft Agenda for August 2012 Committee
Meeting
c. Activity Reports Total Fund Monthly Update
Action Agenda Items
Joseph Dear
Ben Meng
5. Asset Allocation, Performance & Risk Absolute

Return Strategies Equity Beta Overlay
Eric Baggesen
6. Asset Allocation, Performance & Risk Quarterly Risk

Management Update
Laurie Weir
Ben Thornley, Pacific
Community Ventures
(PCV)
7. Program Reviews Targeted Investment Programs

Update
8. Public Comment
CLOSED SESSION

Joseph Dear
2. Consent Items
a. Approval of May 14, 2012 Closed Meeting Minutes
Joseph Dear
3. Consent Items

3) Disclosure of Placement Agent Fees: Proposed
Investments
Action Agenda Items
Anne Simpson
Eric Baggesen
4. Total Fund Global Governance Program 2012

Focus List Program
Ted Eliopoulos
Randall Mullan
Todd Lapenna
Farhad Billimoria
5. Program Reviews Infrastructure Investment

Opportunity

Eric Baggesen
a. Global Equity
Ral Desrochers
b. Private Equity
Ted Eliopoulos
c. Real Assets
d. Income
e. Inflation Assets
h. Opportunistic
Notes
take action.

June 11, 2012

2:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
2:00 p.m.
Or Upon Adjournment or Recess of the Investment

Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the April 17, 2012, Meeting Minutes
b. Quarterly Budget and Expenditure Report
c. Fiscal Year 2012-13 Prospective Report for
Procurement Activity
d. 2012-2014 Business Plan Update
Russell G. Fong
4. Consent Items
Page 2 of 2
b. Draft Agenda for the August 2012 Committee

Meeting
d. 2012-2017 Strategic Plan Update
Action Agenda Items
Dave Cornejo
a. Proposed Regulations Timing of State

Retirement Contribution to the Public Employees
Retirement Fund
Rose Vellanoweth
Dave Cornejo

7. Public Comment
Notes
take action.

June 11, 2012

2:30 PM
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Julie Chapman
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
2:30 PM
Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of May 15, 2012 Meeting Minutes
Russell G. Fong
4. Consent Items
a. Annual Calendar Review - 2012
b. Annual Calendar Review - 2013
c. Draft Agenda for September 2012 Committee Meeting
Action Agenda Items
Katie Hagen
6/12/2012
5. 2012-2013 Performance Plans for the Chief Executive

Officer and Chief Investment Officer

Janine Guillot
6. Summary of 2012-2013 Performance Plans for Investment

Management Positions
Katie Hagen
7. Investment Office Classification and Organization Study

8. Public Comment
Notes
take action.
6/12/2012

June 11, 2012

3:00 p.m.
Performance and Compensation Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
Gina Ratto
2. Executive Report
Gina Ratto
3. Consent Items
a. Approval of April 2012 Meeting Minutes
c. Draft agenda for August 2012 Board Governance
Committee meeting
Action Agenda Items
Gina Ratto
4. Board Travel Policy (First Reading)
Page 2 of 2

Kathleen Webb
5. Board Fiduciary and Staff Undue Influence

Certifications
Gina Ratto

7. Public Comment
Notes
take action.

June 12, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Doug McKeever

Ann Boynton
Kathy Donneson
3. Health Plan Procurement Strategy
OPEN SESSION
10:00 a.m.

Whichever is Later
Ann Boynton
3. Consent Items
a. Approval of the May 15, 2012, Pension and Health
Page 2 of 3
b. 2011 State Industrial Disability Cost Report
Ann Boynton
4. Consent Items
b. Draft Agenda for August 14, 2012, Pension and
c. Self-Funded Health Plans 2011 4th Quarter
Financial Report
Action Agenda Items
Danny Brown
5. Legislation
a. Assembly Bill 1819 (Ammiano) Charter School
Participation in CalPERS
b. Senate Bill 1195 (Price) Pharmacy Benefit Audit
Procedures
c. Senate Bill 1285 (Hernandez) Hospital
Emergency Services and Care
Doug McKeever
6. 2013 Health Benefits Rates

a. Approval of 2013 Proposed Benefit Design
Modifications
b. Approval of 2013 Health Maintenance
c. Approval of 2013 Preferred Provider Organization
Plans Rates
d. Approval of 2013 Association Plans Rates
Alan Milligan
7. Review of Risk Pooling and Related Board Policies

Doug McKeever
8. State Annuitant Contribution Formula
Kathy Donneson
Richard Sun
9. Urban Institute Report on Preventable Chronic

Conditions
Kathy Donneson
Richard Sun
Sally Covington
Tom Moore
10. Potentially Avoidable Complications Analysis
Page 3 of 3
11. Public Comment
Notes
take action.
June 13, 2012

9:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Personnel, Performance, and Employment Matters

OPEN SESSION
9:30 a.m.
Or Upon Adjournment of the Board Closed Session,

Whichever is Later
Rob Feckner

Anne Stausboll
Janine Guillot
Page 2 of 3
Rob Feckner
5. Consent Items
1.
2.
3.
4.
5.
6.
7.
Richard G. Krenz
Paula K. Tyer
Annette Norton
Kristina Holmes
Ronald H. Limon
Phillip Timothy Wilson
David L. Cross

1. Richard Bradford
2. Katherine Boxton
3. Audrey J. Phelan
6. Consent Items
b. Draft Agenda for August 2012 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
JJ Jelincic
Rob Feckner
Page 3 of 3
Action Agenda Items
10:00 a.m.
Time certain
Kathleen Webb
8. Public Hearing and Board of Administration

Recommendation: Proposed Personal Trading
Regulations
Lindy Plaza
9. Diversity Report
Donna Lum
Karen Ruiz
Chris Jasper

Lussier, Gregor,
Vienna & Associates
Tom Lussier
Peter Mixon
Shah & Associates
Chirag Shah
12. Full Board Hearing Ernesto A. Chavez
13. Public Comment

Notes
4) The Board may adjourn into Closed Session to deliberate on any Proposed Decision(s) or

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-33-12
July 5, 2012
TO:

SUBJECT:

Date and Time: Monday, July 16, 2012, 8:30 a.m., Tuesday, July 17, 2012,
8:30 a.m., and Wednesday, July 18, 2012, 8:30 a.m.
Location: Sheraton Sonoma County, 745 Baywood Drive, Petaluma, CA, 94954
sessions to discuss personnel, performance, employment, and investment matters
pursuant to Government Code sections 11126(a)(1), (c)(16), and (g)(1).
(916) 795-3128.
ANNE STAUSBOLL
Attachment
a
AGENDA
Heron Ballroom
8:30 a.m.
Open Session
Welcome/Opening
8:45 a.m.
Open Session
State Budget Outlook
9:00 a.m.
Open Session
Risk Management in a Low Return Environment
10:00 a.m.
Break
10:15 a.m.
Open Session
Investment Beliefs Panel
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Asset Liability Decision Framework
2:30 p.m.
Break
2:45 p.m.
Open Session
Funding Risk Tolerances
4:00 p.m.
Closed Session


a
AGENDA
Heron Ballroom
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
2012-17 Strategic Plan
10:30 a.m.
Break
10:45 a.m.
Open Session
12:30 p.m.
Lunch
1:30 p.m.
Open Session
Governance Project Assessment Process
1:45 p.m.
Closed Session
Personnel, Performance, and Employment Matters Deputies

and Executive Staff

a
AGENDA
Heron Ballroom
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
Full Board Decision Chavez, Ernesto (Action Item)*
8:50 a.m.
Open Session
Pension Reform
9:45 a.m.
Open Session
10:45 a.m.
Break
11:00 a.m. 12:30 p.m.

Closed Session

*The Board may adjourn into closed session to deliberate on the proposed decision.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-038-12
August 2, 2012
TO:

SUBJECT:

scheduled to meet on the following days in August. All meetings are held in public
Date and Time: Monday, August 13, 2012, 9:00 a.m.
11126(g)(1).
Date and Time: Monday, August 13, 2012, 10:00 a.m., or upon adjournment or recess of
Date and Time: Monday, August 13, 2012, 10:30 a.m., or upon adjournment or recess of

August 2, 2012
Page 2

pursuant to Government Code section 11126(c)(17) and 11126(a)(1)).
Date and Time: Tuesday, August 14, 2012, 3:00 p.m., or upon adjournment or recess of
the Pension and Health Benefits closed session.
Date and Time: Wednesday, August 15, 2012, 8:00 a.m.
11126(g)(1), and litigation matters pursuant to Government Code section 11126(e).
Date and Time: Wednesday, August 15, 2012, 9:00 a.m., or upon adjournment or recess
ANNE STAUSBOLL
Attachment
August 13, 2012

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
(Government Code sections 11126(a)(1), 11126(g)(1), and
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
CLOSED SESSION

is Later
Page 2 of 4
Joseph Dear
1.
2.
3.
Consent Items
a. Approval of the June 11, 2012 Open Session Minutes
b. Revision of the Affiliate Investment Programs Delegation
and the Supplemental Income Plans Policy
Joseph Dear
4.
Consent Items
a. Draft Agenda for September 10, 2012 Committee
Meeting
c. Activity Reports
2) Special Review Implementation Plan
Investment Office
Carol Moody
Action Agenda Items

5. Policy & Delegation
a. Revision of the Consultant Conflict of Interest Policy
6.
Laurie Weir
Renae Griffith, RG &
Associates
Joseph Dear
Eric Baggesen
Ral Desrochers
Ted Eliopoulos
Curtis Ishii
Michael Schlachter,
Wilshire
Consulting
Andrew Junkin,
Wilshire
Consulting
Mike Moy, Pension
Total Fund
a. Approval of the CalPERS Five-Year Plan for Emerging
Manager Participation

7. Total Fund
a. CIO Quarterly Performance Report and Consultant
Performance Review
Page 3 of 4
Consulting
Alliance
David Glickman,
Pension
Consulting
Alliance
Anne Simpson
b. Global Governance Program Update

8.
Ral Desrochers
Sarah Corr
Christine Gogan
David Brailer, Health
Evolution
Partners
Ted Eliopoulos
Program Reviews
a. Private Equity Program Update and Partner
Presentation
b. Real Assets
1) Real Estate Program Update
2) Consultant Report on the Real Estate Portfolio
3) Infrastructure and Forestland Program Update
9.
CLOSED SESSION
Public Comment

Joseph Dear
1.
2.

Consent Items
a. Approval of the June 11, 2012 Closed Session Meeting
Minutes
Joseph Dear
3.
Consent Items
a. Activity Reports
Investments
Page 4 of 4
Anne Simpson
Action Agenda Items

4. Total Fund
a. Global Governance Program 2012 Focus List
Program (Reconsideration)
a. Private Equity
c. Global Equity
h. Opportunistic
Notes
take action.

August 14, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
John Chiang
George Diehr
Rob Feckner
Henry Jones
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Russell Fong
2. Executive Report
3. Consent Items
a. Approval of May 15, 2012 Meeting Minutes
Russell Fong
4. Consent Items
b. Draft Agenda for October 2012 Committee Meeting
c. Enterprise Risk Management Division Status Report
d. Office of Audit Services Quarterly and Year-End
Status Report
e. External Audit Fees
f. Enterprise Compliance Division Status Report
g. CalPERS Ethics Helpline Report
h. Compliance Office Annual Report
Page 2 of 2

Margaret Junker
5. Audits
a. Annual Audit Plan and Risk Assessment
b. Public Agency Review Program Expansion
Alternatives
Kathleen Webb
a. Chief Risk Officer 90-Day Report
Kathleen Webb
b. Risk Exposure Reports
Larry Jensen
c. Annual Risk Assessment Plan

7. Public Comment
CLOSED SESSION

(Gov. Code sections 11126(a)(1) and (g)(1))(If Applicable)]
2. Consent Items
a. Approval of May 15, 2012 Closed Session Meeting
Minutes
Margaret Junker
3. Personnel, Employment and Performance Chief

Auditor
Kathleen Webb

Officer of Risk, Compliance and Ethics
Notes
take action.

August 14, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Ann Boynton
3. Consent Items
a. Approval of the June 12, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for September 11, 2012, Pension
and Health Benefits Committee Meeting
c. Self-Funded Health Plans 2012 1st Quarter
Financial Report
Page 2 of 3
Action Agenda Items

Danny Brown
5. California Pension Reform Legislation
Danny Brown
6. POFF Plan Legislation

Alan Milligan
7. CalPERS Other Post-Employment Benefit Actuarial

Assumptions Model
Doug McKeever
8. Updated Proposed Regulations: Options for

Medicare Supplement Plans
Donna Lum
9. MyICalPERS Update
Karen DeFrank
10. Online Retirement Estimate Calculator and Service

Credit Cost Estimator
Kathy Donneson
Tyrone Espinoza
Univita
Lane Kent
Dr. Stephen Holland
Ted Duley
11. Long-Term Care Program Update
Kathy Donneson
Melissa Mantong
Dr. Michael Fischer
12. Preliminary Analysis of Potential Savings to

CalPERS by Evidence-Based Prescription Drug
Substitutions
Kathy Donneson
Richard Sun
Anthem Blue Cross
Dr. Michael Belman
Robert Honaker
Blue Shield of California
Dr. Michael-Anne Browne
Tom McCaffrey
Kaiser Permanente
Dr. Joel Hyatt
Cindy Striegel
13. Wellness and Disease Management Update
14. Public Comment

CLOSED SESSION
11:00 a.m.

Whichever is Later
(Government Code Sections 11126(c)(17))
Page 3 of 3
Ann Boynton
Kathy Donneson
Notes
1) Items designated for Information are appropriate for Committee Action if the Committee wishes to take
action.

August 14, 2012

3:00 p.m.
Pension and Health Benefits Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Benefits Committee closed session, Whichever is Later
Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the June 11, 2012, Meeting Minutes
Russell G. Fong
4. Consent Items
b. Draft Agenda for the September 2012 Committee
Meeting
Page 2 of 2
Action Agenda Items

5. Administration
Ann Boynton
a. Contract Extensions and Staffing Model for

my|CalPERS
Anne Stausboll
Sean Tracy
a. 2011-12 Business Plan Final Report

Rose Vellanoweth
Dave Cornejo

8. Public Comment
Notes
take action.
August 15, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

8:15 a.m.
In re: City of Stockton (U.S. Bankruptcy Court, Eastern

District of CA, No. 12-32118); In re: Town of Mammoth Lakes
(U.S. Bankruptcy Court, Eastern District of CA, No. 1232463); In re: City of San Bernardino (U.S. Bankruptcy Court,
Central District of CA, No. 2-BK-28006); and potential
bankruptcy litigation
(Gov. Code section 11126(e))
OPEN SESSION
9:00 a.m.

Whichever is Later
Rob Feckner
Page 2 of 3
Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1.
2.
3.
4.
5.
6.
Suzanne Mason
Stephen G. Foulds
Penny M. Kesterson
Mary E. Shelley
Gordon H. Cameron
Yvonne Quinones

1.
Rob Feckner
David L. Cross
6. Consent Items
b. Board Meeting Calendar
c. Draft Agenda for September 2012 Meeting
d. General Counsels Report
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
JJ Jelincic
Rob Feckner
Page 3 of 3
Action Agenda Items

Kathleen Webb
8. Personal Trading Regulation
Anne Stausboll
Sean Tracy
Booz Allen Hamilton
Timathie Leslie
9. 2012-17 Strategic Plan

Lussier, Gregor,
Vienna & Associates
Tom Lussier
11. Public Comment

Notes
Petition(s) for Reconsideration

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-039-12
August 27, 2012
TO:

SUBJECT:
SPECIAL MEETING NOTICE OF THE CALPERS BOARD OF

ADMINISTRATION
Date and Time: August 29, 2012, 1:00 p.m., and August 30, 2012, 9:00 a.m.
Location: Robert Carlson Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA
Addresses of Telephonic Locations:
August 29, 2012: 1000 West Foothill Boulevard, Room SS205, Glendora, CA 91741;
Tradewinds Resort, 6000 Gulf Boulevard, St Pete Beach, FL 33706; 1201 K Street, 9th
Floor, Sacramento, CA 95814; Residence Inn, 8901 Gilman Drive, La Jolla, CA 92037;
300 Lakeside Drive, 16th Floor, Oakland, CA 94612.
August 30, 2012: 1000 West Foothill Boulevard, Room SS205, Glendora, CA 91741;
Tradewinds Resort, 6000 Gulf Boulevard, St Pete Beach FL 33706; 4680 Wilshire
Boulevard, 2nd Floor SW, Los Angeles, CA 90010; Residence Inn, 8901 Gilman Drive, La
Jolla, CA 92037; Santa Clara Marriott, 2700 Mission College Boulevard, Monterey Room,
Santa Clara, CA 95054.
This meeting is being held pursuant to Government Code section 11125.4.
Items scheduled for the meeting are listed on the attached agenda. This information is
also available on the CalPERS website at www.calpers.ca.gov. Please contact Cheree
Swedensky, at (916) 795-3128, with any questions regarding the meeting. Thank you.
ANNE STAUSBOLL
Attachment
August 29, 2012

1:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
SPECIAL MEETING AGENDA

OPEN SESSION
TIME 1:00 P.M.

2. Government Code Section 11125.4 Finding
(Hardship Caused By General Notice Requirement)
3. Proposed Legislation Pension Reform
Notes
August 30, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
SPECIAL MEETING AGENDA

OPEN SESSION
TIME 9:00 A.M

2. Government Code Section 11125.4 Finding
(Hardship Caused By General Notice Requirement)
3. Proposed Legislation Pension Reform
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-042-12
August 31, 2012
TO:

SUBJECT:

scheduled to meet on the following days in September. All meetings are held in public
11126(g)(1).
Date and Time: Monday, September 10, 2012, 10:00 a.m., or upon adjournment or
Date and Time: Monday, September 10, 2012, 10:30 a.m., or upon adjournment or
Location: Auditorium and Room 1140 (Global Equity Workshop), Lincoln Plaza North,
400 Q Street, Sacramento, CA
Date and Time: Tuesday, September 11, 2012, 8:00 a.m.

August 31, 2012
Page 2

Date and Time: Tuesday, September 11, 2012, 9:30 a.m., or upon adjournment or recess
of the Performance and Compensation Committee, whichever is later.
The committee will meet in closed session to discuss health plan procurement strategy
and long term care program strategy pursuant to Government Code sections
11126(c)(17) and 11126(h)).
Date and Time: Tuesday, September 11, 2012, 2:00 p.m., or upon adjournment or recess
of the Pension and Health Benefits Committee, whichever is later.
Date and Time: Tuesday, September 11, 2012, 3:00 p.m., or upon adjournment or recess
of the Board Governance Committee, whichever is later.
Date and Time: Wednesday, September 12, 2012, 9:30 a.m.
Date and Time: Wednesday, September 12, 2012, 10:00 a.m., or upon adjournment or
Petition(s) for Reconsideration. A closed session will be held upon adjournment or recess
of the open session to discuss personnel matters pursuant to Government Code sections
11126(a)(1) and (g)(1)).

August 31, 2012
Page 3
ANNE STAUSBOLL
Attachment
September 10, 2012

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
OPEN SESSION
WORKSHOP
10:30 a.m.
Room 1140

Later
1.
Global Equity Education Workshop
OPEN SESSION
1:00 P.M.
Joseph Dear
Upon Adjournment or Recess of the Open Session Workshop,

Whichever is Later
1.
2.
3.
Consent Items
a. Approval of the August 13, 2012 Open Session Minutes
b. Revision of the Glossary for the Private Equity Program
Policy
Joseph Dear
4.
Consent Items
a. Draft Agenda for October 15, 2012 Committee Meeting
Curtis Ishii
Eric Baggesen
Action Agenda Items

5.
Policy & Delegation
a. Revision of the Global Fixed Income Delegation for
Professional Staff
6.
Asset Allocation, Performance & Risk
a. Quarterly Risk Management Update
Michael
Schlachter and
Andrew Junkin,
Wilshire
Associates
Consulting
b. CalPERS Consultant Public Funds Universe

Comparison
7.
Public Comment
CLOSED SESSION
2:00 P.M.

1.
Joseph Dear
2.
Consent Items
a. Approval of the August 13, 2012 Closed Session Meeting
Minutes
Joseph Dear
3.
Consent Items
Investments

4.
Ral Desrochers
a. Private Equity
Ted Eliopoulos
Curtis Ishii
Eric Baggesen
d. Global Equity
h. Opportunistic
Notes
take action.

September 11, 2012

8:00 AM
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Julie Chapman
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 AM
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of June 11, 2012 Meeting Minutes
Doug Hoffner
4. Consent Items
a. Annual Rolling Calendar Review - 2012
b. Annual Rolling Calendar Review - 2013
c. Draft Agenda for November 2012 Committee
Meeting
Katie Hagen
6. Public Comment
CLOSED SESSION
8:00 A.M.

1.
Katie Hagen
2.

Katie Hagen
3.
Review of 2011-2012 Performance: Chief Executive

Katie Hagen
4.
Review of 2011-2012 Performance Evaluations by

Chief Executive Officer: Chief Actuary and General
Counsel
Katie Hagen
5.

Performance: Chief Operating Investment Officer,
Senior Investment Officers, Senior Portfolio
Managers and Portfolio Managers
Notes
take action.

September 11, 2012

9:30 a.m.
of the Performance and Compensation Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:30 a.m.
or Upon Adjournment or Recess of the Performance and

Ann Boynton
3. Consent Items
a. Approval of the August 14, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for October 16, 2012, Pension and
c. California Employers Retiree Benefit Trust Fiscal
Year 2011-12 Results and Outlook
Action Agenda Items

Ann Boynton
Kathy Donneson
Alan Milligan
5. Long Term-Care Program Options and Long-Term

Care Program Discount Rate
Doug McKeever
6. Proposed Regulation: Risk Adjustments for

Healthcare Premiums
Donna Lum
7. myICalPERS Update
8. Public Comment
CLOSED SESSION
10:30 a.m.

Whichever is Later
(Government Code Section 11126(c)(17) and 11126(h))
Ann Boynton
2. Long-Term Care Program Strategy
Ann Boynton
Kathy Donneson
Notes
take action.

September 11, 2012

2:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of June 2012 Meeting Minutes
4. Consent Items
b. Draft agenda for October 2012 Board Governance
Committee meeting

Peter Mixon
Kris Veaco
Cherie Sorokin
5. Board Self-Assessment Process
Peter Mixon

7. Public Comment
Notes
take action.

September 11, 2012

3:00 p.m.
Board Governance Committee,Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the August 14, 2012, Meeting Minutes
Russell G. Fong
4. Consent Items
b. Draft Agenda for the October 2012 Committee
Meeting
Action Agenda Items

Dave Cornejo
a. Year-End Budget and Expenditure Report

6. Actuarial
Alan Milligan /
Dave Cornejo
a. Changes to GASB Accounting Standards Related

to Pension Plans
7. Administration
Douglas Hoffner /
Kimberly A. Malm
a. Small Business and Disabled Veteran Business

Enterprise Contract Participation
Douglas Hoffner /
Kimberly A. Malm
b. Annual Contracting and Procurement Activity

Report
Rose Vellanoweth
Dave Cornejo

9. Public Comment
Notes
take action.
September 12, 2012

10:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

District of CA, No. 12-32118); In re: Town of Mammoth
Lakes (U.S. Bankruptcy Court, Eastern District of CA, No.
12-32463); In re: City of San Bernardino (U.S. Bankruptcy
Court, Central District of CA, No. 2-BK-28006); and potential
OPEN SESSION
10:00 a.m.

Whichever is Later
Rob Feckner
Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1. Sheila Rodrigues
2. John Soukup
3. Roberta Munoz, on behalf of Montana
Young, and Sierra Macias
4. Grace Garmo
5. Lynn Moller
6. Karl H. Ingram
7. Henry White
Rob Feckner
6. Consent Items
c. Draft Agenda for October 2012 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
JJ Jelincic
Rob Feckner

Action Agenda Items
Robert Glazier
8. Proposed Revisions to Boards State Legislative

Policy

Peter Mixon
9. In re: City of Stockton (U.S. Bankruptcy Court,

Eastern District of CA, No. 12-32118); In re: Town of
Mammoth Lakes (U.S. Bankruptcy Court, Eastern
District of CA, No. 12-32463); In re: City of San
Bernardino (U.S. Bankruptcy Court, Central District of
CA, No. 2-BK-28006); potential bankruptcy litigation
and related issues.
Lindy Plaza
10. Diversity Report
Robert Glazier
Lussier, Gregor,
Vienna & Associates
Tom Lussier
12. Public Comment

CLOSED SESSION
13. Annual Performance Evaluation of Chief Executive

Officer and Chief Investment Officer; Review of Chief
Executive Officers Performance Evaluations of
General Counsel and Chief Actuary; Oversight of
Performance Evaluations of Chief Operating
Investment Officer, Senior Investment Officers, and
Senior Portfolio Managers.
(Gov. Code sections 11126(a)(1) and (g)(1)
Notes
Petition(s) for Reconsideration

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-046-12
October 5, 2012
TO:

SUBJECT:

scheduled to meet on the following days in October. All meetings are held in public
Date and Time: Monday, October 15, 2012, 9:00 a.m.
11126(g)(1).
Date and Time: Monday, October 15, 2012, 10:00 a.m., or upon adjournment or recess
Date and Time: Monday, October 15, 2012, 10:30 a.m., or upon adjournment or recess
Date and Time: Monday, October 15, 2012, 3:00 p.m., or upon adjournment or recess of

October 5, 2012
Page 2

Date and Time: Tuesday, October 16, 2012, 8:00 a.m.
Location: Room 1140 and Auditorium, Lincoln Plaza North, 400 Q Street,
Sacramento, CA
Date and Time: Tuesday, October 16, 2012, 10:30 a.m., or upon adjournment or recess
of the Risk and Audit Committee, whichever is later.
Date and Time: Tuesday, October 16, 2012, 2:00 p.m., or upon adjournment or recess of
the Pension and Health Benefits Committee, whichever is later.
Date and Time: Wednesday, October 17, 2012, 8:00 a.m.
of the open session to discuss personnel matters pursuant to Government Code sections
11126(a)(1) and (g)(1)).
recess of the Board of Administration meeting, whichever is later
Board members will attend a Committee Chairpersons Training Workshop.

October 5, 2012
Page 3

ANNE STAUSBOLL
Attachment
October 15, 2012

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
10:30 a.m.

Whichever is Later
CLOSED SESSION

is Later
Joseph Dear
1.
2.
Executive Report - Chief Investment Officer Briefing
3.
Consent Items
a. Approval of the September 10, 2012 Open Session
Meeting Minutes
b. Revision of the Supplemental Income Plans CalPERS
Risk-Based and Target Retirement Date Funds Policy
Joseph Dear
4.
Consent Items
b. Draft Agenda for the November 13, 2012 Committee
Meeting
Action Agenda Items

5.
Policy & Delegation
Ed Robertiello
Carol Moody
a. Adoption of the Multi-Asset Class Partners Program

Policy
Curtis Ishii
b. Revision of the Global Fixed Income Delegation

Resolution for Professional Staff
Joseph Dear
Ral Desrochers
Peter Mixon
c. Revision of the Role of the Private Asset Class

Investment Consultants Policy
6.
Anne Simpson
Bill McGrew
Total Fund
a. California Public Divest from Iran Act

7.
Laurie Weir
Randall Mullan
David Altshuler,
Meketa Investment
Group Inc.
Curtis Ishii
Kevin Winter
Program Reviews
a. CalPERS Infrastructure Outreach Effort Final Report
b. Global Fixed Income Programs Update
Geraldine Jimenez
Brian Karcher
c. Affiliate Investment Programs Annual Program Review

8.
CLOSED SESSION
Joseph Dear
Public Comment
Upon Adjournment of Recess of Open Session (Government

Code sections 11126(c)(16))
1.
2.
Consent Items
a. Approval of the September 10, 2012 Closed Session
Meeting Minutes
Joseph Dear
3.
Consent Items
Investments
Action Agenda Items

4.
Anne Simpson
Bill McGrew
Total Fund

5.
Program Review
a. Private Equity Transaction Update
6.
Ral Desrochers
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Geraldine Jimenez
c. Affiliate Investment Programs

d. Global Equity
e. Global Fixed Income Programs

g. Opportunistic
Notes
1) Items designated for information are appropriate for Committee action if the Committee wishes to take
action.

October 15, 2012

3:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the September 11, 2012, Meeting
Minutes
Russell G. Fong
4. Consent Items
b. Draft Agenda for the November 2012 Committee
Meeting
Action Agenda Items

5. Administration
Douglas Hoffner /
Kimberly A. Malm
a. Standard Contract Terms and Conditions

Modifications
Douglas Hoffner /
Sean Tracy
a. 2012-2014 Business Plan Alignment with the

Dave G. Cornejo
a. 2011-12 Fourth Quarter Delinquency Report
Rose Vellanoweth
Dave G. Cornejo

8. Public Comment
Notes
take action.

October 16, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
John Chiang
George Diehr
Rob Feckner
Henry Jones
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Room 1140
Enterprise Risk Management Workshop
Auditorium
Russell Fong
2. Executive Report
3. Consent Items
a. Approval of August 14, 2012 Meeting Minutes
Kathleen Webb
4. Consent Items
b. Draft Agenda for December 2012 Committee
Meeting
c. Enterprise Risk Management Division Status
Report
d. Enterprise Compliance Division Status Report
e. CalPERS Ethics Helpline Report
f. Compliance Office Annual Report

Larry Jensen

6. Public Comment
CLOSED SESSION

(Gov. Code sections 11126(a)(1) and (g)(1))(If Applicable)]
2. Consent Items
a. Approval of August 14, 2012 Closed Session
Meeting Minutes
Margaret Junker
Kathleen Webb

Auditor
Notes
take action.

October 16, 2012

10:30 a.m.
Risk and Audit Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:30 a.m.

Ann Boynton
3. Consent Items
a. Approval of the September 11, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for November 14, 2012, Pension
Action Agenda Items
Kathy Donneson
5. Long-Term Care Premium Rates
Doug McKeever
6. Adoption of Regulation: Dependent Eligibility

Verification Amnesty
Donna Lum
7. Customer Service Update
Lori McGartland
8. Customer Service Delivery Transformation Roadmap
Doug Hoffner
9. Pension Reform Implementation Status Update

10. Public Comment
CLOSED SESSION
1:00 p.m.

Whichever is Later
Doug McKeever
2. Health Plan Negotiations: Impacts of Cost and

Utilization Trend Report
Ann Boynton
Kathy Donneson
Notes
take action.

October 16, 2012

2:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of September 2012 Meeting
Minutes
4. Consent Items
b. Draft agenda for November 2012 Board
Governance Committee meeting
Action Agenda Items

Peter Mixon
5. Board Confidentiality Policy

Peter Mixon
6. Board Governance Project

Implementation Status
7. Public Comment
Notes
1) Items designated for Information are appropriate for Committee Action if the
Committee wishes to take action.
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 any Agenda Item. There is a 3-minute limitation on
each public comment, unless otherwise directed by the Committee Chair.
October 17, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

CLOSED SESSION
8:30 a.m.

OPEN SESSION
9:00 a.m.

Later
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1. Gilbert Becker
2. Magdalena Ramirez
3. Herbert Hurwitz and George Norbeck
(Consolidated Cases)
4. Glen Wallace
5. Robert P. Weaver
6. Sydney Farivar
7. Amra Stafford
8. Tammy Redden
9. Richard Adorador
Rob Feckner
6. Consent Items
c. Draft Agenda for November 2012 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
d. Performance and Compensation Committee

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Peter Mixon
8. Designation of Precedential Decision Craig F.

Woods

Robert Glazier
Tom Lussier
Lussier, Gregor, Vienna &
Associates
10. Public Comment

Notes
1) Items designated for Information are appropriate for Board Action if the Board wishes to take action.
Any Agenda Item from a properly noticed Committee meeting held immediately prior to this Board

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-052-12
November 2, 2012
TO:

SUBJECT:

scheduled to meet on the following days in November. All meetings are held in public
Date and Time: Tuesday, November 13, 2012, 9:00 a.m.
11126(g)(1).
Date and Time: Tuesday, November 13, 2012, 10:00 a.m., or upon adjournment or
Date and Time: Tuesday, November 13, 2012, 10:30 a.m., or upon adjournment or
Date and Time: Tuesday, November 13, 2012, 3:00 p.m., or upon adjournment or recess
of the Investment Committee, whichever is later

November 2, 2012
Page 2
The Board will meet in open session to receive information on and a demonstration of the
Personal Trading Regulation trading platform.
Date and Time: Wednesday, November 14, 2012, 8:30 a.m.
recess of the Performance and Compensation Committee, whichever is later
The committee will meet in closed session to discuss potential litigation matters pursuant
to Government code section 11126(e).
recess of the Pension and Health Benefits Committee closed session, whichever is later
Date and Time: Wednesday, November 14, 2012, 1:00 p.m., or upon adjournment or
recess of the Pension and Health Benefits Committee, whichever is later.
Date and Time: Wednesday, November 14, 2012, 1:30 p.m., or upon adjournment or
recess of the Board Governance Committee, whichever is later
Date and Time: Thursday, November 15, 2012, 8:30 a.m.
11126(g)(1)).
Date and Time: Thursday, November 15, 2012, 9:00 a.m., or upon adjournment or
of the open session to discuss litigation matters pursuant to Government Code section
11126(e)).

November 2, 2012
Page 3
ANNE STAUSBOLL
Attachment
November 13, 2012

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
10:30 a.m.

Whichever is Later
CLOSED SESSION
Upon Adjournment or Recess of Open Session, Whichever is

Later
OPEN SESSION
1.
Joseph Dear
2.
Joseph Dear
3.
Consent Items
a. Approval of the October 15, 2012 Open Session
Meeting Minutes
b. Revision of the CalPERS Risk-Based and Target
Retirement Date Funds Policy
c. Proposed Regulation Relating to External Investment
Resource Conflict of Interest Policy
Joseph Dear
4.
Consent Items
b. Draft Agenda for the December 10, 2012 Committee
Meeting
Action Agenda Items

5.
Ben Meng
Alan Milligan
David Lamoureux

a. Terminated Agency Pool Investment Strategy

6.
Eric Baggesen
Policy & Delegation

a. Global Equity Program Policy Consolidation
7.
Joseph Dear
Eric Baggesen
Curtis Ishii
Ted Eliopoulos
Ral Desrochers
Ed Robertiello
Michael
Schlachter,
Andrew Junkin,
Wilshire
Consulting
Michael Moy,
David Glickman,
Pension
Consulting Alliance
Total Fund
a. CalPERS CIO Quarterly Performance Report and
8.
Janine Guillot
Organizational Systems & Controls

a. Target Operating Model Update
9.
Program Reviews
Anne Simpson
a. Global Governance Program Update
Geraldine Jimenez
Bryan Karcher
b. Affiliate Investment Programs Annual Review

10. Public Comment
CLOSED SESSION
Joseph Dear
Upon Adjournment of Recess of Open Session

1.
2.
Consent Items
a. Approval of the October 15, 2012 Closed Session
Meeting Minutes
Joseph Dear
3.
Consent Items
Investments

4.
Ral Desrochers
a. Private Equity
Ted Eliopoulos
Randall Mullan
b. Real Assets
c. Global Equity
d. Global Fixed Income Programs
e. Absolute Return Strategies Program
f.
Affiliate Investment Programs
g. Opportunistic
Notes
take action.
November 13, 2012

3:00 p.m.
Investment Committee Closed Session, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Committee Closed Session, Whichever is Later
Kathleen Webb
2. Information on and Demonstration of the Trading

Platform for the Personal Trading Regulation
3. Public Comment
Notes
1) Items designated for Information are appropriate for Board Action if the Board wishes to take action. Any Agenda Item from
a properly noticed Committee meeting held immediately 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 any agenda item. There is a 3-minute limitation on each public comment, unless otherwise
directed by the Board President.
4) The Board may adjourn into Closed Session to deliberate on any Proposed Decision(s) or Petition(s) for Reconsideration.

November 14, 2012

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Julie Chapman
John Chiang
Richard Costigan
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
a. Annual Rolling Calendar Review - 2012
b. Annual Rolling Calendar Review - 2013
c. Draft Agenda for February 2013 Committee
Meeting
Action Agenda Items

Katie Hagen
5. Executive Compensation Policy Revisions

Katie Hagen
6. First Quarter Status Reports on Performance Plans of

Officer
Katie Hagen

8. Public Comment
Notes
take action.

November 14, 2012

9:00 a.m.
Performance and Compensation Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Performance and

Peter Mixon
OPEN SESSION
9:30 a.m.
2. Pension Reform - Potential Litigation

Whichever is Later
Ann Boynton
3. Consent Items
a. Approval of the October 16, 2012, Pension and
b. Long-Term Care Program Annual Valuation
c. CalPERS Appointee to the California Actuarial
Advisory Panel
Ann Boynton
4. Consent Items
b. Draft Agenda for December 11, 2012, Pension
c. Self-Funded Health Plans 2012 2nd Quarter
Financial Report
Action Agenda Items
Ann Boynton
Kathy Donneson
5. Consider Establishing an Open Application Period for

the Long-Term Care Program
Ann Boynton
Alan Milligan
6. Pension Reform Implementation

a. Creation of Two New Risk Pools due to the
Public Employees Pension Reform Act
Donna Lum
7. Performance Measurement for Customer Service

Areas
Doug McKeever
8. Contracting Agencies Risk Pool Analysis

9. Public Comment
Notes
take action.

November 14, 2012

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Dan Dunmoyer
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of October 2012 Meeting
Minutes
4. Consent Items
b. Draft agenda for December 2012 Board
Action Agenda Items

Peter Mixon
5. Board Confidentiality Policy (Second

Reading)
Peter Mixon
6. Board Governance Project

Implementation Status
7. Public Comment
Notes
1) Items designated for Information are appropriate for Committee Action if the
Committee wishes to take action.
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on

November 14, 2012

1:30 p.m.
Board Governance Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:30 P.M.

Russell G. Fong
2. Executive Report
Russell G. Fong
3. Consent Items
a. Approval of the October 15, 2012, Meeting
Minutes
Russell G. Fong
4. Consent Items
b. Draft Agenda for the December 2012 Committee
Meeting
Action Agenda Items

5. Administration
Dave G. Cornejo
a. Mid-Year Budget Revisions (First Reading)

Douglas Hoffner /
Sean Tracy
a. 2012-2017 Strategic Plan Draft Target

Performance Measures Framework
Douglas Hoffner /
Sean Tracy
b. 2012-2014 Business Plan Quarterly Update

Dave G. Cornejo /
Kathleen Webb
a. Draft Audited Basic Financial Statements and

Compliance Report
Rose Vellanoweth
Dave G. Cornejo

8. Public Comment
Notes
take action.
November 15, 2012

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

OPEN SESSION
9:00 a.m.

Later
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
c. Proposed Decisions of Administrative Law Judge
1. David S. Clark
2. Mark Rodriguez-Faz
3. Sabrina R. Carter
4. Pamela Farrell-Webb
5. Debra J. Perez-Hasz
6. Angelita Resendez
7. Christopher J. Warner
8. Kareka Mitchell
9. Annette Weathington
10. Mary E. Cook
Rob Feckner
6. Consent Items
c. Draft Agenda for December 2012 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer

JJ Jelincic
Rob Feckner
Action Agenda Item
Kathleen Webb
8. Approval of Personal Trading Regulation for

Submission to Office of Administrative Law

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
10. Public Comment

CLOSED SESSION

Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-054-12
November 21, 2012
TO:

SUBJECT:
Members of the Board will attend the CalPERS Emerging Manager Forum.
Date and Time: Friday, December 7, 2012, 10:00 a.m.
Members of the Board will attend a Fiduciary Training Workshop.

916/795-3128. Thank you.
ANNE STAUSBOLL

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-056-12
November 21, 2012
TO:

SUBJECT:
The meeting location for the December 3, 2012 CalPERS Emerging Manager Forum has
been changed. The new location is Sacramento Convention Center, Exhibit Hall, 1400 J
Street, Sacramento, CA, 95814.
website at www.calpers.ca.gov.
916/795-3128. Thank you.
ANNE STAUSBOLL

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-057-12
November 30, 2012
TO:

SUBJECT:

scheduled to meet on the following days in December. All meetings are held in public
11126(g)(1).
matters pursuant to Government Code section 11126(e).
Date and Time: Monday, December 10, 2012, 3:00 p.m., or upon adjournment or recess
of the Investment Committee, whichever is later

November 30, 2012
Page 2
potential litigation matters pursuant to Government Code section 11126(e) and health
plan negotiations pursuant to Government Code section 11126(c)(17).
Date and Time: Tuesday, December 11, 2012, 12:30 p.m., or upon recess or
adjournment of the Pension and Health Benefits Committee meeting, whichever is later
Location: Room 1140, Lincoln Plaza North and Lincoln Plaza East, 2nd Floor, 400 Q
Street, Sacramento, CA
The Board will attend an overview of the CalPERS Customer Contact Center.
of the Board of Administration meeting, whichever is later
potential litigation matters pursuant to Government Code section 11126(e) and health
plan negotiations pursuant to Government Code section 11126(c)(17).
Board of Administration Administration
11126(g)(1).
Date and Time: Tuesday, December 12, 2012, 8:30 a.m., or upon adjournment or recess
Date and Time: Wednesday, December 12, 2012, 9:00 a.m., or upon adjournment or
recess of the Finance and Administration Committee, whichever is later
of the open session to discuss litigation matters pursuant to Government Code section
11126(e).

November 30, 2012
Page 3
ANNE STAUSBOLL
Attachment
December 10, 2012

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
10:30 a.m.

Whichever is Later
CLOSED SESSION
Upon Adjournment or Recess of Open Session, Whichever is

Later
1.
Joseph Dear
2.
Joseph Dear
3.
Consent Items
a. Approval of the November 13, 2012 Open Session
Meeting Minutes
b. Annual Reports to the Legislature - Iran and Sudan
Divestment
c. Revision of the Total Fund Benchmarks Policy to
Include the Multi-Asset Class Partners Program
Joseph Dear
4.
Consent Items
b. Draft Agenda for the February 19, 2013 Committee
Meeting
c. Activity Reports
2) Special Review Implementation Plan
Investment Office
Action Agenda Items

5.
Ben Meng
Alan Milligan

a. Adoption of the Terminated Agency Pool Investment
Strategy and Related Policy
6.
Eric Baggesen
Policy & Delegation

a. Adoption of the Global Equity Program Policy and
Repeal of Legacy Policies

7.
Eric Baggesen
Curtis Ishii

a. Quarterly Risk Management Update
8.
Revision of Global Fixed Income Program Policy
9.
Joseph Dear
Business Plan/Roadmap
a. Investment Office Roadmap Update
10. Organizational Systems & Controls

Janine Guillot
a. 2013 Investment Committee Calendar

11. Program Reviews
Joseph Dear
Ed Robertiello
a. Absolute Return Strategies Program Review

Discussion of the Role of the Absolute Return
Strategies Program
Laurie Weir
b. Targeted Investment Programs Update
Laurie Weir
Carrie DouglasFong
c. Responsible Contractor Policy Annual Report
d. Real Assets
Ted Eliopoulos
1) Real Estate Program Update
Ted Eliopoulos
Randall Mullan
2) Infrastructure & Forestland Program Update
12. Public Comment
CLOSED SESSION
Upon Adjournment of Recess of Open Session (Government

Code sections 11126(c)(16)) and 11126(e) [Item No. 5 only]
1.
2.
Consent Items
Joseph Dear

a. Approval of the November 13, 2012 Closed Session
Meeting Minutes
3.
Joseph Dear
Consent Items

Investments

4.
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
c. Global Equity
Curtis Ishii
Ed Robertiello
Geraldine Jimenez
f.
Joseph Dear
g. Opportunistic
Peter Mixon
5.
Affiliate Investment Programs
Litigation -- Senior Housing Capital, et al. v. SHP Senior

Housing Fund, et al., Delaware Court of Chancery (Case
No. 4586-VCS)
Notes
take action.

December 10, 2012

3:00 p.m.
Investment Committee closed session, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
John Chiang
George Diehr
Rob Feckner
Henry Jones
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Committee closed session, Whichever is Later
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of October 16, 2012 Meeting Minutes
Kathleen Webb
4. Consent Items
b. Draft Agenda for March 19, 2013 Committee
Meeting
Report
e. Enterprise Compliance Division Status Report

Action Agenda Items
Dave Cornejo
5. CAFR Financial Section

6. Audits
Margaret Junker /
Rick Green
a. External Auditors Report Audited Financial

Statements
Margaret Junker
b. Audit Resolution Policy Revision

7. Office of Enterprise Risk Management
Kathleen Webb
Larry Jensen
a. Governance Risk and Compliance Report

8. Public Comment
CLOSED SESSION


2. Consent Items
Information Consent Items
a. Approval of October 16, 2012 Closed Session
Meeting Minutes
3. Risk Management
Kathleen Webb
a. Personnel, Employment and Performance-Chief

Notes
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless
otherwise directed by the Committee Chair.

December 11, 2012

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Ann Boynton
3. Consent Items
a. Approval of the November 14, 2012, Pension and
Ann Boynton
4. Consent Items
b. Draft Agenda for February 20, 2013, Pension and
c. Wellness and Disease Management Update:
Colorectal Cancer Screening Pilot Comparison
Action Agenda Items
Danny Brown
5. State Legislative Proposal: Policy and Technical

Amendments to the Public Employees Retirement
Law (PERL)
Karen DeFrank
6. Pension Reform (PEPRA): Implementation Update
Ann Boynton
Arnold Milstein, MD
Alan Glaseroff, MD
Alain Enthoven, PhD
7. Health Plan Competitiveness
8. Public Comment
CLOSED SESSION

Whichever is Later
(Government Code Sections 11126(c)(17)) and 11126(e)
[Item No. 2 only])
Peter Mixon
2. New Public Agencies Potential Litigation
Ann Boynton
Kathy Donneson
Ann Boynton
Kathy Donneson
Dr. Richard Sun
4. Health Plan Negotiations -- Performance Guarantees
Notes
take action.

December 12, 2012

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the November 14, 2012, Meeting
Minutes
b. Semi-Annual Contracting Prospective Report
Cheryl Eason
4. Consent Items
b. Draft Agenda for the February 2013 Committee
Meeting
d. Quarterly Budget and Expenditure Report
Action Agenda Items

Russell G. Fong
a. Mid-Year Budget Revisions (Second Reading)

6. Administration
Douglas Hoffner /
Lindy Plaza
a. Quarterly Diversity Report

Dave G. Cornejo /
Rose McAuliffe
a. Current Budget and Financial Reporting Issues

8. Public Comment
Notes
take action.
December 12, 2012

9:00 a.m.
Or Upon Adjournment of the Finance and Administration Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.
Or Upon Adjournment of the Finance and Administration

Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1. Damon Schamu
2. Wendell Murphy
3. Felipe Rosales
4. Randy Adams
5. Robert Cummings
6. Herculano Garcia
7. Lloyd Kuhn
8. Michael T. Campbell
9. Brenda Stevenson
10. Arnold H. Carson
1. Debra Perez-Hasz
Rob Feckner
6. Consent Items
c. Draft Agenda for February 2013 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
d. Performance and Compensation Committee

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Item
Anne Stausboll
8. Proposed Revisions to Performance and

Compensation Committee Delegation Resolution

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
10. Public Comment

CLOSED SESSION

District of CA, No. 12-32118); In re: City of San Bernardino
(U.S. Bankruptcy Court, Central District of CA, No. 2-BK28006); and potential bankruptcy litigation
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-056-12
November 21, 2012
TO:

SUBJECT:
The meeting location for the December 3, 2012 CalPERS Emerging Manager Forum has
been changed. The new location is Sacramento Convention Center, Exhibit Hall, 1400 J
Street, Sacramento, CA, 95814.
website at www.calpers.ca.gov.
916/795-3128. Thank you.
ANNE STAUSBOLL

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-054-12
November 21, 2012
TO:

SUBJECT:
Members of the Board will attend the CalPERS Emerging Manager Forum.
Date and Time: Friday, December 7, 2012, 10:00 a.m.
Members of the Board will attend a Fiduciary Training Workshop.

916/795-3128. Thank you.
ANNE STAUSBOLL

Executive Office
P.O. Box 942701
TTY: (877) 249-7442
www.calpers.ca.gov
Memorandum
December 6, 2012
Scheduling Advisory
The following information is provided to clarify the scheduling of the
Board of Administration committee meetings in December.
The Pension & Health Benefits Committee meeting on Tuesday,
December 11 will begin at 8 a.m. with an open session for a roll call of
committee members. Immediately after roll call, the committee will
recess the open session and go into closed session. The closed
session, which is not open to members of the public, will recess at
approximately 9 a.m. At that time, the open session of the committee will
resume.
The Circular Letter Meeting Notice of November 30, 2012 contains two
typographical misstatements. The Board of Administration closed
session meeting scheduled for 8 a.m. on Tuesday, December 12 in the
Notice will begin at 8 a.m. on Wednesday, December 12. Similarly, the
Finance and Administration Committee meeting scheduled for 8:30 a.m.
on Tuesday, December 12 in Notice will begin at 8:30 a.m. on
Wednesday, December 12.
Please contact Cheree Swedensky at (916) 795-3128 with any questions.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-066-12
January 7, 2013
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS PENSION & HEALTH BENEFITS

COMMITTEE

Date and Time: Wednesday, January 23, 2013, 10:30 a.m.
The committee will meet in closed session to discuss health plan procurement strategy
(916) 795-3128.
ANNE STAUSBOLL
Attachment

January 23, 2013

10:30 a.m.
Room 1140
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
Room 1140
10:30 a.m.

Ann Boynton
Kathy Donneson
2. Health Plan Negotiations -- Procurement Strategy
Notes
take action.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-065-12
January 3, 2013
TO:

SUBJECT:
Date and Time: Monday, January 14, 2013, 8:30 a.m., Tuesday, January 15, 2013,
8:30 a.m., and Wednesday, January 16, 2013, 8:30 a.m.
sessions to discuss personnel, investment, and litigation matters pursuant to Government
Code sections 11126(a)(1), (c)(16), (g)(1), and (e).
(916) 795-3128.
ANNE STAUSBOLL
Attachment
a
Best Western Monterey, CA
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome
8:35 a.m.
Open Session
Election of Board President/Vice President

(Action Item)
8:40 a.m.
Open Session

(Action Item)
8:45 a.m.
Open Session
Communications Workshop
10:00 a.m.
Break
10:15 a.m.
Open Session
Communications Workshop (continued)
11:30 a.m.
Lunch
12:30 p.m.
Open Session
Asset Allocation Fundamentals (Point Pinos Room)
2:30 p.m.
Break
2:45 p.m.
Open Session
Board / Staff Investment Beliefs Project Launch (La Grande

Room)
4:45 p.m.
Closed Session
Personnel, Performance, Investment, and Litigation Matters

(Senior Housing Capital, et al. v. SHP Senior Housing Fund, et al.,
Delaware Court of Chancery (Case No. 4586-VCS))
(Government Code sections 11126(a)(1), (c)(16), (g)(1), and (e))

a
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome/Opening
8:35 a.m.
Open Session
Asset Liability Risk Management
9:15 a.m.
Open Session
Asset Liability Expert Panel
10:15 a.m.
Break
10:30 a.m.
Open Session
Asset Liability Stakeholder Panel
11:45 a.m.
Lunch
12:45 p.m.
Open Session
Keynote Presentation: The Elusive Pursuit of Value in Health

Care: A Patriotic Call for Action
1:45 p.m.
Open Session
Healthcare Payment Models/Risk Based Budgeting Strategies

Panel
2:45 p.m.
Break
3:00 p.m.
Open Session
Healthcare Bundled Payment Projects Panel
4:00 p.m.
Closed Session
Performance, Personnel, Potential Litigation (Pension

Reform), and Bankruptcy Litigation Matters (In re: City of
Stockton (U.S. Bankruptcy Court, Eastern District of CA, No. 1232118); In re: City of San Bernardino (U.S. Bankruptcy Court,
Central District of CA, No. 2-BK-28006); In re: Mendocino Coast
Health Care District, (U.S. Bankruptcy Court, Northern District,
Santa Rosa Division (Case No. 12-12753))

a
La Grande Room
AGENDA
8:30 a.m.
Open Session
Welcome/Opening
8:45 a.m.
Open Session
State Budget
9:00 a.m.
Open Session
Pension Reform Implementation
9:30 a.m.
Open Session
10:00 a.m.
Break
10:15 a.m.
Closed Session
Personnel, Performance, and Employment Matters

(Succession Management)


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-005-13
February 7, 2013
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION, ITS

COMMITTEES AND ADVISORY PANELS
The CalPERS Board of Administration, its Committees and Advisory Panels are scheduled
to meet on the following days in February. All meetings are held in public session unless
otherwise noted.
Date and Time: Tuesday, February 19, 2013, 9:00 a.m.
Date and Time: Tuesday, February 19, 2013, 10:00 a.m., or upon adjournment or recess of
Date and Time: Tuesday, February 19, 2013, 10:30 a.m., or upon adjournment or recess of
Performance, Compensation and Talent Management Committee
Date and Time: Tuesday, February 19, 2013, 3:00 p.m., or upon adjournment or recess of
the Investment Committee, whichever is later
health plan negotiations pursuant to Government Code section 11126(c)(17).

February 7, 2013
Page 2

Date and Time: Wednesday, February 20, 2013, 1:00 p.m., or upon recess or adjournment
of the Pension and Health Benefits Committee meeting, whichever is later
Date and Time: Thursday, February 21, 2013, 8:00 a.m.
Date and Time: Thursday, February 21, 2013, 9:00 a.m., or upon adjournment or recess of
Petition(s) for Reconsideration. A closed session will be held upon adjournment or recess of
the open session to discuss litigation matters pursuant to Government Code section
11126(e).
Date and Time: Thursday, February 21, 2013, 1:00 p.m., or upon adjournment or recess of
the Board of Administration meeting, whichever is later
Board members will attend the Actuarial Policies Workshop
language or captioning services require a minimum of 72 hours notice. To request service,
please call (916) 795-3065 (voice or TTY).
Items scheduled for the public sessions of the meetings are listed on the attached agendas.
This information is also available on the CalPERS website at www.calpers.ca.gov. Please
contact Cheree Swedensky, at 916-795-3128, with any questions regarding the meetings.
Thank you.
ANNE STAUSBOLL
Attachment
February 19, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
10:30 a.m.

Whichever is Later
2. Election of Chair and Vice-Chair
Joseph Dear
Page 2 of 4
Joseph Dear
4. Consent Items
b. Annual Reports to the Legislature Holocaust Era
and Northern Ireland
c. Proposed Regulation Relating to External
Investment Resource Conflict of Interest Policy
d. Revision of the Global Fixed Income Program
Policy
e. Revision of the Asset Allocation/Risk Management
Delegation Resolution for Professional Staff
Joseph Dear
5. Consent Items
b. Draft Agenda for March 2013 Committee Meeting
Action Agenda Items
Ben Meng
a. Extension of Interim Asset Allocation Targets

7. Program Review
Joseph Dear
Ed Robertiello
Michael Schlachter,
Andrew Junkin
Wilshire Associates
a. Absolute Return Strategies Strategic Plan

b. Consultant Review of the Absolute Return
Strategies Program

Joseph Dear
Eric Baggesen
a. CalPERS CIO Total Fund Performance and Risk

Report
Page 3 of 4
Michael Schlachter,
Andrew Junkin
Wilshire Associates
b. Consultant Total Fund Performance and Risk

Report
David Glickman,
Michael Moy, Pension
Consulting Alliance
Inc.
9. Total Fund
Anne Simpson
Joseph Dear
Eric Baggesen
Anne Simpson

b. Assault Weapon Manufacturers Portfolio Review
10. Public Comment

CLOSED SESSION

Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
3) Disclosure of Placement Agent Fees:
Proposed Investments
Page 4 of 4

4. Program Review
Ted Eliopoulos
Michael Croft, Brett
Munger, Common
Wealth Partners
a. Real Estate Strategic Partner Presentation
5. Total Fund
Joseph Dear
Eric Baggesen
Anne Simpson
a. Assault Weapon Manufacturers Portfolio Review

Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
c. Global Equity
Curtis Ishii
Ed Robertiello
Geraldine Jimenez
Joseph Dear
g. Opportunistic
Notes
take action.
Performance, Compensation and Talent

February 19, 2013

3:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Dan Dunmoyer, Chair
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
3:00 p.m.

2. Election of the Performance, Compensation and
Talent Management Committee Chair and Vice Chair
Doug Hoffner
3. Executive Report
Doug Hoffner
4. Consent Items
Doug Hoffner
5. Consent Items
a. Annual Agenda Item Calendar Review - 2013
Page 2 of 2
Action Agenda Items

Katie Hagen
6. Executive Compensation Policy Revisions
Katie Hagen

Katie Hagen
8. Second Quarter Status Reports on Performance

Plans of the Chief Executive Officer and Chief
Investment Officer
Katie Hagen

10. Public Comment
Notes
take action.

February 20, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
2. Election of Committee Chair and Vice Chair
Ann Boynton
4. Consent Items
a. Approval of the December 11, 2012, Pension and
Ann Boynton
5. Consent Items
b. Draft Agenda for March 19, 2013, Pension and
c. Update on Retiree Cost-of-Living Adjustments
d. Results of the June 30, 2011, Actuarial Valuations
for Public Agencies
e. Public Agency Recruitment and Retention for the
Health Program
Page 2 of 3
f. Kaiser Medicare Conversion Project
Action Agenda Items
Donna Lum
Renee Ostrander
Danny Brown
Danny Brown
Donna Lum
Renee Ostrander
6. Pension Reform Implementation

a. Pension Reform: Implementation Update
b. Senate Bill 13 (Negrete McLeod) Pension
Reform Clarifying Legislation
c. State Legislative Proposal: Conformity with the
Public Employees Pension Reform Act of 2013
(PEPRA)
d. Proposed Regulations to Implement PEPRA
Ann Boynton
Kathy Donneson
7. Long-Term Care New Benefit Design and Product

Pricing
Ann Boynton
Doug McKeever
8. Health Benefit Purchasing and Data Availability

Resolution
Doug McKeever
James DeBenedetti
9. Health Premium Risk Adjustment

a. Proposed Methodology
b. Adoption of Regulations
Doug McKeever
10. Adoption of Regulations: Options for Medicare

Supplement Plans
Donna Lum
Lori McGartland
11. Performance Measurement for Customer Service

Areas
Donna Lum
Renee Ostrander
12. Implementation of IRS Proposed Draft Regulations

for Public Agency Determinations
Ann Boynton
Kathy Donneson
13. Long-Term Care Program Semi-Annual Update
Kathy Donneson
Dr. Richard Sun
14. Health Benefit Quality Report
Ann Boynton
Doug McKeever
15. Health Open Enrollment Results
Doug McKeever
16. 2012 Health Benefit Changes Update on Impacts

17. Public Comment
Page 3 of 3
CLOSED SESSION

Ann Boynton
Kathy Donneson
Doug McKeever
2. Health Plan Procurement and Health Maintenance

Organization Rate Strategy
Notes
take action.

February 20, 2013

1:00 p.m.
Pension and Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of the December 12, 2012, Meeting
Minutes
Cheryl Eason
5. Consent Items
b. Draft Agenda for the March 2013 Committee
Meeting
Page 2 of 2
d. 2012-13 Delinquency Report

Action Agenda Items
6. Administration
Douglas Hoffner /
Kimberly A. Malm
a. 2013 Member-At-Large Board Election Notice of

Election and Schedule of Events
Douglas Hoffner /
Katie Hagen
b. CalPERS Learning Management System (Saba)

Contract Extension
Douglas Hoffner

Russell G. Fong
a. Financial Office Initiative Update
Russell G. Fong /
Dave G. Cornejo
b. Current Budget and Financial Reporting Issues

9. Public Comment
Notes
take action.
February 21, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.

Later
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1. Kathleen Ikari
2. Joe C. Martinez
3. Joni K. Forsht
4. David J. Lancaster
5. Franklin Green
6. Joseph M. Tanner and City of Vallejo
7. Steven J. Blancarte
8. Benjamin Navarrette
9. Angelica Toralba
10. Seth Boone
11. Stacey Allen
12. Carlos Sanchez
13. Anthony Meadows
14. John Macari
15. Robert Aceves
16. Peyton A. Smith
17. Tonia Bealer
18. Lizabeth Ruiz
19. Eric Reason
1. Brenda Stevenson
2. Michael Campbell
Rob Feckner
6. Consent Items
b. Draft Agenda for March 2013 Meeting

Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer
d. Performance, Compensation & Talent

Management Committee (Oral)
JJ Jelincic
Rob Feckner

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
9. Public Comment
CLOSED SESSION

Peter Mixon
Michael Gearin
K&L Gates LLP

Eastern District of CA, No. 12-32118); In re: City of
San Bernardino (U.S. Bankruptcy Court, Central
District of CA, No. 2-BK-28006); and potential
Peter Mixon
11. CDF Firefighters v. CalPERS

(Alameda County Superior Court, Case No.
12661622)
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-012-13
March 8, 2013
TO:

SUBJECT:

The CalPERS Board of Administration, its Committees and Advisory Panels are scheduled
to meet on the following days in March. All meetings are held in public session unless
otherwise noted.
Date and Time: Monday, March 18, 2013, 10:00 a.m., or upon adjournment or recess of the
Investment Committee Workshop
Investment Committee closed session, whichever is later
Committee members will attend an Investment Beliefs Stakeholder Panel Workshop
Investment Committee Workshop, whichever is later
matters pursuant to section 11126(e).
Date and Time: Monday, March 18, 2013, 3:00 p.m., or upon adjournment or recess of the
Investment Committee, whichever is later

March 8, 2013
Page 2

Date and Time: Tuesday, March 19, 2013, 8:30 a.m
Date and Time: Tuesday, March 19, 2013, 10:30 a.m., or upon adjournment or recess of
the Pension and Health Benefits Committee closed session, whichever is later
health plan negotiations pursuant to Government Code section 11126(c)(17).
Date and Time: Wednesday, March 20, 2013, 8:45 a.m., or upon adjournment or recess of
Date and Time: Wednesday, March 20, 2013, 9:00 a.m., or upon adjournment or recess of
the Risk and Audit Committee, whichever is later
Petition(s) for Reconsideration. A closed session will be held upon adjournment or recess of
the open session to discuss litigation matters pursuant to Government Code section
11126(e).
language or captioning services require a minimum of 72 hours notice. To request service,
please call (916) 795-3065 (voice or TTY).

March 8, 2013
Page 3
Items scheduled for the public sessions of the meetings are listed on the attached agendas.
This information is also available on the CalPERS website at www.calpers.ca.gov. Please
contact Cheree Swedensky, at 916-795-3128, with any questions regarding the meetings.
Thank you.
ANNE STAUSBOLL
Attachment
March 18, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
WORKSHOP
10:30 a.m.

Whichever is Later
LPN 1140
Janine Guillot
Allan Emkin, Pension
Consulting Alliance
1. Open Session Workshop

a. Investment Beliefs Stakeholder Panel
Page 2 of 4
OPEN SESSION
11:30 a.m.

Workshop, Whichever is Later
Joseph Dear
Joseph Dear
3. Consent Items
Joseph Dear
4. Consent Items
b. Draft Agenda for April 2013 Committee Meeting
Action Agenda Items
5. Committee Governance
Janine Guillot
a. Review of Investment Committee Delegation

Carol Moody
a. Investment Proprietary Software and Subscription

Procurement
Geraldine Jimenez
a. Proposed Adoption of the Public Employees

Health Care Fund Policy
Ted Eliopoulos
b. Proposed Revision of the Real Assets Program

Policy
Ed Robertiello
c. Proposed Revision of the Absolute Return

Strategies Program Policy
Page 3 of 4

Janine Guillot
a. Investment Office Risk Heat Map and Target

Operating Model Refresh
9. Program Reviews
Laurie Weir
a. Targeted Investment Programs and Diversity

Initiatives Update
Anne Simpson

10. Public Comment
CLOSED SESSION

is Later
(Government Code sections11126(c)(16) and 11126(e) [Item
No. 6 only])
Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Page 4 of 4

4. Program Review
Ral Desrochers
Tony James,
Blackstone
a.
Private Equity External Manager Presentation

Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
John Cole
c. Global Equity
Curtis Ishii
Ed Robertiello
Eric Baggesen
Joseph Dear

g. Opportunistic
Action Agenda Item
6. Cesar Baez vs. CalPERS, et al., Superior Court of the
State of California for the County of Los Angeles,
Case No. BC498010, and potential litigation
Notes
take action.

March 18, 2013

3:00 p.m.
Investment Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
3:00 p.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the February 20, 2013, Meeting
Minutes
Cheryl Eason
4. Consent Items
b. Draft Agenda for the April 2013 Committee
Meeting
Page 2 of 2
e. Contract Expenditure Report

Action Agenda Items
5. Committee Govenance
Cheryl Eason
a. Review of the Finance & Administration

Committee Delegation
6. Actuarial
Alan Milligan
a. Governmental Accounting Standards Board

(GASB) Statement 68 Implementation
Douglas Hoffner
a. 2013-2015 Business Plan (First Reading)

Cheryl Eason
a. Annual Budget Proposal (First Reading)

9. Actuarial
Alan Milligan
a. Annual Review of Pension Plans Funding Levels

and Risks
Cheryl Eason

11. Public Comment
Notes
take action.

March 19, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
8:30 a.m.
Ann Boynton
Kathy Donneson
2. Health Plan Procurement Negotiation Strategy

a. Preferred Provider Organization
b. Health Maintenance Organization
Ann Boynton
Doug McKeever
3. Health Maintenance Organization Rate Negotiation

Strategy
OPEN SESSION
10:30 a.m.

Whichever is Later
Ann Boynton
3. Consent Items
a. Approval of the February 20, 2013, Pension and
Page 2 of 2
Ann Boynton
4. Consent Items
b. Draft Agenda for April 16, 2013, Pension and
c. California Employees Retiree Benefit Trust
Update
Action Agenda Items
Ann Boynton
5. Committee Governance -- Review Pension & Health

Benefits Committee Delegation
Ann Boynton
Doug McKeever
6. 2013 Federal Health Policy Agenda
Alan Milligan
7. Amortization Periods and Smoothing Methods for

Retirement Trust Funds (First Reading)
Ann Boynton
Kathy Donneson
8. Selection of the Preferred Provider Organization

Third-Party Administrator
Donna Lum
9. PEPRA Implementation Update
Kathy Donneson
Bruce Lyons
CVS Caremark
Dr. Troy Brennan
CVS Caremark
10. Update from CVS Caremark
Karen DeFrank
Geraldine Jimenez
11. Supplemental Income Plans Update and Strategic

Review
Doug McKeever
James DeBenedetti
Gary McCollum
12. Self-Funded Health Plans Quarterly Report (3rd)
13. Public Comment

Notes
take action.

March 20, 2013

8:45 a.m.
Board of Administration Committee Closed Session,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
George Diehr
Rob Feckner
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:45 a.m.
Or Upon Adjournment or Recess of Board of Administration

Closed Session, Whichever is Later
2. Election of the Risk & Audit Committee Chair and
Vice Chair
Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of December 10, 2012, Meeting Minutes
Cheryl Eason
5. Consent Items
Meeting

Report
Action Agenda Items
Cheryl Eason
6. Committee Governance -- Review of the Risk & Audit

Margaret Junker
7. Audits
Rick Green, Macias,

Gini & O'Connell
a. External Manager Management Letter

8. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of December 10, 2012, Meeting Minutes
Margaret Junker
3. Personnel, Employment and Performance

Chief Auditor
Kathleen Webb

Chief Officer of Risk, Compliance and Ethics
Notes
take action.
March 20, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Dan Dunmoyer
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.
Or upon adjournment or recess of the Risk and Audit

Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
1. Scott Shirk
2. Jesus Escanuela
3. Gary Cooper
4. Nadine P. Levin/City of Mountain View
5. Melinda A. Tackitt
Rob Feckner
6. Consent Items
b. Draft Agenda for April 2013 Meeting
Henry Jones
Priya Mathur
George Diehr
Dan Dunmoyer

JJ Jelincic
Rob Feckner

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
9. Public Comment
CLOSED SESSION
(Gov. Code section
11126(e))
Peter Mixon

Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-014-13
April 5, 2013
TO:

SUBJECT:

The Board of Administration of the California Public Employees Retirement System

(CalPERS) and its committees will meet on April 15 through 17, 2013. The meetings will be
held in the CalPERS auditorium located in Lincoln Plaza North, 400 Q Street, Sacramento,
California, unless otherwise noted.
Copies of the agendas for the meetings are attached. This notice and the agendas are also
available on our website, www.calpers.ca.gov.
The estimated start times for each meeting are set forth below. In some cases, a portion of
the meeting may be held in closed session. Please refer to the related agendas, attached,
for additional information.
Monday, April 15, 2013
9:00 a.m.
10:00 a.m.
1:00 p.m.
Board of Administration (Closed Session Only)

Investment Committee Workshop (Room 1140)
Tuesday, April 16, 2013

8:30 a.m.
10:30 a.m.
Pension and Health Benefits Committee (Closed Session Only)

Wednesday, April 17, 2013

8:00 a.m.
9:00 a.m.
10:00 a.m.
Performance, Compensation and Talent Management Committee

Live broadcasts of open session meetings of the Board and its committees are available for
viewing at www.calpers.ca.gov. Please refer to the website for information on attending
meetings and presenting public comment.

April 5, 2013
Page 2
The meeting facilities are accessible to persons with disabilities. Requests for disabilityrelated modification or accommodation require a minimum of 72 hours notice and may be
requested by calling (916) 795-3065 (voice or TTY).
Questions regarding the meetings may be referred to Cheree Swedensky at (916) 795-3128
or cheree.swedensky@calpers.ca.gov.
ANNE STAUSBOLL
Attachment
April 15, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Vacant, Governor Appointee,
Insurance Industry Representative
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
April 15, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
Investment Strategies (Government Code section
11126(c)(16))
OPEN SESSION

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
b. Adoption of the Public Employees' Health Care
Fund Policy
c. Revision of the Real Assets Program Policy
d. Revision of the Absolute Return Strategies
Program Policy
e. Revision of the Real Assets Delegation Resolution
for Professional Staff
f. Revision of the Affiliate Investment Programs
Delegation Resolution for Professional Staff
Joseph Dear
4. Consent Items
Action Agenda Items
5. Independent Oversight
Carol Moody
a. Board Investment Consultant RFP Infrastructure

Program
6. Legislation
Danny Brown
a. AB 761 (Dickinson) Firearm and Ammunition

Manufacturer Divestment
Curtis Ishii
Eric Baggesen
Ben Meng
a. Proposed Revision of the Total Fund Benchmarks

Policy to Reflect Global Fixed Income Benchmark
and Inflation Assets Benchmark Changes Initial
Review
Page 3 of 4
Curtis Ishii
b. Proposed Revision of the Global Fixed Income

Program Policy Initial Review
Curtis Ishii
c. Proposed Revision of the Inflation Assets Policy

Initial Review
8. Business Plan/Roadmap
Janine Guillot
a. Cost Effectiveness
9. Public Comment
CLOSED SESSION

Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
John Cole
c. Global Equity
Curtis Ishii
Page 4 of 4
Ed Robertiello
Eric Baggesen
Joseph Dear
g. Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
Janine Guillot
Roger Urwin,
Michael Hall, Towers
Watson
1:00 p.m. or Upon Adjournment or Recess of Closed

Open Session Workshop - Discussion of Investment
Beliefs
Notes
take action.
4) Board members may attend meetings of committees of which they are not members and
participate in the discussions during those meetings.

April 16, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
To Discuss Health Plan Contract Negotiations
8:30 a.m.

1.
Ann Boynton
Doug McKeever
James DeBenedetti
2.
Health Plan Financial Reports
Ann Boynton
Kathy Donneson
3.
Health Plan Procurement Strategy
OPEN SESSION
10:30 a.m.

Whichever is Later
Ann Boynton
3. Consent Items
Page 2 of 3
Ann Boynton
4. Consent Items
c. Survey of Retirement Systems with Funded
Status Below 40%
Action Agenda Items
Danny Brown
5. Legislation
a. Assembly Bill 410 (Jones-Sawyer) Retention of
Health Benefits After Reinstatement from
Retirement
b. Assembly Bill 459 (Mitchell) Food and
Beverage Guidelines for State Concessions and
Vending Operations
c. Assembly Bill 785 (Weber) Direct Mail
Assistance
d. Senate Bill 598 (Hill) Prescription Drugs:
Biosimilar Products
Alan Milligan
6. Judges Retirement System Actuarial Valuation
Alan Milligan
7. Judges II Retirement System Actuarial Valuation and

Employer Contribution Rates
Alan Milligan
8. Legislators Retirement System Actuarial Valuation

Alan Milligan
9. Amortization Periods and Smoothing Methods for

Retirement Trust Funds (Second Reading)
Ann Boynton
Doug McKeever
10. 2013 Federal Health Policy Agenda
Kathy Donneson
11. Selection of Health Maintenance Organization Plans

Donna Lum
Renee Ostrander
12. PEPRA Implementation Update
Karen DeFrank
Geraldine Jimenez
13. Supplemental Income Plans Update and Strategic

Review
Doug McKeever
James DeBenedetti
Gary McCollum
14. Self-Funded Health Plans Quarterly Report (3rd)
Page 3 of 3
Doug Hoffner
Donna Lum
Karen Ruiz
15. PSR Transition Update
16. Public Comment

Notes
take action.

April 17, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Michael Bilbrey, Chair
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Talent Management Committee Vice Chair
Doug Hoffner
3. Executive Report
Doug Hoffner
4. Consent Items
Doug Hoffner
5. Consent Items
Katie Hagen
Adam Barnett
(McLagan)
6. Biennial Salary Survey Approach and Methodology
Page 2 of 2
Katie Hagen
7. Investment Office Classification and Organization

Redesign Effort
Katie Hagen

9. Public Comment
Notes
take action.

April 17, 2013

9:00 a.m.
Performance, Compensation and Talent Management Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Performance,

Compensation and Talent Management Committee,
Whichever is Later
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
Cheryl Eason
4. Consent Items
Meeting
Page 2 of 2

d. Annual Report of Discharge of Accountability for
Uncollectible Debt
Action Agenda Items
Douglas Hoffner
a. 2013-2015 Business Plan (Second Reading)

Cheryl Eason
a. Annual Budget Proposal (Second Reading)
Cheryl Eason
b. Board Member Employers Reimbursements

7. Legislation
Danny Brown
a. State Legislative Proposal: Clarification and

Revision of Section 20574 of the Government
Code
8. Administration
Kimberly A. Malm
a. Sustainability Report
9. Public Comment
Notes
take action.
April 17, 2013

10:00 a.m.
Finance and Administration Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
10:00 a.m.
Or upon adjournment or recess of the Finance and

Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
6. Consent Items
a. Proposed Decisions of Administrative Law Judges
1. Pier Angela Spaccia
2. Theresa Mena
3. Nancy W. Fairfield
4. Annette Norton
5. Alfred Smith
6. Donn M. Canzano
7. Robert Vandergoot
8. Stephen M. Wilson et al
b. Petitions for Reconsideration
1. Joseph Tanner
2. Stacey Allen
Rob Feckner
7. Consent Items
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

JJ Jelincic
Rob Feckner

Action Agenda Items
Peter Mixon
9. Revisions to Committee Delegations

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
11. Public Comment

CLOSED SESSION
(Gov. Code section
11126(e))
Peter Mixon

Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-017-13
May 3, 2013
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION AND

ITS COMMITTEES

(CalPERS) and its committees will meet on May 13 through 15, 2013. The meetings will be
California, unless otherwise noted. Address of Telephonic Location: 101 Mcinnis Pkwy, San
Rafael, CA 94903
the meeting may be held in closed session. Please refer to the related agendas, attached,
for additional information.
Monday, May 13, 2013
9:00 a.m.
10:00 a.m.
3:00 p.m.

Tuesday, May 14, 2013

8:30 a.m.
9:00 a.m.
11:00 a.m.
Performance, Compensation & Talent Management Committee

Wednesday, May 15, 2013

8:00 a.m.
9:00 a.m.


May 3, 2013
Page 2
ANNE STAUSBOLL
Attachment
May 13, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
May 13, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
Joseph Dear
4. Consent Items
Action Agenda Items
Carol Moody
a. Adoption of Delegation Resolution for the

Opportunistic Program
Joseph Dear,
Eric Baggesen
a. CIO Total Fund Performance and Risk Report
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting

Report
Michael Moy,
David Glickman,
Pension Consulting
Alliance
Curtis Ishii,
Eric Baggesen,
Ben Meng
a. Proposed Revision of the Total Fund Benchmarks

Policy to Reflect Global Fixed Income Benchmark
and Inflation Assets Benchmark Changes Initial
Review
Curtis Ishii
b. Proposed Revision of the Global Fixed Income

Curtis Ishii
c. Proposed Revision of the Inflation Assets Policy

Initial Review
Page 3 of 4
8. Program Review
Dan Bienvenue,
Geraldine Jimenez
a. Supplemental Income Plans: Fund Policies and

Asset Allocations
Anne Simpson

Joseph Dear,
Douglas Hoffner
a. 2012-2017 Strategic Plan, Strategic Measures

Update
10. Public Comment
CLOSED SESSION

Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Action Agenda Items
Ted Eliopoulos,
Randall Mullan,
Farhad Billimoria
4. Program Update
a. Infrastructure Investment Opportunity
Page 4 of 4
5. Program Review
Eric Baggesen,
John Cole
a. Equity External Manager Presentation
Peter Rathjens,
Neil Tremblay,
Arrowstreet
Anne Simpson
b. Global Governance: Corporate Engagement

Investment Strategy
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
c. Global Equity
Curtis Ishii
Ed Robertiello
Eric Baggesen
Joseph Dear
g. Opportunistic
OPEN SESSION
WORKSHOP
Room 1140
Eric Baggesen,
Ben Meng
Consulting Alliance
Upon Adjournment or Recess of Closed Session, Whichever

is Later
2013 Asset Liability Management Workshop Review
of Asset Class Roles and Introduction to Capital
Market Assumptions
Steve Foresti,
Michael Schlachter,
Wilshire Associates
Consulting
Notes
take action.

May 14, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
Action Agenda Items
Katie Hagen
5. Biennial Salary Survey Comparator Group(s), Target

Quartile Selection, and Recommended Policy
Revisions
Katie Hagen
6. Revised Investment Office Management

Classifications
Page 2 of 2

Katie Hagen
7. Third Quarter Status Reports on Performance Plans

of the Chief Executive Officer and Chief Investment
Officer
Katie Hagen
8. Overview of Strategic Workforce Plan
Katie Hagen

10. Public Comment
Notes
take action.

May 14, 2013

9:00 a.m.
Or Upon Adjournment or Recess of
the Performance, Compensation and Talent Management Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Whichever is Later
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Page 2 of 3
Action Agenda Items
TIME CERTAIN
10:00 a.m.
Donna Lum
Renee Ostrander
5. Public Hearing and Proposed Amended Regulations

to Implement PEPRA
579 Scope and Authority
579.1 New Members and Classic Members
Defined
579.2 Additional Definitions
579.4 Break in Service Defined
579.24 Final Compensation Calculations for
Service Accrued under PEPRA and the PERL
Donna Lum
Renee Ostrander
6. Proposed Regulations to Implement PEPRA

579.3 Subject to Reciprocity Defined
579.21 Determination of Final Compensation
579.22 Application of Pensionable
Compensation Cap
579.25 Public Safety Officer Exception to the
180-Day Wait Period
Danny Brown
7. Legislation
a. Senate Bill 189 (Monning) Health Care
Coverage: Wellness Programs
b. Senate Bill 598 (Hill) Prescription Drugs:
Biosimilar Products
Donna Lum
Karen DeFrank
8. Supplemental Income Plans: Proposed Fund Line-Up

Change
Donna Lum
9. Customer Services and Support Performance

Update
Doug Hoffner
Donna Lum
10. 2012-2017 Strategic Plan, Strategic Measures

Update
11. Public Comment
Page 3 of 3
CLOSED SESSION
11:00 a.m.

Whichever is Later, to Discuss Health Plan Contract
Negotiations
Ann Boynton
Doug McKeever
2. Health Maintenance Organization Rate Negotiations

Strategy
Notes
take action.
May 15, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
6. Consent Items
a. Proposed Decisions of Administrative Law Judges
1. Robert D. Gunsalus
2. James D. Gates
3. Catherine E. Garbacz
4. Esther L. Chodakiewitz
5. Daniel A. Catalano, Norman (Eldo) E.
Evenson, City of Huntington Beach
6. Alfred Smith
Rob Feckner
7. Consent Items
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

JJ Jelincic
Rob Feckner

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
10. Public Comment

CLOSED SESSION
(Gov. Code section
11126(e))
Peter Mixon
11. In re: City of Stockton (U.S. Bankruptcy Court, Eastern

CA, No. 2-BK-28006); and potential bankruptcy
litigation
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-027-13
June 7, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on June 17 through 19, 2013. The meetings will be
the meeting may be held in closed session. Please refer to the attached agendas for
additional information.
Monday, June 17, 2013
9:00 a.m.
10:00 a.m.
1:00 p.m.

Tuesday, June 18, 2013

8:00 a.m.
9:00 a.m.
1:00 p.m.
3:00 p.m.

Wednesday, June 19, 2013

8:00 a.m.
9:00 a.m.


June 7, 2013
Page 2
ANNE STAUSBOLL
Attachment
June 17, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

(Gov. Code sections 11126(a)(1) and (g)(1)
Notes
June 17, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
Joseph Dear
4. Consent Items
b. Draft Agenda for August 2013 Committee
Meeting
Action Agenda Items
Curtis Ishii,
Eric Baggesen,
Ben Meng
a. Revision of the Total Fund Benchmarks Policy to

Reflect Global Fixed Income Benchmark and
Inflation Assets Benchmark Changes
Curtis Ishii
b. Revision of the Global Fixed Income Program

Policy
Curtis Ishii
c. Revision of the Inflation Assets Policy
Laurie Weir
d. Extension of the Trial Neutrality Responsible

Contractor Program Policy
Dan Bienvenue,
Geraldine Jimenez
e. Revision of the Supplemental Income Plans (SIP)

Target Retirement Date and POFF Funds Policies
Eric Baggesen, Ben

Meng
a. Adoption of Capital Market Assumptions

7. Program Review
Carol Moody
a. Investment Compliance Program Update
Anne Simpson

8. Public Comment
Page 3 of 4
CLOSED SESSION

Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
4. Global Governance
Anne Simpson
a. Corporate Engagement Investment Strategy

5. External Manager Updates
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Eric Baggesen
c. Global Equity
Curtis Ishii
Ed Robertiello
Joseph Dear
f. Opportunistic
Page 4 of 4
OPEN SESSION
WORKSHOP
Room 1140
Eric Baggesen,
Ben Meng, Alison Li
Upon Adjournment or Recess of Closed Session, Whichever

is Later
a. Risk-Factor-Based Asset Allocation and Future
Portfolio Considerations

Consulting Alliance
Andrew Junkin,
Wilshire Associates
Consulting
Anne Simpson
b. Sustainable Investment Research Initiative:

Review of Evidence
Brad Barber, UC
Davis Graduate
School of
Management
Robert Jackson,
Columbia Law School
Notes
take action.

June 18, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

Ann Boynton
Doug McKeever
OPEN SESSION
10:00 a.m.
2. Health Maintenance Organization Rate Negotiations

Strategy
Whichever is Later
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Page 2 of 2
Action Agenda Items
Danny Brown
5. Senate Bill 746 (Leno) Large Group Health Plan

Market: Data Disclosure
Doug McKeever
6. 2014 Health Benefits and Rates

a. Approval of 2014 Health Maintenance
Organization Plans Benefits and Rates
b. Approval of 2014 Preferred Provider Organization
Plans Benefits and Rates
c. Approval of 2014 Association Plans Rates
David Cowling
Jamie Robinson
7. Hips and Knees Reference Based Pricing Evaluation
Donna Lum
Karen DeFrank
8. Supplemental Income Plans New Investment Fund

Line-up Fees and Communication Transition Plan
Donna Lum
Renee Ostrander
9. PEPRA Implementation Update Proposed

Pensionable Compensation Regulations
Doug McKeever
Doug McKeever
James DeBenedetti
Gary McCollum
11. Self-Funded Health Plans 2012 4th Quarter Report
12. Public Comment

Notes
take action.

June 18, 2013

1:00 p.m.
Pension & Health Benefits Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the April 17, 2013, Meeting Minutes
Cheryl Eason
4. Consent Items
Meeting
e. Quarterly Contract Expenditure Report
Page 2 of 2
Action Agenda Items
5. Actuarial
Alan Milligan
a. 1959 Survivor Benefit Program Actuarial Valuation

Alan Milligan
b. Legislators Retirement System Actuarial

Valuation and Employer and Employee
Contribution Rates
Alan Milligan
c. State and Schools Actuarial Valuation and

Employer Contribution Rates
6. Administration
Carol Moody
a. Investment Office Non-Advisory Services

Standard Contract Terms and Conditions:
Alignment of Terms and Services
7. Administration
Cheryl Eason
a. My|CalPERS Post-Implementation Review

Douglas Hoffner

Cheryl Eason

10. Public Comment
Notes
take action.

June 18, 2013

3:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
4:00 p.m.
[Or Upon Adjournment or Recess of the Finance and

Administration Committee, Whichever is Later]
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
b. Draft Agenda for September 2013 Committee
Meeting
c. Proposed Changes to the Actuarial Classification
Series
Page 2 of 2
Action Agenda Items

Katie Hagen
5. 2013-14 Performance Plans: Chief Executive Officer

and Chief Investment Officer
Katie Hagen

7. Public Comment
Notes
take action.

June 19, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
George Diehr
Rob Feckner
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Margaret Junker
3. Chief Auditors Report
Cheryl Eason
4. Consent Items
a. Approval of March 20, 2013, Meeting Minutes
Cheryl Eason
5. Consent Items
Meeting
Report
f. Office of Audit Services Quarterly Status Report
Action Agenda Items

Kathleen Webb
a. 2013-15 Risk Assessment Plan
Kathleen Webb
b. 2013-15 Compliance Plan

7. Audits
Margaret Junker
a. Internal Audit Annual Plan
Margaret Junker /
Rick Green, Macias
Gini & OConnell
b. External Auditors Annual Plan

Kathleen Webb
a. Integrated Assurance Model
Larry Jensen

9. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of March 20, 2013, Meeting Minutes
Margaret Junker

Chief Auditor
Kathleen Webb

Notes
take action.
June 19, 2013

9:00 a.m.
Risk & Audit Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
a. Approval of May 2013 Meeting Minutes
6. Information Consent Items
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8. Proposed Decisions of Administrative Law Judges

a. Dawn M. Jones-Costner
b. Victoria M. Seidman
c. Debra L. Dougherty
9. Petitions for Reconsideration
a. James D. Gates
b. Daniel A. Catalano, Norman (Eldo) E. Evenson,
City of Huntington Beach
10. Full Board Hearing PierAngela Spaccia
Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
12. Public Comment

CLOSED SESSION
(Gov. Code section
11126(e))
Peter Mixon

Notes
4) The Board may adjourn into Closed Session to deliberate on any Proposed Decision(s) or Petition(s)
for Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-040-13
July 2, 2013
TO:

SUBJECT:

(CalPERS) will attend an Off-Site meeting on July 15 through 17, 2013. The meeting will be
held at the Sheraton Sonoma County, 745 Baywood Drive, Petaluma, CA, 94954.
A copy of the agenda for the offsite is attached. This notice and the agenda are also
The estimated start times are set forth below. In some cases, a portion of the offsite may be
held in closed session. Please refer to the attached agendas for additional information.
Monday, July 15, 2013
8:30 a.m.
4:30 p.m.
Open Session
Closed Session
Tuesday, July 16, 2013

9:00 a.m.
10:00 a.m.
Closed Session
Open Session
Wednesday, July 17, 2013

8:30 a.m.
Closed Session
Questions regarding the meeting may be referred to Cheree Swedensky at (916) 795-3128
ANNE STAUSBOLL
Attachment
a
CalPERS BOARD OF ADMINISTRATION AND EXECUTIVE OFFSITE
Sheraton Sonoma County Petaluma, CA
AGENDA
8:30 a.m.
Open Session
Welcome / Opening (Heron Ballroom B)
8:45 a.m.
Open Session
Fiscal Year End Results (Heron Ballroom B)
9:00 a.m.
Open Session
Investment Beliefs (Heron Ballroom B)
11:00 a.m.
Break
11:15 a.m.
Open Session
Investment Beliefs (Continued) (Heron Ballroom B)
12:15 p.m.
Lunch
1:15 p.m.
Open Session
Asset Liability Management Workshop Preview (Heron

Ballroom B)
2:45 p.m.
Break
3:00 p.m.
Open Session
Asset Liability Management Workshop Preview (Continued)

(Heron Ballroom B)
4:30 p.m.
Closed Session
Personnel and Investment Matters


a
AGENDA
9:00 a.m.
Closed Session
Closed Session Litigation (Heron Ballroom B)

In re: City of Stockton (U.S. Bankruptcy Court, Eastern District of
CA, No. 12-32118); In re: City of San Bernardino (U.S. Bankruptcy
bankruptcy litigation (Government Code section 11126(e))
9:45 a.m.
Break
10:00 a.m.
Open Session
Welcome / Opening (Heron Ballroom B)
10:05 a.m.
Open Session
Action Items (Heron Ballroom B)

Full Board Hearing Decision Spaccia, PierAngela
Adopt Revisions to Health Plan Risk Adjustment
Regulations
10:30 a.m.
Open Session
Stakeholder Relations Survey Results (Heron Ballroom B)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Strategic Plan Review and Measures (Heron Ballroom B)
2:00 p.m.
Break
2:15 p.m.
Open Session
Strategic Plan Review and Measures (Continued) (Heron

Ballroom A)

a
AGENDA
8:30 a.m.
Closed Session
Closed Session CalPERS Headquarters and R Street

Corridor Buildings: Personnel, Potential Litigation, and
Investment Matters (Heron Ballroom B)
(Government Code sections 11126(a)(1), 11126(c)(16), and
11126(e))
10:00 a.m.
Break
10:15 a.m.
Closed Session
Closed Session Affordability and Health Plan Rate

Negotiations (Heron Ballroom B)


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-054-13
August 9, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on August 19 through 21, 2013. The meetings will
be held in the CalPERS auditorium located in Lincoln Plaza North, 400 Q Street,
Sacramento, California, unless otherwise noted.
Monday, August 19, 2013
9:00 a.m.
10:00 a.m.
10:30 a.m.

Investment Committee (Closed Session)
Tuesday, August 20, 2013

8:00 a.m.
8:30 a.m.
1:00 p.m.
1:30 p.m.

Pension and Health Benefits Committee (Closed Session)
Wednesday, August 21, 2013

8:00 a.m.
8:30 a.m.
9:30 a.m.

Open Meeting Act and Public Records Act Workshop (Room 1140)

August 9, 2013
Page 2
ANNE STAUSBOLL
Attachment
August 19, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.
Presidents Briefing on Performance, Employment, and

Personnel Issues
Personnel, Employment and Performance Closed
Session: Staff Certifications
Notes
August 19, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
(Government Code sections 11126(a)(1) and
11126(c)(16))
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
b. Revision of the Affiliate Investment Programs
Delegation for Professional Staff
Joseph Dear
4. Consent Items
b. Draft Agenda for September 2013 Committee
Meeting
Action Agenda Items
Carol Moody
a. Contracts Administration: Primary Pension

Consultant Contract Extension
Carol Moody
b. Contracts Administration: Back-Up to the Primary

Pension Consultant Letter of Engagement
Renewal
Carol Moody
c. Contracts Administration: Inflation-Linked Asset

Class Spring-Fed Pool Term Extension
Carol Moody
d. Contracts Administration: Infrastructure Board

Investment Consultant Letter of Engagement
Renewal
Carol Moody
e. Contracts Administration: Board Investment

Consultant Request for Proposal Private
Equity Program
Joseph Dear
Eric Baggesen
Page 3 of 4
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting

Report
Michael Moy, David

Glickman, Pension
Consulting Alliance
7. Program Reviews
Anne Simpson
Ted Eliopoulos
Laurie Weir
Community Ventures
b. CalPERS for California Report 2012
Laurie Weir
Christine Gogan
c. Emerging Manager Programs Update

8. Policy and Delegation
Dan Bienvenue
Eric Baggesen
Michael Schlachter,
Wilshire Associates
Consulting
CLOSED SESSION
a. Proposed Adoption of Judges Retirement Fund

Policy Initial Review
b. Proposed Revision of the Total Fund Benchmarks
9. Public Comment

(Government Code sections 11126(c)(16) and 11126(e)
[Item No. 5 only])
Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Page 4 of 4

Action Agenda Items
Eric Baggesen
Peter Mixon
a. Global Fixed Income Benchmark and Asset Class

Role
5. Potential Litigation: Derivative Action
Anne Simpson
6. Corporate Engagement Strategy: Board Quality and

Diversity
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ed Robertiello
Joseph Dear
f. Opportunistic
Notes
take action.

August 20, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
Bill Slaton
JJ Jelincic
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of November 2012 Meeting Minutes
4. Consent Items
a. Annual Strategic Calendar
b. Draft agenda for September 2013 Board
Action Agenda Item
Kathleen Webb
5. Governance Policy: Undue Influence Certification
Peter Mixon
6. Board Governance Project: Enhancement of Board

Member Competencies
7. Public Comment
Notes
take action.

August 20, 2013

8:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Action Agenda Items
Danny Brown
5. Legislation
a. Assembly Bill 912 (Quirk-Silva) Health Care
Coverage: Fertility Preservation
Page 2 of 3
b. Assembly Bill 1144 (Hall) Postemployment
Health Benefits: City of Carson
c. Assembly Bill 1346 (Pan) Postemployment
Health Benefits: Sacramento Metropolitan Fire
District
d. Senate Bill 277 (Beall) State Peace Officers and
Firefighters Defined Contribution Plan: Closure
e. Senate Bill 598 (Hill) Biosimilars
f. Senate Bill 746 (Leno) Large Group Health
Plan Market: Data Disclosure
Donna Lum
Renee Ostrander
6. Proposed Regulations to Implement PEPRA

579.3 Subject to Reciprocity Defined
579.21 Determination of Final Compensation
579.22 Application of Pensionable
Compensation Cap
579.25 Public Safety Officer Exception to the
180-Day Wait Period
Donna Lum

Update
Ann Boynton
Ken Wood
Covered California
8. Health Benefit Exchange Covered California:

Impacts to California Marketplace
Ann Boynton
Stephen Holland
Univita
9. The Impact of CalPERS Long-Term Care Program

on End-of-Life Medical Care Costs
Kathy Donneson
Doug McKeever
11. Hospital Price Analysis
Doug McKeever
Jan Falzarano
12. Dependent Eligibility Verification Amnesty Period

Update
13. Public Comment
CLOSED SESSION
1:00 p.m.

Whichever is Later, Closed Session to Discuss Health Plan
Contract Negotiations
(Gov. Code Section 11126(c)(17))
Ann Boynton
Kathy Donneson
2. Health Plan Contract Negotiations
Page 3 of 3
Notes
take action.

August 20, 2013

1:30 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
1:30 p.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the June 18, 2013, Meeting Minutes
b. Contract Administration: FactSet Purchase Order
Increase
Cheryl Eason
4. Consent Items
Meeting
Page 2 of 2
Action Agenda Items
5. Administration
Cheryl Eason
a. Request for Proposal (RFP) Scope of Work for

PIER Plus Report
Douglas Hoffner
a. CalPERS 2012-14 Business Plan Fourth

Quarter Update and Closeout
7. Administration
Robert Glazier
a. Website Usability Initiative Activities

8. Public Comment
Notes
take action.
August 21, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

WORKSHOP
8:30 a.m. (Room 1140)
Or Upon Recess of the Closed Session, Whichever is Later

Workshop Open Meeting Act & Public Records Act
OPEN SESSION
9:30 a.m.
Or Upon Adjournment or Recess of the Open Meeting Act &

Public Records Act Workshop, Whichever is Later
Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items
b. Draft Agenda for September 2013 Meeting
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner

a.
b.
c.
d.
e.
f.
g.
h.
Larry L. Hedrick
Keith Lewinger
Stacy A. Esau
Rory Mayberry
Kerry E. Carter
Karen A. Crawford
Milagros Oliver
William Welch

a.
b.
Peter Mixon
Victoria M. Seidman
Debra Dougherty
10. Designation of Precedential Decision Robert

Vandergoot

Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
12. Public Comment

CLOSED SESSION
(Gov. Code section
11126(e))
Peter Mixon

14. Sanchez v. CalPERS (L.A. County Superior Court
No. BC-517444)
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-057-13
September 6, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on September 16 through 18, 2013. The meetings
will be held in the CalPERS auditorium located in Lincoln Plaza North, 400 Q Street,
Monday, September 16, 2013
9:00 a.m.
10:00 a.m.
10:30 a.m.
1:30 p.m.

Tuesday, September 17, 2013

8:00 a.m.
8:30 a.m.
9:00 a.m.
10:30 a.m.

Wednesday, September 18, 2013

9:00 a.m.

September 6, 2013
Page 2
ANNE STAUSBOLL
Attachment
September 16, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
September 16, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
b. Contracts Administration: Private Equity Board
Investment Consultant Contract Extension
Joseph Dear
4. Consent Items
b. Draft Agenda for October 2013 Committee
Meeting
c. Total Fund Monthly Update Performance and
Risk
d. Total Fund Monthly Update Investment
Compliance
Action Agenda Items
Eric Baggesen
a. Revision of the Total Fund Benchmarks Policy

6. Total Fund
Joseph Dear, Eric

Baggesen
a. Adoption of CalPERS Investment Beliefs and

Initial Review of CalPERS Investment Beliefs
Policy
7. Total Fund
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting
a. CalPERS Consultant Public Fund Universe

Comparison Report
8. Program Review
Curtis Ishii, Kevin
Winter
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting
a. Global Fixed Income Programs Annual Review

b. Consultant Review of the Global Fixed Income
Programs
Page 3 of 4
9. Public Comment
CLOSED SESSION

Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Action Agenda Items
Eric Baggesen
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
a. Global Fixed Income Benchmark and Asset Class

Role

Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue, John

Cole
c. Global Equity
Curtis Ishii
Anne Simpson
e. Global Governance
Ed Robertiello
Joseph Dear
g. Opportunistic
Page 4 of 4
OPEN SESSION
WORKSHOP
1:30 p.m.
Room 1140
Eric Baggesen, Alan
Milligan, Ben Meng

Whichever is Later
Discussion of Currency Hedging Program and Other

Asset Liability Management Related Topics
Notes
take action.

September 17, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the August 20, 2013, Meeting Minutes
b. Contingency Reserve Fund Adjustment
Cheryl Eason
4. Consent Items
b. Draft Agenda for the October 2013 Committee
Meeting
c. Chief Information Officers Report on Information
d. Quarterly Contract Expenditure Report
e. 2012-13 Delinquency Report
f. Annual Contracting and Procurement Activity
Report
Page 2 of 2
g. Small Business and Disabled Veteran Business
Enterprise Contract Participation
Action Agenda Items
5. Administration
Robert Glazier
a. Request for Proposal (RFP) for Legislative

Representative
Cheryl Eason
a. Year-End Budget and Expenditure Report

7. Administration
Kimberly A. Malm
a. Workforce Space Needs
Douglas Hoffner/
Donna Lum
b. Transition Strategy for My|CalPERS
Robert Glazier
c. Pension Data Privacy
Robert Glazier
d. Federal Legislative Representative Contract:

Change in Key Position
8. Diversity
Lindy Plaza
a. Diversity Report
9. Public Comment
Notes
take action.

September 17, 2013

8:30 a.m.
Finance & Administration Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
George Diehr
Rob Feckner
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Or Upon Adjournment or Recess of the Finance &

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of June 19, 2013, Meeting Minutes
Cheryl Eason
4. Consent Items
Meeting
Report
f. Office of Audit Services Quarterly and Year-End
Status Report
g. External Audit Fees

Action Agenda Items
5. Actuarial
Alan Milligan
a. Third Party Valuation and Certification of the

Contracting Public Agency Plans as of
June 30, 2011
6. Compliance
Kathleen Webb
a. 2012-13 Compliance Report

7. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of June 19, 2013, Meeting Minutes
Margaret Junker

Chief Auditor
Kathleen Webb

Notes
take action.

September 17, 2013

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
JJ Jelincic
Henry Jones
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Peter Mixon
2. Executive Report
Peter Mixon
3. Consent Items
a. Approval of August 2013 Meeting Minutes
4. Consent Items
b. Draft agenda for October 2013 Board Governance
Committee meeting
Action Agenda Item

Peter Mixon
5. Board Governance Project: Enhancement of Board

Member Competencies
Peter Mixon
6. CalPERS Statement of Policy and Procedures Compliance with Bagley-Keene Open Meeting Act
Information Agenda Item
Doug Hoffner
7. Board Governance Project Update on Strategic

Measures
8. Public Comment
Notes
take action.

September 17, 2013

10:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:30 a.m.

Committee, Whichever is later
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
a. Annual Agenda Item Calendar Review 2013
b. Annual Agenda Item Calendar Review 2014
c. Draft Agenda for October 2013 Committee
Meeting
Page 2 of 2
Katie Hagen
5. Workforce Strategic Plan
Doug Hoffner
6. Organizational Health Index Survey Update
Katie Hagen

8. Public Comment
CLOSED SESSION

(Gov. Code sections 11126(a)(1) and (g)(1))]
1.
Action Agenda Items

Katie Hagen
2.

Katie Hagen
3.
Correction to 2011-12 Performance Awards for

Executive and Investment Management Staff
Katie Hagen
4.
Review of 2012-2013 Performance: Chief Executive


Katie Hagen
5.
Review of 2012-13 Performance: Chief Actuary and

Chief Financial Officer
Notes
take action.
September 18, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Rob Feckner

Anne Stausboll
Joe Dear
Rob Feckner
5. Consent Items

b. Draft Agenda for October 2013 Meeting
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner

a. John Fogerty
b. Pamela Battle
c. Josefina Limos
d. Robert Icenogle
Robert Glazier
Tom Lussier
Lussier, Gregor,
Vienna & Associates
10. Public Comment
CLOSED SESSION
Peter Mixon
11. Litigation Matters (Gov. Code section 11126(e))

a. In re: City of Stockton (U.S. Bankruptcy Court,
Eastern District of CA, No. 12-32118); In re: City
of San Bernardino (U.S. Bankruptcy Court,
Central District of CA, No. 2-BK-28006); and
potential bankruptcy litigation
b. Sanchez v. CalPERS (L.A. County Superior
Court, No. BC-517444)
12. Chief Executive Officers Briefing on Performance,
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-067-13
October 17, 2013
TO:

SUBJECT:
The meeting of the Board of Administration of the California Public Employees Retirement
System (CalPERS) noticed for and commenced on October 16, 2013 (Notice and Agenda
attached), was recessed pursuant to Government Code section 11128.5.
The CalPERS Board of Administration will reconvene on Monday, October 21, 2013, at
3:45 p.m. at the following locations:
Hilton San Jose
Santa Clara Room
300 Almaden Boulevard
San Jose, CA 95110
Telephonic Location:
Mandalay Bay
South Convention Center Level II
3950 S. Las Vegas Boulevard
Las Vegas, NV 89109
The reconvened meeting will not be broadcast. Please refer to www.calpers.ca.gov for
information on attending meetings and presenting public comment.
ANNE STAUSBOLL
Attachment

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-061-13
October 4, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on October 14 through 16, 2013. The meetings will
Monday, October 14, 2013
9:00 a.m.
10:00 a.m.
10:30 a.m.

Tuesday, October 15, 2013

8:00 a.m.
8:30 a.m.
9:30 a.m.
12:30 p.m.

Projecting Mortality Improvements Workshop (Room 1140)
Wednesday, October 16, 2013

8:00 a.m.
9:00 a.m.
12:30 p.m.
Board of Administration (Closed Session)

Pension Beliefs Workshop (Room 1140)

October 4, 2013
Page 2
ANNE STAUSBOLL
Attachment
October 14, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
October 14, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
Joseph Dear
4. Consent Items
b. Draft Agendas for Upcoming Committee Meetings
1) Asset Liability Management Workshop
2) November 2013 Committee Meeting
Risk
Compliance
Action Agenda Items
Joseph Dear, Eric

Baggesen, Anne
Simpson
a. Adoption of CalPERS Investment Beliefs Policy

Eric Baggesen
a. Adoption of Revised Capital Market Assumptions

for Global Fixed Income and Low Volatility
Eric Baggesen
a. Proposed Adoption of Global Derivatives and

Counterparty Risk Policy and Repeal of Legacy
Policies Initial Review
Dan Bienvenue,
Geraldine Jimenez
b. Proposed Revision of the Global Equity Program

Joseph Dear, Carol

Moody
a. Investment Office Roadmap and Target

Operating Model Update
Page 3 of 4
9. Program Reviews
Dan Bienvenue, John
Cole
a. Global Equity Annual Program Review
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
b. Consultant Review of the Global Equity Program
Ed Robertiello
c. Absolute Return Strategies Program Annual

Review
Michael Schlachter,
Andrew Junkin,
Wilshire Associates
Consulting
d. Consultant Review of the Absolute Return

Strategies Program
Andrew Junkin,
Wilshire Associates
Consulting
e. Consultant Review of Focus List Program

Performance
10. Public Comment

CLOSED SESSION

(Government Code section 11126(c)(16) and 11126(e) [Item
No. 5 only])
Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Page 4 of 4
Action Agenda Items
4. Environmental, Social, and Governance
Anne Simpson
Gina Ratto
a. Global Governance Program Corporate

Engagement Strategy 2013 Focus List Program
5. Potential Litigation: Derivative Action
6. Program Review
Ed Robertiello
Steve Drobny, Drobny
Global Asset
Management L.P.
a. Absolute Return Strategies Management

Presentation

Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Anne Simpson
Ed Robertiello
Joseph Dear
g. Opportunistic
Notes
take action.

October 15, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the September 17, 2013, Meeting
Minutes
b. Contract Administration: Generation 3 Health Care
Decision Support System
Cheryl Eason
4. Consent Items
Meeting
5. Administration
Robert Glazier
a. Stakeholder Assessment Project: Annual Report
Page 2 of 2
Gina Ratto /
Cheryl Eason /
Alan Milligan
b. Municipal Bankruptcy Status Update
6. Public Comment
OPEN SESSION
WORKSHOP
12:30 p.m.
Room 1140

Compensation & Talent Management Committee Closed
Alan Milligan
Projecting Mortality Improvements
Notes
take action.

October 15, 2013

8:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.

Ann Boynton
Donna Lum
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
c. California Employees Retirement Benefit Trust
Update
Page 2 of 2
Action Agenda Items
David Lamoureux
Flora Hu
5. Long-Term Care Program Annual Valuation
Donna Lum
6. Termination of Participation in PEMHCA: Southern

Inyo Healthcare District
Kathy Donneson
Melissa Mantong
7. Prescription Drugs: Utilization and Cost Trends

8. Public Comment
CLOSED SESSION
9:00 a.m.

Contract Negotiations
Ann Boynton
2. 2014 Health Plan Contract Negotiations Update
Doug McKeever
James DeBenedetti
3. Health Plan Financial Reports
Notes
take action.
4) Board Members may attend meetings of committees of which they are not members and

October 15, 2013

9:30 a.m.
Pension & Health Benefits Committee Closed Session,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:30 a.m.

Benefits Committee Closed Session, Whichever is Later
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
b. Executive Compensation Policy Revisions
Doug Hoffner
4. Consent Items
c. Draft Agenda for November 2013 Committee
Meeting
Page 2 of 2

Katie Hagen

6. Public Comment
CLOSED SESSION

1.
Action Agenda Items

Katie Hagen
2.
Approval of September 17, 2013 Performance,

Compensation and Talent Management Committee
Closed Session Minutes

Katie Hagen
3.

Performance: Senior Investment Officers, Senior
Notes
take action.
October 16, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.
Chief Executive Officers Briefing on Performance, Employment and

Personnel Issues
OPEN SESSION
9:00 a.m.
Rob Feckner
1.
2.
3.
Board Presidents Report
4.
Executive Reports
Anne Stausboll
Joe Dear
Rob Feckner
5.
Consent Items
a. Approval of September 2013 Meeting Minutes
6.

b. Draft Agenda for November 2013 Meeting
7.
Committee Reports and Actions
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey
d. Performance, Compensation & Talent Management Committee

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Fred Guido
b. John Macias
c. James Roberson
d. Roxanne Stanley
9.

a. Rory Mayberry
b. Karen A. Crawford
10. Designation of Precedential Decision Robert Vandergoot

Robert Glazier
Tom Lussier,
Lussier, Gregor,
Vienna &
Associates
12. Public Comment

CLOSED
SESSION
Gina Ratto

a. In re: City of Stockton (U.S. Bankruptcy Court, Eastern District of
CA, No. 12-32118); In re: City of San Bernardino (U.S.
Bankruptcy Court, Central District of CA, No. 2-BK-28006); and
b. Sanchez v. CalPERS (L.A. County Superior Court, No. BC517444)
CLOSED
SESSION
Katie Hagen
OPEN SESSION
WORKSHOP
12:30 p.m.
(Room 1140)
Alan Milligan, Ann
Boynton, Dana
Bilyeu, NASRA
14. Chief Executive Officers Report of Performance Evaluations of

Senior Investment Officers, Senior Portfolio Managers and Portfolio
Managers
(Gov. Code sections 11126(a)(1))

Pension Beliefs Workshop
Notes
1) Items designated for Information are appropriate for Board Action if the Board wishes to take action. Any
Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting may
be considered by the Board.
3) Public comment may be taken on any agenda item. There is a 3-minute limitation on each public comment,
unless otherwise directed by the Board President.
4) The Board may adjourn into Closed Session to deliberate on any Proposed Decision(s) or Petition(s) for
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-071-13
November 7, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on November 18 through 20, 2013. The meetings
Monday, November 18, 2013
9:00 a.m.
10:00 a.m.
10:30 a.m.

Tuesday, November 19, 2013

8:30 a.m.
10:30 a.m.
11:00 a.m.
1:00 p.m.

Wednesday, November 20, 2013

8:00 a.m.
9:00 a.m.


November 7, 2013
Page 2
ANNE STAUSBOLL
Attachment
November 18, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
November 18, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
b. Contracts Administration: Board Investment
Consultant Special Projects Request
Joseph Dear
4. Consent Items
b. Draft Agenda for the December 2013 Meeting
Risk
Compliance
Action Agenda Items
Dan Bienvenue,
Geraldine Jimenez
a. Revision of the Global Equity Program Policy
Eric Baggesen
b. Adoption of Global Derivatives and Counterparty

Risk Policy and Repeal of Legacy Policies
Ral Desrochers
c. Revision of the Private Equity Delegation

6. Total Fund
Anne Simpson

Carol Moody
a. Contracts Administration: Extension of Existing

Investment Manager Agreements
Joseph Dear, Eric

Baggesen
Page 3 of 4
Michael Schlachter,
Andrew Junkin
Wilshire Associates
Consulting

Report
Michael Moy, David

Glickman Pension
Consulting Alliance
9. Program Reviews
Anne Simpson
Ted Eliopoulos
b. Real Estate Program Annual Review
David Glickman,
Christy Fields, Dillon
Lorda, Pension
Consulting Alliance
c. Consultant Review of the Real Estate Program
Ted Eliopoulos
Randall Mullan
d. Infrastructure and Forestland Programs Annual

Review
David Altshuler,
Meketa Investment
Group Inc.
Andrew Junkin,
Wilshire Associates
Consulting
e. Consultant Reviews of the Infrastructure and

Forestland Programs

Ted Eliopoulos
Randall Mullan
a. Proposed Revision of the Real Assets Program

11. Public Comment
CLOSED SESSION

Joseph Dear
2. Consent Items
Page 4 of 4
Joseph Dear
3. Consent Items
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Anne Simpson
Ed Robertiello
Joseph Dear
g. Opportunistic
Notes
take action.

November 19, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Action Agenda Items
Ann Boynton
5. Extension of Pharmacy Benefit Program Manager

Contract
Page 2 of 2
Robert Glazier
6. Policy Engagement on National Pension Issues
Donna Lum

Update
Kathy Donneson
8. Long-Term Care New Product Update
Kathy Donneson
9. Long-Term Care Financing Options
Doug McKeever
Dr. Sonia Soo Hoo
Kaiser Permanente
10. Leading Practices in Maternity Health Benefits
11. Public Comment

CLOSED SESSION
10:00 a.m.

Contract Negotiations and Potential Litigation
(Gov. Code Section 11126(c)(17) and 11126(e))

Gina Ratto
Donna Lum
Ann Boynton
3. 2014 Health Plan Contract Negotiations Update
Notes
take action.

November 19, 2013

10:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
10:30 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the October 15, 2013, Meeting
Minutes
Cheryl Eason
4. Consent Items
a. 2013 Annual Calendar Review
b. 2014 Annual Calendar Review
c. Draft Agenda for the December 2013 Committee
Meeting
d. Chief Information Officers Report on Information
Page 2 of 2
Action Agenda Items
Cheryl Eason
a. Mid-Year Budget Revisions
Cheryl Eason
b. Draft 2012-13 Basic Financial Statements

6. Administration
Doug McKeever /
James DeBenedetti /
Gary McCollum
a. Semi-Annual Self-Funded Health Plans Report
Kimberly A. Malm
b. 2013 Member-At-Large Summary of Election

Results
Douglas Hoffner

8. Public Comment
Notes
take action.

November 19, 2013

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
George Diehr
Rob Feckner
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.
or Upon Adjournment or Recess of the Finance and

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of September 17, 2013, Meeting Minutes
b. Audit Resolution Policy Revision
Cheryl Eason
4. Consent Items
c. Draft Agenda for the March 2014 Committee
Meeting
d. Enterprise Risk Management Division Status
Report
Page 2 of 2
g. Office of Audit Services Quarterly Status Report
Action Agenda Items
5. Audits
Margaret Junker /
Rick Green, Macias,
Gini & OConnell
a. External Auditors Report

Kathleen Webb /
Larry Jensen
a. Enterprise Risk Reports

7. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of September 17, 2013, Meeting Minutes
Margaret Junker

Chief Auditor
Kathleen Webb

Chief Risk and Compliance Officer
Notes
take action.

November 19, 2013

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
JJ Jelincic
Henry Jones
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Gina Ratto
2. Executive Report
Gina Ratto
3. Consent Items
Gina Ratto
4. Consent Items
b. Draft agenda for February 2014 Board
Action Agenda Items

Gina Ratto
5. Board Member Competencies
Gina Ratto
6. Approve RFP for Spring-Fed Pool and Board SelfAssessment Facilitator

Gina Ratto
7. Board Education Policy
Doug Hoffner
8. Public Comment
Notes
take action.
November 20, 2013

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.

Personnel Issues
OPEN SESSION
9:00 a.m.
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Joe Dear
Rob Feckner
5.
Consent Items
a. Approval of October 2013 Meeting Minutes
6.
7.

b. Draft Agenda for December 2013 Meeting
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a.
b.
c.
d.
e.
f.
9.
Town of Mammoth Lakes

Jacqueline Guillory
William Savko
Marc Blackman
Richard Howard
Durand Rall

a. John Fogerty
10. Designation of Precedential Decision PierAngela Spaccia

Gina Ratto
11. Extension of Contract and Approval of Solicitation for Board Fiduciary

Counsel
Robert Glazier
Tom Lussier,
Lussier, Gregor,
Vienna &
Associates
13. Public Comment

CLOSED
SESSION
Gina Ratto

In re: City of Stockton (U.S. Bankruptcy Court, Eastern District of CA,
No. 12-32118); In re: City of San Bernardino (U.S. Bankruptcy Court,
Central District of CA, No. 2-BK-28006); and potential bankruptcy
litigation
Notes
Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting may be
considered by the Board.
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-070-13
November 1, 2013
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS INVESTMENT COMMITTEE
The members of the Investment Committee of the California Public Employees Retirement
System (CalPERS) will attend a workshop on November 12 - 13, 2013. The workshop will
be held in the CalPERS Board Room 1140 located in Lincoln Plaza North, 400 Q Street,
Sacramento, California.
The workshop agenda is attached and available on our website, www.calpers.ca.gov.
The estimated start times for each day of the workshop are set forth below.
8:30 a.m.
Asset Liability Management Objectives and Review (Room 1140)

8:30 a.m.
Asset Liability Management Objectives and Review (Room 1140)
Live broadcast of the workshop will be available for viewing at www.calpers.ca.gov.

ANNE STAUSBOLL
Attachment
Asset Liability Management Workshop

November 12-13, 2013
Board Workshop Room 1140
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
OPEN SESSION WORKSHOP

8:30 a.m. 5:00 p.m.
Presenters
Subject
Welcome and Overview
Investment Office
Asset Liability Management (ALM) Objectives and Review
Investment Office
Wilshire Associates
Consulting
Pension Consulting
Alliance
Discussion of Low-Volatility Equity Strategy
Investment Office
Financial Office
Liquidity Allocation Recommendation and Introduction to

Treasury Management
Actuarial Office
Flexible De-Risking
Investment Office
Program Roles, Investment Constraints, and Outlooks
Actuarial Office
Investment Office
Investment and Actuarial Risk Considerations of Preliminary
Candidate Portfolios
OPEN SESSION WORKSHOP
8:30 a.m. 12:00 p.m.
Presenters
Subject
Investment Office
Overview of Day Two
Actuarial Office
Investment Office
Candidate Portfolio Refresh
Stakeholder Panel and Public Comment

Investment Office
Policy Portfolio Preference Discussion
Investment Office
Recap and Next Steps

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-076-13
December 5, 2013
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on December 16 through 18, 2013. The meetings
Monday, December 16, 2013
9:00 a.m.
10:00 a.m.
10:30 a.m.

Tuesday, December 17, 2013

8:30 a.m.
10:00 a.m.
10:15 a.m.
11:00 a.m.
Board of Administration Fiduciary Training Workshop (Room 1140)

Pension & Health Benefits Committee (Closed Session)
Wednesday, December 18, 2013

8:30 a.m.
9:00 a.m.


December 5, 2013
Page 2
At its February 2014 meetings, the Board is scheduled to review and act upon its investment
allocation as well as economic and demographic assumptions (including the discount rate).
We have not yet determined which day these matters will be considered. Please watch our
website for updates.
ANNE STAUSBOLL
Attachment
December 16, 2013

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
December 16, 2013

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Joseph Dear
Page 2 of 4
Joseph Dear
3. Consent Items
a. Approval of the Meeting Minutes
b. Report to the California Legislature Iran and
Sudan Divestment
Joseph Dear
4. Consent Items
b. Draft Agenda for the February 2014 Meeting
Risk
Compliance
Action Agenda Items
Ted Eliopoulos,
Randall Mullan
a. Revision of the Real Assets Program Policy

6. Program Reviews
Ral Desrochers
a. Private Equity Program Annual Review
Michael Moy,
Pension Consulting
Alliance
b. Consultant Review of the Private Equity Program
Laurie Weir
c. Targeted Investment Programs and Diversity

Initiatives Update
Laurie Weir
d. Responsible Contractor Program Policy Annual

Report
Curtis Ishii
a. Proposed Repeal of the Barclays Aggregate

Page 3 of 4

Eric Baggesen, Ben
Meng, Cheryl Eason
a. Comparison of CalPERS Liquidity Options

9. Public Comment
CLOSED SESSION

(Government Code section 11126(c)(16) and 11126(e)
[Item 4 only])
Joseph Dear
2. Consent Items
Joseph Dear
3. Consent Items
Action Agenda Items
Gina Ratto
4. Litigation
a.
Baez v. CalPERS (Los Angeles County Superior

Court, Case No. BC498010); Centinela v.
CalPERS (Los Angeles County Superior Court,
Case No. BC504309) and Potential Litigation

5. Program Update
Ted Eliopoulos
Ral Desrochers
a. Real Estate Investment Opportunity

a. Private Equity
Page 4 of 4
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ed Robertiello
Anne Simpson
f. Global Governance
Joseph Dear
g. Opportunistic
Notes
take action.
December 17, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street, Room 1140
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
WORKSHOP
8:30 a.m.
Gina Ratto,
Harvey Leiderman of Reed
Smith
Workshop Fiduciary Training
Notes

December 17, 2013

10:00 a.m.
Fiduciary Training Workshop,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of the Fiduciary Training

Workshop, Whichever is Later
Gina Ratto
Donna Lum
OPEN SESSION
10:15 a.m.

Or Upon Adjournment or Recess of the Closed Session,
Whichever is Later
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the November 19, 2013, Pension
Minutes
Page 2 of 2
Ann Boynton
4. Consent Items
b. Draft Agenda for February 19, 2014, Pension
Action Agenda Items
Danny Brown
5. State Legislative Proposal: Policy and Technical

Amendments to the Public Employees
Retirement System Law
Kathy Donneson
Melissa Mantong
6. 2014 Pharmacy Management Changes
Doug McKeever
Kathy Donneson
7. Specialty Drug Cost Management
David Cowling
Brenda Motheral,
Pharmacy Benefit
Management Institute
8. Considerations in Generic Step Therapy

Programs
Doug McKeever
9. Revised Regions for Health Benefits for Public

Agencies and Schools
Donna Lum
10. Implementation of IRS Governmental Plan

Guidance
11. Public Comment
Notes
take action.

December 17, 2013

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the November 19, 2013, Meeting
Minutes
Cheryl Eason
4. Consent Items
c. Draft Agenda for the February 2014 Committee
Meeting
Page 2 of 2
Action Agenda Items
Cheryl Eason
a. 2013-14 Mid-Year Budget Revisions

Cheryl Eason
a. Current Budget and Financial Reporting Updates

7. Actuarial
Alan Milligan
a. Review of Actuarial Assumptions
Alan Milligan
b. Impact on Pension Risk Pools as a Result of

Pension Reform
8. Public Comment
Notes
take action.
December 18, 2013

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.

Personnel Issues
New Public Agency Potential Litigation
OPEN SESSION
9:00 a.m.
Rob Feckner

1.
2.
3.
4.
Executive Reports
Anne Stausboll
Joe Dear
Rob Feckner
5.
Consent Items
6.
7.

b. Draft Agenda for February 2014 Meeting
Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a.
b.
c.
d.
e.
9.
Kathy T. Ledesma
Bonnie Matthews
Lynn Dane
Jennifer Rushlow
George Puga

a. James Roberson
10. Full Board Hearing Fred Guido

Robert Glazier
Tom Lussier,
Lussier, Gregor,
Vienna &
Associates
12. Public Comment
CLOSED
SESSION
Gina Ratto

Notes
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-078-13
December 20, 2013
TO:

SUBJECT:

(CalPERS) will attend an Off-Site meeting on January 13 through 15, 2014. The meeting
will be held at the Best Western - Monterey, 2600 Sand Dunes Drive, Monterey, CA 93940.
Monday, January 13, 2014
8:00 a.m.
9:30 a.m.
Closed Session
Open Session
Tuesday, January 14, 2014

8:30 a.m.
3:15 p.m.
Open Session
Closed Session
Wednesday, January 15, 2014

8:30 a.m.
10:00 a.m.
Open Session
Closed Session
ANNE STAUSBOLL
Attachment
a
AGENDA
8:00 a.m.
Closed Session
Closed Session Market Impact Considerations of Alternative

Asset Allocations (La Grande Room)
9:30 a.m.
Open Session
Welcome / Opening (La Grande Room)
9:40 a.m.
Open Session
Action Item: Election of Board President/Vice President

(La Grande Room)
9:45 a.m.
Open Session
Action Item: Full Board Hearing Decision Guido, Fred

(La Grande Room)
10:00 a.m.
Open Session
Financial Market Dysfunction (La Grande Room)
11:15 a.m.
Break
11:30 a.m.
Open Session
Investment Risk Management (La Grande Room)
12:45 p.m.
Lunch
1:45 p.m.
Open Session
Pension Beliefs (Bayview Building)
3:45 p.m.
Break
4:00 p.m.
Open Session
Pension Beliefs (continued) (Bayview Building)

The Board may take action on any items that are designated for information.
a
AGENDA
8:30 a.m.
Open Session
8:35 a.m.
Open Session
Risk Workshop (La Grande Room)
10:30 a.m.
Open Session
Break
10:45 a.m.
Open Session
Wellness Panel (La Grande Room)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Strategic Measures Health Care (La Grande Room)
3:00 p.m.
Break
3:15 p.m.
Closed Session
Closed Session Personnel, Pension Reform Litigation, and

Bankruptcy Litigation Matters (La Grande Room)
In re: City of Stockton (U.S. Bankruptcy Court, Eastern District
of CA, No. 12-32118); In re: City of San Bernardino (U.S.

a
AGENDA
8:30 a.m.
Open Session
8:35 a.m.
Open Session
State Budget Outlook (La Grande Room)
9:00 a.m.
Open Session
Federal Legislative Update (La Grande Room)
9:45 a.m.
Break
10:00 a.m.
Closed Session
Closed Session Personnel, Performance, and Employment

Matters (La Grande Room)


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-006-14
February 7, 2014
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on February 18 through 20, 2014. The meetings
Sacramento, California. The open session of the Board of Administration on Tuesday,
February 18, 2014, which will begin around 3:15p.m., will also be held at the following
telephonic location.
Capital Hilton Main Lobby, 1001 16th Street NW, Washington, DC, 20036
Important Information on CalPERS February Board Meeting Schedule
Please note that, due to the Presidents Day holiday on Monday, February 17th this year, the
CalPERS Board and Committee meetings will begin on Tuesday, February 18th and
continue through Thursday, February 20th.
The CalPERS Investment Committee and the CalPERS Board of Administration will hold
special sessions on Tuesday, February 18, 2014, beginning at approximately 2:00
p.m., to consider recommendations on Asset Liability Management. The Investment
Committee, which is noticed to begin at 9:45 a.m., will cover its regular business in the
morning and early afternoon. Presentations and discussions on staffs recommendations
regarding asset allocation are expected to begin around 2:00 p.m. Following that, the Board
will hold a special session, which will begin around 3:15 p.m., on the demographic and
economic actuarial assumptions that have been under review, including potential impacts on
contribution rates. We anticipate that the Board will take action on Tuesday following the
staff presentations, discussions, and public comment. CalPERS members, employers and
stakeholders interested in these topics are encouraged to attend the meeting or watch the
live webcast on CalPERS website at www.calpers.ca.gov.

February 7, 2014
Page 2
Tuesday, February 18, 2014

8:30 a.m.
9:00 a.m.
9:45 a.m.
3:15 p.m.

Board of Administration Special Session
Wednesday, February 19, 2014

8:30 a.m.
10:30 a.m.
11:00 a.m.
12:30 p.m.
1:00 p.m.

Thursday, February 20, 2014

8:30 a.m.
10:00 a.m.

ANNE STAUSBOLL
Attachment
February 18, 2014

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Priya Mathur, Vice President
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
George Diehr
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
February 18, 2014

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
Rob Feckner
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board of

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Page 2 of 4
4. External Manager and Investment Decision Updates
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ed Robertiello
Anne Simpson
Ted Eliopoulos
g. Opportunistic
OPEN SESSION
9:45 a.m.

Whichever is Later
2. Election of the Chair and Vice-Chair
Ted Eliopoulos
3. Executive Report Acting Chief Investment Officer

Briefing
Ted Eliopoulos
4. Consent Items
b. Annual Report to the California Legislature
Holocaust Era and Northern Ireland
Ted Eliopoulos
5. Consent Items
Page 3 of 4
Risk
Compliance
Action Agenda Items
6. Total Fund
Laurie Weir
a. Annual Report to California Legislature CalPERS

Emerging Manager Five-Year Plan
Ted Eliopoulos
a. Revision of the Real Assets Delegation

Curtis Ishii

8. Organizational Systems and Controls
Carol Moody
a. Contracts Administration: Private Equity Board

Consultant Request for Proposal
Carol Moody
b. Contracts Administration: General Pension Spring

Fed-Pool Term Extension
9. Asset Allocation, Performance and Risk
Michael Schlachter,
Wilshire Associates
a. Consultant Total Fund Performance and Risk

Report
Michael Moy, David

Glickman, Pension
Consulting Alliance
Inc.
Ted Eliopoulos, Eric
Baggesen
b. Acting CIO Total Fund Performance and Risk

Report
10. Program Review
Anne Simpson
Page 4 of 4
Action Agenda Items
11. Total Fund
Eric Baggesen, Cheryl
Eason, Alan Milligan
a. Strategic Asset Allocation Alternatives
12. Public Comment

Notes
1)
2)
3)
4)
Items designated for Information are appropriate for Committee Action if the Committee
wishes to take action.
The hour designated as the earliest starting time for this meeting is not intended to
Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each
public comment, unless otherwise directed by the Committee Chair.
February 18, 2014

3:15 p.m.
Investment Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Capital Hilton Main Lobby
1001 16th Street NW,
Washington, DC 20036
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
George Diehr
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
3:15 p.m.
Or Upon Adjournment or Recess of the Investment Committee, Whichever is

Later
1.
2.
Opening Remarks from the Board President
3.
Action Agenda Item
Cheryl Eason /
Alan Milligan /
Eric Baggesen
a. Asset Liability Management including Actuarial Assumptions

and Strategic Asset Allocation
4.
Public Comment
Page 2 of 2
Notes

February 19, 2014

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Julie Chapman
John Chiang
Henry Jones
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:30 a.m.

Chair and Vice-Chair
Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of the December 17, 2013, Meeting
Minutes
Cheryl Eason
5. Consent Items
c. Draft Agenda for the March 2014 Committee
Meeting
e. Semi-Annual Accounts Receivable Analysis
Report
Page 2 of 2
f. Results of Actuarial Valuations for Public
Agencies
Action Agenda Items
6. Administration
Kimberly A. Malm
Kimberly A. Malm
a. 2014 CalPERS Board of Administration State,

School, and Public Agency Elections Notice of
Election
b. Process Changes to the Board of Administration
Election Voting Method
7. Actuarial
Alan Milligan
a. Transfer of Assets and Liabilities to Los Angeles

County Employees Association (LACERA)
8. Administration
Robert Glazier
a. Website Usability Initiative Update
Robert Glazier
b. Pension Database Update
Douglas Hoffner /
Donna Lum /
Liana Bailey-Crimmins
c. Knowledge Transfer and Business Optimization
Douglas Hoffner

10. Public Comment
Notes
take action.
Performance, Compensation & Talent

February 19, 2014

10:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Julie Chapman
John Chiang
Richard Costigan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:30 a.m.

Talent Management Committee Chair and Vice-Chair
Doug Hoffner
3. Executive Report
Doug Hoffner
4. Consent Items
Doug Hoffner
5. Consent Items
a. Annual Rolling Calendar Review 2014
b. Annual Rolling Calendar Review 2015
Page 2 of 2
Action Agenda Items
Katie Hagen
6. First and Second Quarter Status Reports on

Performance Plans of the Chief Executive Officer and
Chief Investment Officer
Doug Hoffner
7. Compensation Policy Review Project
Katie Hagen

9. Public Comment
Notes
take action.

February 19, 2014

11:00 a.m.
Performance, Compensation and Talent Management Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
George Diehr
JJ Jelincic
Henry Jones
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Whichever is Later
Gina Ratto
2. Executive Report
Gina Ratto
3. Consent Items
Gina Ratto
4. Consent Items
b. Draft agenda for March 2014 Board Governance
Committee meeting
Action Agenda Items
Gina Ratto
5. Facilitator for the Boards 2014 Self-Assessment

Selection of Finalists for Interview
Page 2 of 2
Gina Ratto
Doug Hoffner

Measures
8. Public Comment
Notes
take action.

February 19, 2014

12:30 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
Julie Chapman
John Chiang
Rob Feckner
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
12:30 p.m.
Or Upon Adjournment or Recess of the Board

Governance Committee, Whichever is Later
Ann Boynton
OPEN SESSION
1:00 p.m.
1.
2.
Health Plan Rate Strategy

Whichever is Later
2. Election of Committee Chair and Vice Chair
Ann Boynton
Ann Boynton
4. Consent Items
a. Approval of the December 17, 2013, Pension
and Health Benefits Committee Meeting Minutes
Page 2 of 2
Ann Boynton
5. Consent Items
b. Draft Agenda for March 18, 2014, Pension and
c. Retiree Cost-of-Living Adjustment Update
d. Public Agency Recruitment and Retention for the
Health Benefit Program
Action Agenda Items
Doug McKeever
James DeBenedetti
6. Health Plan Regions for Contracting Agencies

Effective 2015
Ruth Holton-Hodson, SCO

Ralph Cobb, CalHR
Sarah Zimmerman, SEIU
7. Healthier U: California State Employee Workplace

Wellness Pilot
Donna Lum
Anthony Suine

Update
Doug McKeever
Naomi Allen
Anthem Blue Cross
Dr. Jennifer Schneider
Anthem Blue Cross
Ben Sommer
Anthem Blue Cross
9. Castlight Health Project Overview and Member

Engagement Tool Demonstration
Doug McKeever
10. Health Plan Open Enrollment Results

11. Public Comment
Notes
take action.
4) Board Members may attend meetings of committees of which they are not members and participate
in the discussions during those meetings.
February 20, 2014

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
Julie Chapman
John Chiang
Richard Costigan
George Diehr
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Personnel Issues (Government Code sections 11126(a)(1) and (g)(1))
OPEN SESSION
10:00 a.m.
Rob Feckner
Or Upon Adjournment or Recess of Closed Session, Whichever is Later

1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
Page 2 of 3
6.
7.

Henry Jones
Priya Mathur
George Diehr
Michael Bilbrey

(Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Felida Icabalceta, deceased; Rosario J. Lopez and Doris
Estrada, respondents
b. Debera A. Pagliaroli
c. Lynn Tremolada
d. EugeneL. Blanck, Jr.
e. Lydia B. Francis
f. Jackie Wilson
g. Kenneth Rulon
h. Walter G. Howell
i. Christina Merino
j. Celia Kastner
k. Raul L. Bautista
l. Carla Ivory
m. Brent McLean
n. Sandra Woody
o. David Bowman
p. Michele Deguzman
q. Patrick Ong
r. Nathan Stough
s. Kim Drago
9.

a. George Puga

Robert Glazier
Tom Lussier,
Lussier, Gregor,
Vienna &
Associates
Page 3 of 3
11. Public Comment
CLOSED SESSION 12. Litigation Matters (Gov. Code section 11126(e))
Gina Ratto
In re: City of Stockton (U.S. Bankruptcy Court, Eastern District of
Notes
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-010-14
March 7, 2014
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) and its committees will meet on March 17 through 19, 2014. The meetings will
Monday, March 17, 2014
9:00 a.m.
10:00 a.m.
10:30 a.m.
1:00 p.m.

Tuesday, March 18, 2014

8:00 a.m.
9:00 a.m.
9:30 a.m.
2:00 p.m.

Wednesday, March 19, 2014

8:00 a.m.
9:30 a.m.


March 7, 2014
Page 2
ANNE STAUSBOLL
Attachment
March 17, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
March 17, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Issues
11126(c)(16))
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Rob Feckner
2. Tribute to Joseph A. Dear
Page 2 of 4
Ted Eliopoulos
3. Executive Report Interim Chief Investment Officer

Briefing
Ted Eliopoulos
4. Consent Items
Ted Eliopoulos
5. Consent Items
b. Draft Agenda for the April 2014 Meeting
Risk
Compliance
Action Agenda Items
6. Administration
Kami Niebank
a. Review of the Investment Committee Delegation

7. Organizational Systems and Controls
Kami Niebank
a. Contracts Administration: Infrastructure Board

Consultant Request for Proposal
8. Program Reviews
Laurie Weir
Laurie Weir
a. Targeted Investment Programs and Diversity

Initiatives Update
b. Emerging Manager Five-Year Plan Peer
Benchmarking Survey
Ron Peyton, Anna

West, Callan
Associates
Laurie Weir
Judy Chambers,
Pension Consulting
Alliance (PCA)
c. Emerging Manager Five-Year Plan Proposal

Tracking and Communication Initiative
Page 3 of 4
Laurie Weir, Ral
Desrochers
d. Emerging Manager Five-Year Plan Private

Equity Emerging Manager Program Review
Anita Ng, Cambridge

Associates
Mike Moy, PCA
Eric Baggesen
a. Strategic Asset Allocation Implementation

10. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Eric Baggesen
a. Strategic Asset Allocation Implementation
Randall Mullan
5. Program Reviews
a. Infrastructure External Manager Presentation
Page 4 of 4
Ral Desrochers
Ted Eliopoulos

a. Private Equity
Dan Bienvenue
b. Real Assets
Curtis Ishii
c. Global Equity
Curtis Ishii
Anne Simpson
Ted Eliopoulos
g. Opportunistic
Notes
take action.

March 17, 2014

1:00 p.m.
Investment Committee Closed Session,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic, Chair
Michael Bilbrey
George Diehr
Rob Feckner
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
1:00 p.m.

2. Election of the Risk & Audit Committee Chair and Vice
Chair
Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of the November 19, 2013 Meeting
Minutes
Cheryl Eason
5. Consent Items
c. Draft Agenda for the June 2014 Committee
Meeting
Page 2 of 2
d. Enterprise Risk Management Division Status
Report
g. Office of Audit Services Quarterly Status Report
Action Agenda Items
6. Audits
Margaret Junker /
Rick Green, Macias,
Gini & OConnell
a. External Auditor Management Letter
Margaret Junker Bob

McCrory and Timothy
Doyle, Cheiron
b. Third Party Valuation and Certification of the

State and Schools Plans as of June 20, 2012
7. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of November 19, 2013, Meeting Minutes
Margaret Junker

Chief Auditor
Kathleen Webb

Notes
take action.

March 18, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the February 19, 2014 Meeting
Minutes
Cheryl Eason
4. Consent Items
c. Draft Agenda for the April 2014 Committee
Meeting
e. Financial Report Summary
f. Semi-Annual Budget and Expenditure Report
Page 2 of 2
Action Agenda Items
5. Actuarial
Alan Milligan
a. Judges Retirement System Actuarial Valuation

Alan Milligan
b. Judges II Retirement System Actuarial Valuation

Alan Milligan
c. Legislators Retirement System Actuarial

Contribution Rates
6. Administration
Robert Glazier
a. Request for Proposal (RFP) for Legislative

Representative: Finalists Selection
Cheryl Eason
b. Review of the Finance & Administration

7. Budget and Financial Reporting
Cheryl Eason
a. 2014-2015 Annual Budget Proposal

(First Reading)
8. Business Plan
Douglas Hoffner

9. Administration
Ann Boynton/
a. Business Intelligence Update

10. Public Comment
Notes
take action.

March 18, 2014

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

(Gov. Code Section 11126(e) and 11126(c)(17))
Gina Ratto
Gina Ratto
3. California Public Employees Pension Reform Act

of 2013 (PEPRA) Implementation Potential
Litigation
Ann Boynton
4. Health Plan Rate Strategy
OPEN SESSION
9:30 a.m.

Whichever is Later
Ann Boynton
Page 2 of 3
Ann Boynton
3. Consent Items
a. Approval of the February 19, 2014, Pension
Minutes
Ann Boynton
4. Consent Items
c. California Employees Retiree Benefit Trust
Update
Action Agenda Items
Ann Boynton
5. Review Pension and Health Benefits Committee

Delegation
Doug McKeever
James DeBenedetti

Effective 2015
Donna Lum
Renee Ostrander
7. PEPRA Implementation Update on Reportable

Compensation
Ann Boynton
Judy Citko, Coalition for
Compassionate Care of
California
8. Palliative Care and End-of-Life Issues
Kathy Donneson
Doug McKeever
10. Member Satisfaction with Health Plans
Doug McKeever
11. Health Care Cost Trends

12. Public Comment
Ann Boynton
Lincoln Plaza North
Room 1140
13. Review of Draft Pension Beliefs
Page 3 of 3
Notes
take action.

March 18, 2014

2:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
2:00 p.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
c. Draft Agenda for June 2014 Committee Meeting
Page 2 of 2
Action Agenda Items

Katie Hagen
5. Review of the Performance, Compensation and

Talent Management Committee Delegation
Doug Hoffner
6. Organizational Health Index (OHI) Survey Update

7. Public Comment
CLOSED SESSION

1.
Action Agenda Items

Katie Hagen
2.
Approval of October 15, 2013 Performance,


Katie Hagen
3. Chief Executive Officers Report of Special WithinRange Base Pay Adjustments for Investment
Management Positions
Notes
take action.
participate in the discussion during those meetings.

March 19, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
George Diehr
JJ Jelincic
Henry Jones
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Gina Ratto
2. Executive Report
Gina Ratto
3. Consent Items
Gina Ratto
4. Consent Items
b. Draft agenda for May 2014 Board Governance
Committee meeting
Action Agenda Items
Gina Ratto
5. Facilitator for the Boards 2014 Self-Assessment

Committee Interviews and Recommendation for
Board Award of Letter of Engagement
Gina Ratto
6. Review of the Board Governance Committee

Delegation
Page 2 of 2
Kathleen Webb
7. Revision to Board Governance Policy Ensuring an

Ethical Environment
Gina Ratto

9. Public Comment
Notes
take action.
March 19, 2014

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:30 a.m.
Rob Feckner

1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
b. Acting Chief Investment Officers Report (Oral)
Rob Feckner
5.
Consent Items
Page 2 of 3
6.
Consent Items
b. Draft Agenda for April 2014 Meeting
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey
d. Performance, Compensation & Talent Management

Committee (Oral)
JJ Jelincic
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Doyel S. Guillory
b. Robert Toering
c. Maria Rosa Rivera
d. Sylvia Valdez

Robert Glazier
Tom Lussier, Lussier,
Gregor, Vienna &
Associates
CLOSED SESSION
9.
External Affairs/State and Federal Legislation
10.
Public Comment
Or Upon Adjournment or Recess of Open Session, Whichever

is Later
11.
Gina Ratto
Litigation Matters (Gov. Code section 11126(e))

b. Sanchez v. CalPERS (L.A. County Superior Court,
No. BC-517444)
Page 3 of 3
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-017-14
April 4, 2014
TO:

SUBJECT:

ITS COMMITTEES

NOTE: The Board of Administration meeting scheduled for April 16, 2014, will commence
with interviews of candidates for the CalPERS Federal Legislative Representative in open
session. The Boards regular business is expected to begin at approximately 10:00 a.m.
9:00 a.m.
10:00 a.m.
10:30 a.m.
1:00 p.m.

Investment Committee (Closed Session Only)

10:00 a.m.

8:00 a.m.
12:00 p.m.
Board of Administration (See note, above)

CalPERS Compensation Programs in Civil Service
Workshop (Room 1140)

April 4, 2014
Page 2
ANNE STAUSBOLL
Attachment
April 14, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
April 14, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Eric Baggesen

Briefing
Eric Baggesen
3. Consent Items
Page 2 of 3
Eric Baggesen
4. Consent Items
b. Draft Agenda for the May 2014 Meeting

Risk
Compliance
Eric Baggesen
a. Strategic Asset Allocation Targets and Proposed

Policy Revision
Wylie Tollette
a. Investment Office Cost Effectiveness

7. Public Comment
CLOSED SESSION

(Government Code section 11126(c)(16) and 11126(e))
Eric Baggesen
2. Consent Items
Eric Baggesen
3. Consent Items
Page 3 of 3
4. Program Reviews
Anne Simpson
a. Global Governance Program: Corporate

Engagement Investment Strategy
Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Curtis Ishii
Anne Simpson
Eric Baggesen
g. Opportunistic
Notes
take action.

April 14, 2014

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
Cheryl Eason
4. Consent Items
c. Draft Agenda for the June 2014 Committee
Meeting
Page 2 of 2
e. Annual Report of Discharge of Accountability for
Uncollectible Debt
Action Agenda Items
Douglas Hoffner
a. 2014 2016 Business Plan

(Second Reading)
Cheryl Eason
a. 2014 2015 Annual Budget Proposal

(Second Reading)
7. Administration
Cheryl Eason
a. Board Member Employer Reimbursement Policy

b. Board Member Employer Reimbursements
8. Actuarial Valuation and Contribution Rates
Alan Milligan
Alan Milligan
a. State and School

b. Changes to Pension Risk Pools as a Result of
Pension Reform
9. Administration
Doug McKeever
James Debenedetti
Gary McCollum
Kim Malm
b. Annual Operational Sustainability Update
Cheryl Eason
c. mylCalPERS PIER Plus Report Update

10. Public Comment
Notes
take action.

April 15, 2014

10:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Action Agenda Items
Donna Lum
Danny Brown
5. Initiate Public Comment Period on Draft

Regulations for Reportable Compensation Under
PEPRA
Danny Brown
6. Senate Bill 1340 (Hernandez) Health Care

Provider Contracts: Transparency
Page 2 of 2
Kathy Donneson
7. Proposed Regulations: Coverage Member

Health Appeals Process
Doug McKeever
James DeBenedetti

Effective 2015
Kathy Donneson
Richard Sun, M.D.
9. Potential Prescription Drug Plan Changes for

2015
10. Public Comment
Ann Boynton
Lincoln Plaza North
Room 1140
CLOSED SESSION
11. Review of Draft Pension Beliefs

Ann Boynton
Ann Boynton
3. Health Plan Rate Negotiations
Notes
take action.
April 16, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
8:00 a.m.
1.
2.
Robert Glazier
3.
Federal Legislative Representative Finalist Interviews

and Selection
Rob Feckner
4.
5.
Executive Reports
Anne Stausboll
Ted Eliopoulos
b. Interim Chief Investment Officers Report (Oral)
Rob Feckner
6.
Consent Items
a. Approval of March 2014 Meeting Minutes
c. Revisions to Committee Delegations
Page 2 of 3
7.
Consent Items
8.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
9.

a. Patrick Cancilla
b. City of San Carlos
c. Jimmy Hope
d. Raquel Nadal-Rodriguez
e. Mellody Wilson
f. Sonia Acosta
g. Andrew Castillo
h. Stephanie Robert
i.
Gina Ratto
10.
Marcia L. Bundy

a. Celia Kastner
b. Michele Deguzman
c. Kenneth Rulon
d. Carla Ivory
e. Jackie R. Wilson

Robert Glazier
11.
External Affairs/State and Federal Legislation
12.
Public Comment
Page 3 of 3
CLOSED SESSION

13.
Gina Ratto
Litigation Matters (Gov. Code section 11126(e))

Notes
April 16, 2014

12:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
WORKSHOP
12:00 p.m.
Douglas Hoffner,

Workshop CalPERS Compensation Programs in

Civil Service
State Personnel Board,

California Department of
Human Resources
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-021-14
May 9, 2014
TO:

SUBJECT:

ITS COMMITTEES

9:00 a.m.
10:00 a.m.
10:30 a.m.


8:00 a.m.
8:30 a.m.
9:00 a.m.
9:30 a.m.
12:30 p.m.

Pension & Health Benefits Committee (Closed Session Only)

8:00 a.m.
9:00 a.m.


May 9, 2014
Page 2
ANNE STAUSBOLL
Attachment
May 19, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
May 19, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
Insurance Industry
Representative
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Ted Eliopoulos

Briefing
Page 2 of 3
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the June 2014 Meeting
Risk
Compliance
Action Agenda Items
5. Policy & Delegations
Eric Baggesen
a. Revision of the Asset Allocation Strategy Policy

6. Total Fund
Anne Simpson
a. Amendments to the Global Principles of

Accountable Corporate Governance
7. Program Reviews
Anne Simpson
a. Global Governance Program Review

Gina Ratto
a. Proposed Revision of the Statement of

Investment Policy for Insider Trading Initial
Review
9. Business Plan/Road Map
Ted Eliopoulos, Wylie

Tollette
a. Investment Office Roadmap and Target

Operating Model Update
10. Public Comment
Page 3 of 3
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Anne Simpson
4. Program Reviews
a. Global Governance: Corporate Engagement
Investment Strategy
Eric Baggesen

a. Strategic Asset Allocation Transition Update
Ral Desrochers

a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Curtis Ishii
Ted Eliopoulos
f. Opportunistic
Notes
take action.

May 20, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the April 14, 2014 Meeting Minutes
Cheryl Eason
4. Consent Items
c. Draft Agenda for the June 17, 2014 Committee
Meeting
Page 2 of 2
Action Agenda Items

5. Actuarial
Alan Milligan
a. Changes to Pension Risk Pools as a Result of

Pension Reform
6. Administration
Robert Glazier
a. Federal Representation Request for Proposal

7. Administration
Robert Glazier
a. Stakeholder Assessment Project Update

Douglas Hoffner

9. Actuarial
Alan Milligan
a. Calculation for Normal Cost for PEPRA Members

10. Public Comment
Notes
take action.

May 20, 2014

8:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:30 a.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
c. Draft Agenda for June 2014 Committee Meeting
Page 2 of 2
Action Agenda Items

Katie Hagen
5. Proposed Compensation Policy Revisions

6. Public Comment
Notes
take action.

May 20, 2014

9:00 a.m.
Performance, Compensation &
Talant Management Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
George Diehr
JJ Jelincic
Henry Jones
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Compensation & Talent Management Committee, Whichever
is Later
Gina Ratto
2. Executive Report
Gina Ratto
3. Consent Items
a. Approval of March 2014 Meeting Minutes
Gina Ratto
4. Consent Items
b. Draft agenda for September 2014 Board
c. Summary Report on Board Fiduciary Training
Page 2 of 2
Action Agenda Items
Danny Brown
5. Assembly Bill 1163 Board Member Education

Douglas Hoffner

Measures
7. Public Comment
Notes
take action.

May 20, 2014

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

(Gov. Code Section 11126(c)(17) and 11126(e))

Jenni Krengel
2. New Public Agency Potential Litigation
Ann Boynton
OPEN SESSION
12:30 p.m.

Whichever is Later
Ann Boynton
Ann Boynton
3. Consent Items
Page 2 of 2
Ann Boynton
4. Consent Items
Action Agenda Items

Ann Boynton
5. Pension Beliefs
Danny Brown
6. AB 2582 (Bonta) Post-employment Health

Benefits: San Francisco Bay Area Rapid Transit
District
Danny Brown
7. SB 1340 (Hernandez) Health Care Provider

Contracts: Transparency
Danny Brown
8. SB 912 (Mitchell) State Property: Vending

Machines, Nutrition
Donna Lum
Anthony Suine

Update
Kathy Donneson
Dr. Richard Sun
10. Potential Prescription Drug Plan Changes for

2015
Ann Boynton
Dr. Sandra Hernandez
11. Behavioral Health Overview

12. Public Comment
Notes
take action.
May 21, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Chief Executive Officers Briefing on Performance, Employment

and Personnel Issues (Government Code sections 11126(a)(1)
and (g)(1))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board of Administration

Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Page 2 of 3
Rob Feckner
5.
Consent Items
6.
Consent Items
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Paulette Manning
b. Patrick Etheridge
c. Jacob Berghorst
d. Lisa L. Trevino-Angelo
e. Robert Valenzuela
f. Byron L. Stacey
9.

a. Maria Rosa Rivera

Robert Glazier
Gregor, Vienna &
Associates
11. Public Comment
Page 3 of 3
CLOSED SESSION
Gina Ratto

a. In re: City of Stockton (U.S. Bankruptcy Court, Eastern
CA, No. 2-BK-28006); and potential bankruptcy litigation
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-028-14
June 4, 2014
TO:

SUBJECT:

ITS COMMITTEES

9:00 a.m.
10:00 a.m.
10:30 a.m.
1:00 p.m.


8:00 a.m.
11:30 a.m.
12:00 p.m.


9:00 a.m.

June 4, 2014
Page 2
ANNE STAUSBOLL
Attachment
June 16, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Notes
June 16, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Ted Eliopoulos

Briefing
Page 2 of 3
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the August 2014 Meeting
c. Monthly Update Performance and Risk
d. Monthly Update Investment Compliance
e. Terminated Agency Pool Rebalance Update
Action Agenda Items
Wylie Tollette
a. Contracts Administration: General Pension Board

Consultant Services Request for Proposal
6. Policy & Delegations
Ral Desrochers
a. Proposed Revision of the Private Equity

Delegation for Professional Staff Initial Review
7. Program Reviews
Wylie Tollette, Brian

McQuade
a. Investment Compliance Program Annual Review
Laurie Weir
Laurie Weir
Ron Peyton, Callan
Associates
c. Investment Office Diversity and Inclusion

Initiatives
Ted Eliopoulos
Laurie Weir
Community Ventures
d. CalPERS for California Report 2013
8. Public Comment
Page 3 of 3
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
4. Program Reviews
Anne Simpson

Investment Strategy
Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Curtis Ishii
Ted Eliopoulos
f. Opportunistic
Notes
take action.

June 16, 2014

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
b. Revised Executive Compensation Policy
Doug Hoffner
4. Consent Items
c. Draft Agenda for September 2014 Committee
Page 2 of 2
Action Agenda Items

Katie Hagen
5. Third Quarter Status Report on Performance Plan of

the Chief Executive Officer
Katie Hagen
6. 2014-15 Performance Plans: Chief Executive Officer

and Interim Chief Investment Officer
Katie Hagen
7. Review of Annual Performance Evaluation Process
Katie Hagen
8. Public Comment
Notes
take action.

June 17, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the May 20, 2014, Pension and
Ann Boynton
4. Consent Items
Action Agenda Items
Doug McKeever
5. 2015 Health Plan Rates

a. Approval of 2015 Health Maintenance
b. Approval of 2015 Preferred Provider
c. Approval of 2015 Association Plans Rates
Page 2 of 2
Danny Brown
6. AB 2533 (Ammiano) Health Care Plans

Timeliness Standards
Danny Brown
7. SB 1182 (Leno) Large Group Health Market:

Data Disclosure
Kathy Donneson
Melissa Mantong
Dr. Richard Sun
8. Potential Prescription Drug Plan Change for 2015
Doug McKeever
Doug McKeever
10. Update on Health Benefit Purchasing Initiatives

11. Public Comment
CLOSED SESSION
Closed Session to Discuss Health Plan Contract

Negotiations

Ann Boynton
Notes
take action.

June 17, 2014

11:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Ron Lind, Vice Chair
Michael Bilbrey
JJ Jelincic
Rob Feckner
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:30 a.m.

Cheryl Eason
2. Executive Report
3. Consent Items
Cheryl Eason
a. Approval of the March 17, 2014 Meeting Minutes

4. Consent Items
Cheryl Eason

c. Draft Agenda for the September 16, 2014
Committee Meeting
d. Quarterly Status Report - Office of Audit Services
e. Quarterly Status Report - Enterprise Risk
Management
f. Quarterly Status Report - Enterprise Compliance
Page 2 of 2
Action Agenda Items
Cheryl Eason
5. Administration
a. Review of the Risk & Audit Committee Delegation
6. Audits
Margaret Junker
a. 2014-16 Audit Plan Office of Audit Services
Rick Green
Macias Gini &
OConnell
b. External Auditors 2014 Annual Plan

Kathleen Webb
a. 2014-16 Enterprise Risk Management Plan

b. 2014-16 Enterprise Compliance Plan
Kathleen Webb
a. Semi-Annual Enterprise Risk Reports

9. Public Comment
CLOSED SESSION


2. Consent Items
a. Approval of the March 17, 2014 Meeting Minutes
3. Independence Confirmation
Margaret Junker
a. Personnel, Employment and Performance

Chief Auditor
Kathleen Webb
b. Personnel, Employment and Performance

Notes
take action.

June 17, 2014

12:00 p.m.
Risk and Audit Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
12:00 p.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the May 20, 2014 Meeting Minutes
b. Contract Administration: Altus Group U.S. Inc.
Cheryl Eason
4. Consent Items
c. Draft Agenda for the September 16, 2014
Committee Meeting
Page 2 of 2
Action Agenda Items

5. Actuarial
Alan Milligan
Kerry Worgan
a. Actuarial Valuation Report for the

1959 Survivor Benefit Program
6. Administration
Robert Glazier
a. Federal Representation Request for Proposal
Douglas Hoffner
Kim Malm
b. Proposed Amendments to Board of Administration

Election Regulations Effective January 1, 2015
7. Public Comment
Notes
take action.
June 18, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
Anne Stausboll
Rob Feckner
c. Establishment of Chief Investment Officer Search

Committee
6.
Consent Items
Page 2 of 3
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Tawnie Hansen
b. Angela Dean
c. Linda L. Watson
d. John F. Foley
9.

a. Sonia G. Acosta
b. Raquel Nadal-Rodriguez
c. Robert Valenzuela
d. Paulette Manning

Robert Glazier
Gregor, Vienna &
Associates
11. Public Comment

CLOSED SESSION

is Later
Gina Ratto

b. Sanchez v. CalPERS (L.A. County Superior Court,
No. BC-517444); Hopson v. CalPERS (Orange
County Superior Court, No. 30-2014-00719543)
Page 3 of 3
Anne Stausboll
13. Personnel Matters (Gov. Code sections 11126(a)(1)

and (g)(1))
a. Update on Chief Investment Officer Search
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-036-14
July 11, 2014
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS CHIEF INVESTMENT OFFICER

SEARCH COMMITTEE
The Board of Administration of the California Public Employees Retirement Systems

(CalPERS) Chief Investment Officer Search Committee will meet in closed session on July
29, 2014. The meeting will be held in CalPERS Conference Room 1150, Lincoln Plaza
North, 400 Q Street, Sacramento, California.
The agenda for the meeting is attached. This notice and the agenda are also available on
our website, www.calpers.ca.gov. The estimated start time for the meeting is set forth
below. Please refer to the attached agenda for additional information.
10:00 a.m.
Chief Investment Officer Search Committee (Closed Session Only)
ANNE STAUSBOLL
Attachment
Chief Investment Officer Search Committee

July 29, 2014
10:00 a.m.
Lincoln Plaza North
Board Conference Room 1150
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr
Rob Feckner
Henry Jones
Priya Mathur
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

1.
2.
Election of the Committee Chair and Vice Chair

Anne Stausboll
Michael Kennedy,
Korn Ferry
3.
Review Initial Candidate Pool Identified for the Position

of Chief Investment Officer with Executive Search Firm
Anne Stausboll
4.
CIO Candidate Interview Process and Schedule
Notes
action.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-035-14
July 2, 2014
TO:

SUBJECT:
AMENDED MEETING NOTICE OF THE CALPERS BOARD OF

ADMINISTRATION
Circular Letter No. 310-033-14, dated June 30, 2014, is amended as follows:
8:30 a.m.
3:30 p.m.
4:00 p.m.
Open Session
Closed Session
Closed Session (new)
The amended agenda for Monday, July 14, 2014 is attached.

All other information contained in Circular Letter No. 310-033-14, dated June 30, 2014,
remains the same. The meeting information is also available on the CalPERS
website, www.calpers.ca.gov . Questions regarding the meeting may be referred to Cheree
Swedensky at (916) 795-3128 or cheree.swedensky@calpers.ca.gov.
ANNE STAUSBOLL
Attachment
a
Embassy Suites San Rafael, CA
AMENDED
AGENDA
8:30 a.m.
Open Session
Welcome / Opening (San Rafael Ballroom)
8:45 a.m.
Open Session
Fiscal Year End Investment Results (San Rafael Ballroom)
9:00 a.m.
Open Session
Large Global Asset Managers/Owners Organizational Models

(San Rafael Ballroom)
10:30 a.m.
Break
10:45 a.m.
Open Session

(continued) (San Rafael Ballroom)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Compensation Incentives and Best Practices (San Rafael

Ballroom)
2:30 p.m.
Break
2:45 p.m.
Open Session
Compensation Incentives and Best Practices (continued)

3:30 p.m.
Closed Session
Closed Session Litigation (Government Code section

11126(e)) (San Rafael Ballroom)
In re City of Stockton (U.S. Bankruptcy Court, Eastern District
of CA, No. 12-32118); In re City of San Bernardino (U.S.
Pending Litigation Settlement Negotiations
(Case Name Withheld under the authority of Government Code
section 11126.3(a))

a
AMENDED
AGENDA
3:30 p.m.
Closed Session
(Continued)

Matters (San Rafael Ballroom)
4:00 p.m.
Closed Session
(New)
Health Plan Contract Negotiations (San Rafael Ballroom)



P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-033-14
June 30, 2014
TO:

SUBJECT:

(CalPERS) will attend an offsite meeting on July 14 through 16, 2014. The meeting will be
held at the Embassy Suites San Rafael-Marin County, 101 McInnis Parkway, San Rafael,
CA, 94903. Please note that the Board will meet in closed session only on Wednesday,
July 16, 2014.
8:30 a.m.
3:30 p.m.
Open Session
Closed Session

8:30 a.m.
Open Session

9:00 a.m.
Closed Session
ANNE STAUSBOLL
Attachment
a
AGENDA
8:30 a.m.
Open Session
Welcome / Opening (San Rafael Ballroom)
8:45 a.m.
Open Session
Fiscal Year End Investment Results (San Rafael Ballroom)
9:00 a.m.
Open Session

10:30 a.m.
Break
10:45 a.m.
Open Session

(continued) (San Rafael Ballroom)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Compensation Incentives and Best Practices (San Rafael

Ballroom)
2:30 p.m.
Break
2:45 p.m.
Open Session
Compensation Incentives and Best Practices (continued)

3:30 p.m.
Closed Session
Closed Session Litigation (Government Code section

11126(e)) (San Rafael Ballroom)
In re City of Stockton (U.S. Bankruptcy Court, Eastern District
of CA, No. 12-32118); In re City of San Bernardino (U.S.
Pending Litigation Settlement Negotiations
(Case Name Withheld under the authority of Government Code
section 11126.3(a))
Matters (San Rafael Ballroom)

a
AGENDA
8:30 a.m.
Open Session
Welcome /Opening (San Rafael Ballroom)
8:35 a.m.
Open Session
The Future of the Healthcare Marketplace: Playing the New

Game (San Rafael Ballroom)
10:30 a.m.
Open Session
Break
10:45 a.m.
Open Session
Landscape for Exceptional Customer Service (San Rafael

Ballroom)
12:15 p.m.
Lunch
1:15 p.m.
Open Session
Review of Progress on 2012-17 Strategic Plan (Sausalito

Room)
2:30 p.m.
Break
2:45 p.m.
Open Session
Review of Progress on 2012-17 Strategic Plan (continued)

(Sausalito Room)
3:45 p.m.
Break
4:00 p.m.
Open Session
Review of Progress on 2012-17 Strategic Plan (continued)

(Sausalito Room)
5:00 p.m.
Open Session
Closing Remarks (Sausalito Room)

a
AGENDA
9:00 a.m.
Closed Session
Closed Session Board Self-Assessment and Governance

Issues (San Rafael Ballroom)
(Government Code section 11126(g)(1))
10:15 a.m.
Break
10:30 a.m.
Closed Session
Closed Session Board Self-Assessment and Governance

Issues (continued) (San Rafael Ballroom)
(Government Code section 11126(g)(1))


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-044-14
August 8, 2014
TO:

SUBJECT:

ITS COMMITTEES

Sacramento, California, unless otherwise noted. The Chief Investment Officer Search
Committee will meet in closed session on August 27 and 28, 2014.
8:00 a.m.
9:00 a.m.
10:00 a.m.
10:30 a.m.


9:00 a.m.
10:00 a.m.


8:00 a.m.
9:00 a.m.


4:00 p.m.

August 8, 2014
Page 2
Thursday, August 28, 2014

8:00 a.m.
ANNE STAUSBOLL
Attachment

August 18, 2014
8:00 a.m.
Lincoln Plaza North
Executive Conference Room, 3rd Floor
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
George Diehr
Henry Jones
MEETING AGENDA
CLOSED SESSION

1.
Action Agenda Item

Anne Stausboll,
Michael Kennedy,
Korn Ferry
2.
Further Review and Selection of Chief Investment

Officer Candidates
Notes
action.
August 18, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

August 18, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Ted Eliopoulos

Briefing
Page 2 of 4
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the September 2014 Meeting
Action Agenda Items
Wylie Tollette

Investment Consultant Selection of Finalists for
Interview
Carol Moody
a. Proposed Regulation Relating to the External

Investment Resource Conflict of Interest Policy
Ted Eliopoulos
a. CalPERS Trust Level Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
b. CalPERS Trust Level Review Consultant

Report
Michael Moy, David

Glickman, Pension
Consulting Alliance
Inc.
Eric Baggesen,
Alan Milligan
Eric Baggesen,
Anne Simpson
c. Proposed Revision of Affiliate Funds Asset

Allocations
8. Total Fund
a. Investment Beliefs Activities Update
Page 3 of 4
Anne Simpson,
James Andrus
9. Program Review
a. Global Governance Program Update and
Financial Markets Overview
10. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Action Agenda Items
4. Program Review
Ral Desrochers
a. Private Equity Investment Opportunities

Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Curtis Ishii
Ted Eliopoulos
f. Opportunistic
Page 4 of 4
Notes
take action.

August 19, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the revised May 20, 2014, Pension
Minutes
b. Approval of the June 17, 2014, Pension and
Ann Boynton
4. Consent Items
Page 2 of 2
Action Agenda Items
Donna Lum
Renee Ostrander
Danny Brown
5. Final Proposed Regulations for Reportable

Compensation Under PEPRA, including
background on Temporary Upgrade Pay and
Public Hearing (9:30 TIME CERTAIN)
Kathy Donneson
Dr. Richard Sun
6. Final Proposed Regulations: Coverage Member

Health Appeals Process
Donna Lum
Lori McGartlund

Update
Danny Brown
8. Proposition 45 Healthcare Insurance Rate

Changes
Danny Brown
9. Proposition 46 Drug and Alcohol Testing of

Doctors and Medical Negligence Lawsuits
Ann Boynton
Joanne Spetz, PhD.
10. Challenges in Hospital Management

11. Public Comment
Notes
take action.
August 19, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
10:00 a.m.
Or Upon Adjournment or Recess of the Pension and

Notes
August 20, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Chief Executive Officers Briefing on Performance, Employment

and Personnel Issues (Government Code sections 11126(a)(1)
and (g)(1))
OPEN SESSION
9:00 a.m.

Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
Page 2 of 3
6.
Consent Items
b. Draft Agenda for September 2014 Meeting
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Shahida Naz
b. William M. McCormick
c. Michael S. Fitzgerald
d. Catherine Atkinson
e. Susan Hale
f. Juan R. Ruiz
g. Sharon Franklin
h. Angelina Bell
i. Sophia Ibrahim
j. Karen L. Hodges
k. Thomas Stawicki
9.

a. Tawnie Hansen
b. Angela Dean
Matt Jacobs
10. Selection of Fiduciary Counsel Firms for Interviews

Robert Glazier
Gregor, Vienna &
Associates
Page 3 of 3
12. Public Comment
CLOSED SESSION
Matt Jacobs
Gina Ratto

a. In re: City of Stockton (U.S. Bankruptcy Court, Eastern
CA, No. 2-BK-28006); and potential bankruptcy
litigation
b. Pending Litigation Settlement Negotiations - (Case
Name Withheld under the authority of Government
Code section 11126.3(a))
Notes

August 27, 2014
4:00 p.m.
Lincoln Plaza North
Executive Conference Room, 3rd Floor
400 P Street
Sacramento, CA
August 28, 2014
8:00 a.m.
Lincoln Plaza North
Board Conference Room 1150
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
George Diehr
Henry Jones
MEETING AGENDA
CLOSED SESSION

1.
Action Agenda Item

Anne Stausboll,
Michael Kennedy,
Korn Ferry
2.
First Round Chief Investment Officer Candidate

Interviews and Selection of Finalists

Anne Stausboll
3.
Final Interview Process Review and Schedule
Notes
action.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-051-14
September 5, 2014
TO:

SUBJECT:

ITS COMMITTEES

8:00 a.m.
9:30 a.m.
10:00 a.m.


9:00 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.


8:00 a.m.
9:00 a.m.


September 5, 2014
Page 2
ANNE STAUSBOLL
Attachment
September 15, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

Anne Stausboll
2. Chief Investment Officer Interview

Notes
September 15, 2014

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:00 a.m.

Whichever is Later
Ted Eliopoulos

Briefing
Page 2 of 4
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the October 2014 Meeting
Action Agenda Items
Wylie Tollette
Eric Baggesen
David Lamoureux
a. Contracts Administration: Private Equity

Investment Board Consultant Selection of
Finalists for Interview
a. Affiliate Funds Strategic Asset Allocation Targets,
Recommendations
Anne Simpson
James Andrus
Beth Richtman
7. Program Reviews
a. Global Governance Program Update and
Financial Markets Overview
Dan Bienvenue
b. Global Equity Annual Program Review
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
c. Consultant Review of Global Equity Program

Dan Bienvenue
a. Proposed Revision of Global Equity Policy and

Incorporation of the Corporate Governance
Program and Developmental Investment Fund
Eric Baggesen
b. Affiliate Funds Strategic Asset Allocation

Proposed Policy Modifications Initial Review
Page 3 of 4
9. Total Fund
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
Wylie Tollette
Carol Moody

Comparison Report
b. Monthly Update Investment Compliance

Action Agenda Items
Wylie Tollette

Investment Consultant Interviews and Intent to
Award (1:00 p.m. Time Certain)
11. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Page 4 of 4
Curtis Ishii
Curtis Ishii
Ted Eliopoulos
f. Opportunistic
Notes
take action.

September 16, 2014

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
b. Draft Agenda for October 14, 2014, Pension
c. California Employers Retiree Benefit Trust
Update
Action Agenda Items
Doug McKeever
5. Proposed Regulations Parent Child

Relationship
Page 2 of 2
Danny Brown
6. Update on Proposition 46 Drug and Alcohol

Testing of Doctors and Medical Negligence
Lawsuits
Jennifer Watson
Christine Reese
7. Supplemental Income Plans Program Update
Kathy Donneson
Kathy Donneson
Melissa Mantong
Marilyn Stebbins, UCSF
9. Considerations in Formulary Management

Programs
10. Public Comment
Notes
take action.

September 16, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
Rob Feckner
JJ Jelincic
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Cheryl Eason
2. Executive Report
3. Consent Items
Cheryl Eason
a. Approval of the June 17, 2014 Meeting Minutes

4. Consent Items
Cheryl Eason

c. Draft Agenda for the November 18, 2014
Committee Meeting
d. Quarterly and Year End Status Report
Office of Audit Services
e. Quarterly and Year End Status Report
Enterprise Risk Management
Page 2 of 2
f. Quarterly and Year End Status Report
Enterprise Compliance
h. External Audit Fees
i.
2013-14 Annual Compliance Report
Action Agenda Items

5. Audit
Phyllis Miller
a. Request for Proposal (RFP): Parallel Actuarial

Valuation Services
Phyllis Miller
6. Audit
a. Governmental Accounting Standards Board
(GASB) Statement No. 68 Audit Services
7. Public Comment
CLOSED SESSION


2. Consent Items
Phyllis Miller

Chief Auditor
Kathleen Webb

Carol Moody

Senior Portfolio Manager,
Investment Compliance and Operational Risk
Notes
take action.

September 16, 2014

11:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
b. Year-End Budget and Expenditure Report
Cheryl Eason
4. Consent Items
c. Draft Agenda for the October 14, 2014
Committee Meeting
d. Quarterly Chief Information Officer IT Report
e. Annual Contracting and Procurement Activity
Report
Page 2 of 2
f. Annual Small Business and Disabled Veterans

Business Enterprise Contract Participation
g. Year-End Accounts Receivable Analysis Report
Douglas Hoffner

Fourth Quarter Update and Closeout
6. Diversity
Lindy Plaza
a. Annual Diversity Report

Cheryl Eason
Brian Cosgrove,
Beacon Consulting
Group
a. Treasury Management (Liquidity) Update
8. Administration
Robert Glazier
Kathleen Webb
b. Information Security Update
Cheryl Eason
Graeme Finley,
Grant Thornton
c.
MylCalPERS PIER Plus Report Update
9. Public Comment
Notes
take action.

September 16, 2014

1:00 p.m.
Finance & Administration Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
b. Revised Executive Compensation Policy
Doug Hoffner
4. Consent Items
a. Annual Calendar Review 2014
b. Annual Calendar Review 2015
c. Draft Agenda for October 2014 Committee
Meeting
Page 2 of 2

Katie Hagen
Jim Finkelstein,
FutureSense
5. Workforce Strategic Plan Annual Report
Katie Hagen
Jim Finkelstein,
FutureSense
6. Compensation Program Review Project Update
7. Public Comment
CLOSED SESSION

[(Gov. Code sections 11126(a)(1) and (g)(1))]
Action Agenda Items
Katie Hagen
2. Approval of March 18, 2014 Performance

Katie Hagen
3. Review of 2013-2014 Performance: Chief Executive

Officer
Notes
take action.
September 17, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.
Chief Executive Officers Briefing on Performance, Employment, and

Personnel Issues (Government Code sections 11126(a)(1) and (g)(1))
OPEN SESSION
9:00 a.m.
Or Upon Adjournment or Recess of the Board of Administration Closed

Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
Page 2 of 3
6.
Consent Items
b. Draft Agenda for October 2014 Meeting
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

(Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Christine Monsen
b. Karen Culverson
c. Sergio Garcia
d. Coral Hilder
e. David Emler
f. Lisa Handwerker
g. Steven L. Hallam
h. Ofelia P. Pettengill
i.
Roxane Congi
j.
Robin G. Leiter-Choen
k. Ronald High
l. Mario R. Velasquez
Page 3 of 3
Rob Feckner
9.
Board Governance and Delegations
Cheryl Eason,
Eric Baggesen,
David Lamereaux
10. Asset Liability Management - Affiliate Funds

Robert Glazier
Tom Lussier,
Lussier, Gregor,
Vienna &
Associates
12. Public Comment

CLOSED
SESSION
Anne Stausboll,
Michael Kennedy,
Korn Ferry
13. Personnel Matters (Gov. Code sections 11126(a)(1) and (g)(1))

a. Chief Investment Officer Interviews and Selection
(TIME CERTAIN 10:15 A.M.)
14. 1Litigation Matters (Gov. Code section 11126(e))
Matt Jacobs

Gina Ratto
b. Pending Litigation Settlement Negotiations - (Case Name

Withheld under the authority of Government Code section
11126.3(a))
Rob Feckner
15. Personnel Matters (Gov. Code sections 11126(a)(1) and (g)(1))

a. Review of 2013-2014 Performance: Chief Executive Officer
Notes
Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting may
be considered by the Board.
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-058-14
October 2, 2014
TO:

SUBJECT:

ITS COMMITTEES

8:00 a.m.
8:30 a.m.
9:00 a.m.
2:30 p.m.


9:30 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.


8:00 a.m.
9:00 a.m.


October 2, 2014
Page 2
ANNE STAUSBOLL
Attachment
October 13, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
OPEN SESSION
2:30 p.m.
Rob Feckner

Or Upon Adjournment or Recess of Investment
1.
2.
Full Board Hearing Christine Monsen
Notes
October 13, 2014

8:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
9:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the November 2014 Meeting
Action Agenda Items
Wylie Tollette
a. Contracts Administration: Private Equity

Investment Board Consultant Interviews and
Intent to Award (TIME CERTAIN 9:45 a.m.)
Eric Baggesen
a. Revision of Affiliate Funds Policies
Dan Bienvenue
b. Revision of the Global Equity Policy and

Incorporation of Corporate Governance Program
and Developmental Investment Fund Policies
Dan Bienvenue
Carol Moody
c. Revision of the Global Equity Delegation

7. Organizational System & Controls
Wylie Tollette
Carol Moody
a. Contracts Administration: Extension of Existing

Investment Manager Agreements
Wylie Tollette
Carol Moody
b. Contracts Administration: Extension of Current

Master Custodian Agreement
8. Program Reviews
Curtis Ishii
Kevin Winter
a. Global Fixed Income Programs Annual Review
Page 3 of 4
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
b. Consultant Review of Global Fixed Income

Programs
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
c. Consultant Review of Focus List Program

Performance
9. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
4. Total Fund
Dan Bienvenue
Anne Simpson
a. Global Governance Program Corporate

Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Page 4 of 4
Curtis Ishii
Ted Eliopoulos
f. Opportunistic
Notes
take action.

October 14, 2014

9:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
MEETING AGENDA
CLOSED SESSION
9:30 a.m.
Gov. Code Sections 11126(c)(17) and 11126(e)

Matthew Jacobs
Doug McKeever
James DeBenedetti
OPEN SESSION
10:00 a.m.

Whichever is Later
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the September 16, 2014, Pension
Minutes
Page 2 of 2
Ann Boynton
4. Consent Items
Action Agenda Items
Matthew Jacobs
5. Proposed Regulations to the CalPERS Plans in

Accordance with the Internal Revenue Service
Rules
Donna Lum
Joe Caffrey
Tom Scheibelhut, CEM
6. Customer Services and Support Cost Effective

Measure Report
Kathy Donneson
Melissa Mantong

8. Public Comment
Notes
take action.

October 14, 2014

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the September 16, 2014 Meeting
Minutes
b. California Actuarial Advisory Committee
Appointment
Cheryl Eason
4. Consent Items
c. Draft Agenda for the November 18, 2014
Committee Meeting
Page 2 of 2
Action Agenda Items
5. Actuarial
David Lamoureux
a. Long Term Care Valuation

6. Administration
Robert Glazier
a. Health Care Policy Federal Representative:

7. Administration
Robert Glazier
a. Stakeholder Assessment Project Update

8. Budget & Financial Reporting
Cheryl Eason
Kristin Montgomery
b. Governmental Accounting Standards Board

(GASB) Statement 68 Update
9. Public Comment
Notes
take action.

October 14, 2014

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Bill Lockyer
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
Doug Hoffner
4. Consent Items
c. Draft Agenda for February 2015 Committee
Meeting
Page 2 of 2

5. Public Comment
CLOSED SESSION

[(Gov. Code sections 11126(a)(1) and (g)(1))]
Action Agenda Items
Katie Hagen
2. Approval of September 16, 2014 Performance

Katie Hagen
3. Approval of 2013-2014 Performance Award: Chief

Executive Officer
Doug Hoffner
Cheryl Eason
Andrew Junkin,
Wilshire Associates
Consulting
4. Impact to Incentive Compensation Award from

Restatement of Real Estate Investment Performance
Anne Stausboll
5. Review of 2013-2014 Performance: Chief Actuary and

Chief Financial Officer
Anne Stausboll
Ted Eliopoulos
6. Chief Executive Officers Report of 2013-2014

Performance: Senior Investment Officers, Senior
Notes
take action.
October 15, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner
Chief Executive Officers Briefing on Performance, Employment,

and Personnel Issues (Government Code sections
11126(a)(1) and (g)(1))
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Page 2 of 3
Rob Feckner
5.
Consent Items
6.
Consent Items
b. Draft Agenda for November 2014 Meeting
7.
Henry Jones
Priya Mathur
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Matt Jacobs
8.
Revisions to Board Governance Policy and Chief

Executive Officer Delegation
Rob Feckner
9.

a. Marion P. Bannister
b. Neleen Fregoso
c. Keith Holmes
d. Leslie C. Graham
e. Michael J. Joy, Susan M. Canter and J. Barton
Phelps
f. Suzanne Lowe
g. Jonathan S. Drucker
h. John R. Penaflor
Rob Feckner

a. Catherine Atkinson
b. Susan Hale
Page 3 of 3
Matt Jacobs
11. Fiduciary Counsel Interviews

(TIME CERTAIN 10:00 a.m.)
Robert Glazier
Gregor, Vienna &
Associates
13. Public Comment

CLOSED SESSION

Matt Jacobs

b. Centinela Capital Partners, LLC v. CalPERS, et al.,
(California Court of Appeal, No. B255256); Baez v.
CalPERS et al. (California Court of Appeal, No.
B252772) Centinela Capital Partners, LLC et al. v.
Credit Suisse et al. (Los Angeles County Superior
Court, Case No. BC532166)
c. Mallano v. Chiang, et al., Los Angeles County
Superior Court Case No. BC533770
d. Kesterson, et al. v. CalPERS, et al., Los Angeles
County Superior Court Case No. BC502628
e. Sanchez, et al. v. CalPERS, et al., Los Angeles
County Superior Court Case No. BC517444
Michael Bilbrey
15. Performance, Compensation & Talent Management

Committee Report and Actions (Gov. Code sections
11126(a)(1) and (g)(1))
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-066-14
November 7, 2014
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:30 a.m.
10:00 a.m.


8:00 a.m.
8:15 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.

Board of Administration Workshop on CalPERS Incentive
Compensation Project (Room 1140)

8:00 a.m.
9:00 a.m.


November 7, 2014
Page 2
ANNE STAUSBOLL
Attachment
November 17, 2014

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Gov. Code sections 11126(a)(1) and (g)(1))
Notes
November 17, 2014

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the December 2014 Meeting
Action Agenda Items
Wylie Tollette
a. Contracts Administration: General Pension

Investment Board Consulting Services
6. Total Fund
Anne Simpson
Laurie Weir
b. Annual Report to the California Legislature

CalPERS Emerging Manager Five-Year Plan
Wylie Tollette
Carol Moody
a. Investment Policy Revision Project Update

8. Program Reviews
Anne Simpson
Tom McDonagh
b. Real Assets Annual Program Review
Page 3 of 4
David Glickman,
Christy Fields, Dillon
Lorda, Pension
Consulting Alliance
c. Consultant Review of the Real Assets Program
Stephen McCourt,
Meketa Investment
Group
Andrew Junkin,
Wilshire Associates
Consulting
9. Public Comment
CLOSED SESSION
Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Action Agenda Items
4. Total Fund
Anne Simpson
Anne Simpson
Dan Bienvenue
b. Global Governance Program Corporate

Page 4 of 4

Ral Desrochers
a. Private Equity
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Opportunistic
Ted Eliopoulos

Notes
take action.

November 18, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Acting Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
Gov. Code Section 11126(h)

Ann Boynton
OPEN SESSION
8:15 a.m.
2. Long-Term Care Strategy

Whichever is Later
Ann Boynton
Ann Boynton
3. Consent Items
Ann Boynton
4. Consent Items
Page 2 of 2
Ann Boynton
Danny Brown
5. PEPRA Implementation Update Regarding

Government Code Section 7522.56
Kathy Donneson
6. Long-Term Care Program Valuation Implications
Doug McKeever
James DeBenedetti
7. Potential Options for Medicare
Doug McKeever
Jan Falzarano
8. Dependent Eligibility Verification Project Update
Donna Lum
Anthony Suine

Update
10. Public Comment
Notes
take action.

November 18, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the October 14, 2014 Meeting Minutes
Cheryl Eason
4. Consent Items
c. Draft Agenda for the December 16, 2014
Committee Meeting
Page 2 of 2
Action Agenda Items
Cheryl Eason
Kristin Montgomery
a. Draft 2013-14 Basic Financial Statements
Cheryl Eason
Rose McAuliffe
b. 2014-15 Mid-Year Budget Revisions

(First Reading)
Cheryl Eason
c. Amended Board Member Employer

Reimbursement
6. Administration
Danny Brown
a. Retirement Policy Federal Representative:

Danny Brown
b. Investments Policy Federal Representative:

7. Actuarial
Alan Milligan
a. Asset Liability Management - Funding Levels and

Risks Report
8. Administration
Kim Malm
a. 2014 CalPERS Board of Administration State,

School, and Public Agency Elections
Summary of Results
Doug McKeever
James DeBenedetti
Gary McCollum
b. Semi-Annual Self-Funded Health Plans Report
9. Budget & Financial Reporting

Cheryl Eason
Cheryl Eason
Rose McAuliffe
b. Annual Cost Efficiency Report

10. Public Comment
Notes
action.
4) Board members may attend meetings of committees of which they are not members and participate in the
discussions during those meetings.

November 18, 2014

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Chair
Michael Bilbrey
Rob Feckner
JJ Jelincic
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Cheryl Eason
2. Executive Report
3. Consent Items
Cheryl Eason

Minutes
4. Consent Items
Cheryl Eason

c. Draft Agenda for the March 17, 2015 Committee
Meeting
d. Quarterly Status Report Office of Audit Services
e. Quarterly Status Report Enterprise Risk
Management
Page 2 of 2
f. Quarterly Status Report Enterprise Compliance
g. CalPERS Ethics Helpline Reports
Action Agenda Items
5. Audit
Phyllis Miller
Rick Green,
Macias, Gini &
OConnell
a. Annual External Auditors Report Fiscal Year

2013-14

Cheryl Eason

7. Public Comment
CLOSED SESSION

2. Consent Items
Minutes
Phyllis Miller

Chief Auditor
Kathleen Webb

Carol Moody

Senior Portfolio Manager,
Investment Compliance and Operational Risk
Notes
take action.
November 18, 2014

1:00 p.m.
Risk and Audit Committee,
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
WORKSHOP
1:00 p.m.
Douglas Hoffner
Jim Finkelstein,
Michael Graham,
FutureSense
Or Upon Adjournment or Recess of the Risk and

Audit Committee, Whichever is Later
Workshop CalPERS Incentive Compensation
Project
Notes
November 19, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

OPEN SESSION
9:00 a.m.
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of October 2014 Meeting Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for December 2014 Meeting
d. External Affairs Report
7.
Henry Jones
George Diehr
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Archie Hinchen
b. Gabriel Arriaga
c. Rosemary Kroll
d. Teresita H. Ilagan
e. Jerry Santillan
Rob Feckner
9.

a. Ronald High
Rob Feckner
10. Full Board Decision Monsen, Christine
Rob Feckner
11. Full Board Hearing Lisa Handwerker
Danny Brown
12. Federal Representative (Health) Interviews & Selection

Danny Brown
13. State & Federal Legislation

14. Public Comment
Page 3 of 3
CLOSED SESSION
is Later
Matt Jacobs

Notes
action. Any Agenda Item from a properly noticed Committee meeting held immediately prior to
this Board meeting may be considered by the Board.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-070-14
December 5, 2014
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:30 a.m.
10:00 a.m.


8:00 a.m.
10:00 a.m.
11:00 a.m.
12:30 p.m.

Board of Administration Interviews

8:00 a.m.
9:00 a.m.


December 5, 2014
Page 2
ANNE STAUSBOLL
Attachment
December 15, 2014

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
December 15, 2014

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
Sudan Divestment
c. Real Estate Board Investment Consultant
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the February 2015 Meeting
Action Agenda Items
5. Total Fund
Danny Brown
a. State Legislative Proposal: Elimination or

Modification of Investment Reports to the
Legislature; and Clarification of Procurement
Requirements Applicable to Investment Contracts
Eric Baggesen
Jim Quinn
a. Benchmarks Review
Eric Baggesen
Cheryl Eason
Alan Milligan
b. Terminated Agency Pool Program Update

Carol Moody
a. Overview of Investment Office Delegation

Resolutions for Professional Staff
8. Business Plan/Road Map
Wylie Tollette

9. Program Reviews
Ted Eliopoulos
Laurie Weir
a. Responsible Contractor Program Annual Report
Page 3 of 4
Ted Eliopoulos
Laurie Weir
b. Responsible Contractor Program Policy Review

Update
Ral Desrochers
c. Private Equity Annual Program Review
Michael Moy,
Pension Consulting
Alliance
d. Consultant Review of the Private Equity Program
Action Agenda Items

Wylie Tollette
a. Contracts Administration: General Pension

Investment Board Consultant Interviews and
Intent to Award
11. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
Ral Desrochers
a. Private Equity
Page 4 of 4
Tom McDonagh
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Opportunistic
Notes
take action.

December 16, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
George Diehr, Acting Chair
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Lockyer
Priya Mathur
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the November 18, 2014, Pension
Minutes
Ann Boynton
4. Consent Items
b. Draft Agenda for February 18, 2015, Pension
Action Agenda Items
Matthew Jacobs
Lisa Hammond
5. Final Approval of Proposed Regulations to the

CalPERS Plans in Accordance with the Internal
Revenue Service Rules
Page 2 of 2
Danny Brown
6. State Legislative Proposal: Minor Clarifying

Technical Changes to the Public Employees
Retirement Law
Doug McKeever
Jan Falzarano
7. Findings from the Public Agency Health Benefit

Design Needs Assessment
8. Public Comment
CLOSED SESSION

Gov. Code Section 11126(c)(17)
Kathy Donneson
2. Health Plan Contract Strategy
Doug McKeever
Notes
take action.

December 16, 2014

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
John Chiang
George Diehr
Richard Gillihan
Henry Jones
Bill Lockyer
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the November 18, 2014 Meeting
Minutes
Cheryl Eason
4. Consent Items
c. Draft Agenda for the February 17, 2015
Committee Meeting
Page 2 of 2
Action Agenda Items
Cheryl Eason
Rose McAuliffe

(Second Reading)
Cheryl Eason

7. Public Comment
Notes
action.

December 16, 2014

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair
Michael Bilbrey
George Diehr
JJ Jelincic
Henry Jones
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
Matthew Jacobs
4. Consent Items
b. Staff Ethical Decision Making Policy
Action Agenda Items

Matthew Jacobs
5. Revision of Board Governance Committee

Delegation Re: Composition of Governance
Committee
Matthew Jacobs
6. Revision of Board Governance Policy and Board

Member Education Policy
Cheryl Eason
Matthew Jacobs
7. CalPERS' Conflict of Interest Code Amendment

Douglas Hoffner

Measures
9. Public Comment
Notes
take action.
December 16, 2014

12:30 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
OPEN SESSION
12:30 p.m.

Action Agenda Items
Danny Brown
2. Retirement Policy Federal Representative Request

for Proposal (RFP 2014-7187) Interview of
Finalists and Intent to Award
Notes
December 17, 2014

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
George Diehr
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Ron Lind
Bill Lockyer
Priya Mathur
Bill Slaton
MEETING AGENDA
CLOSED SESSION
8:00 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner
Chief Executive Officers Briefing on Performance, Employment,

and Personnel Issues
Or Upon Adjournment or Recess of the Closed Session,
Whichever is Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
Page 2 of 3
6.
Consent Items
b. Draft Agenda for February 2015 Meeting
7.
Henry Jones
George Diehr
Bill Slaton
Michael Bilbrey

Committee (Oral)
George Diehr
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Nicolette Savacool
b. John W. Heeren
c. Kimberly Haynes
d. Joseph P. Furman
e. Deborah Montoya
f. Michael Flaherty
g. Pamela and David Walchak
h. Lori Creasey
i. Barbara Ness
j. Glenn Nagel
k. Lucky Meyer
Danny Brown
9.
Investment Policy Federal Representative Request for

Proposal (RFP 2014-7186) Interview of Finalists and
Intent to Award

Danny Brown
10. State and Federal Legislation
Page 3 of 3
11. Public Comment
CLOSED SESSION
Matt Jacobs

Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-072-14
December 30, 2014
TO:

SUBJECT:

(CalPERS) will attend an Offsite meeting on January 20 through 22, 2015. The meeting will
be held at the Monterey Beach Resort - Monterey, 2600 Sand Dunes Drive, Monterey, CA
93940.
8:30 a.m.
3:15 p.m.
Open Session
Closed Session

9:00 a.m.
Open Session
Thursday, January 22, 2015

8:30 a.m.
11:30 a.m.
Open Session
Closed Session
ANNE STAUSBOLL
Attachment
a
Monterey Beach Resort Monterey, CA
AGENDA
8:30 a.m.
Open Session
Welcome / Opening (Points Ballroom)
8:40 a.m.
Open Session
Action Item: Election of Board President/Vice President

(Points Ballroom)
9:05 a.m.
Open Session
Investment Benchmarks Part 1: Portfolio Priorities

(Points Ballroom)
10:30 a.m.
Break
10:45 a.m.
Open Session
Investment Benchmarks Part 2: Benchmark Roles, Uses, and

Implications for CalPERS (Points Ballroom)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Treasury Management (Points Ballroom)
3:00 p.m.
Break
3:15 p.m.
Closed Session
Closed Session Personnel Matters (Points Ballroom)

(Government Code Section 11126(a)(1) and (g)(1))

a
AGENDA
9:00 a.m.
Open Session
9:05 a.m.
Open Session
Options for Wellness Platforms and Programs (Points

Ballroom)
10:30 a.m.
Break
10:45 a.m.
Open Session
Options for Wellness Platforms and Programs (Continued)

(Points Ballroom)
11:50 a.m.
Lunch
1:00 p.m.
Open Session
Incentive Compensation Project (Points Ballroom)

a
AGENDA
8:30 a.m.
Open Session
8:35 a.m.
Open Session
Annual Fiduciary Training (Points Ballroom)
10:30 a.m.
Break
10:45 a.m.
Open Session
Annual Fiduciary Training (Continued) (Points Ballroom)
11:30 a.m.
Closed Session
Closed Session Personnel Matters (Points Ballroom)

Closed Session Litigation Matters (Points Ballroom)
(Government Code Section 11126(e))
of CA, 1232118); In re: City of San Bernardino (U.S.
Bankruptcy Court, Central District of CA, No. 2-BK-28006)
Potential litigation Investment Matter (Points Ballroom)


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-005-15
February 5, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
10:00 a.m.
10:30 a.m.


8:00 a.m.
10:00 a.m.
11:00 a.m.
2:00 p.m.

Board of Administration Workshop

9:00 a.m.

February 5, 2015
Page 2
ANNE STAUSBOLL
Attachment
February 17, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Henry Jones, Vice President
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
February 17, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
11126(c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
2. Election of Investment Committee Chair and Vice
Chair
Page 2 of 4
Ted Eliopoulos
Ted Eliopoulos
4. Consent Items
a. Approval of the December 15, 2014 Investment
b. Report to the California Legislature Holocaust
Era and Northern Ireland
Ted Eliopoulos
5. Consent Items
Action Agenda Items
Danny Brown
Wylie Tollette
6. Total Fund
a. Investment Legislative and Policy Engagement
Guidelines
Andrew Junkin, Julia

Bonafede, Wilshire
Associates

a. CalPERS Trust Level Review Consultant
Report
Michael Moy, David

Glickman, Pension
Consulting Alliance
Inc.
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
Wylie Tollette
b. CalPERS Trust Level Review

a. Proposed Consolidation of Total Fund Investment
Policy and Repeal of Legacy Policies Initial
Review
Page 3 of 4
Anne Simpson
Wylie Tollette
Anne Simpson
b. Proposed Establishment of the Statement of

Investment Policy for Global Governance and
Integration of Existing Policies Initial Review
9. Program Review
10. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
a. Approval of December 15, 2014 Investment
Ted Eliopoulos
3. Consent Items
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Opportunistic
Page 4 of 4
Notes
1)
2)
3)

February 18, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Michael Bilbrey
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
2. Election of Pension & Health Benefits Committee
Ann Boynton
Ann Boynton
4. Consent Items
a. Approval of the December 16, 2014, Pension
Minutes
Ann Boynton
5. Consent Items
b. Draft Agenda for March 17, 2015, Pension &
c. Update on Retiree Cost-of-Living Adjustments
d. Public Agency Recruitment and Retention for
Page 2 of 2
the Health Benefit Program
Action Agenda Items
Danny Brown
6. Legislative and Policy Engagement Guidelines for

Retirement and Health
Doug McKeever
7. Adoption of Regulations: Parent-Child

Relationship
Donna Lum
Anthony Suine
8. Retirement Options Simplification
Anthony Suine
Doug McKeever
David Cowling

11. Public Comment
CLOSED SESSION

Gov. Code Section 11126(e) and 11126(c)(17)
Jenni Krengel
Ann Boynton
3. Health Plan Contract Strategy
Doug McKeever
Notes
take action.

February 18, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Richard Gillihan
Dana Hollinger
JJ Jelincic
Henry Jones
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of December 16, 2014, Finance &
Cheryl Eason
5. Consent Items

c. Draft Agenda for March 17, 2015 Committee
Meeting
Action Agenda Items
6. Actuarial
Alan Milligan
a. Judges II Retirement System Actuarial Valuation

Alan Milligan
b. Legislators Retirement System Actuarial

Contribution Rates
7. Administration
Doug Hoffner
Kim Malm
a. 2015 CalPERS Board of Administration Retired

Member Election Notice of Election
8. Administration
Robert Glazier
Cheryl Eason
Graeme Finley,
Grant Thornton LLP
b. mylCalPERS PIER Plus Report
Dougl Hoffner
Sabrina Stroud
a. CalPERS 2014-16 Business Plan Mid-Year

Update
10. Budgeting and Financial Reporting
Cheryl Eason
a. Treasury Management Policy (First Reading)

11. Public Comment
Notes
take action.
2) The hour designated is the earliest starting time for this meeting and is not intended to

February 18, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner, Chair

Michael Bilbrey
Richard Costigan
Dana Hollinger
Henry Jones
Ron Lind
Bill Slaton
MEETING AGENDA
OPEN SESSION
11:00 a.m.

2. Election of the Board Governance Committee Chair
and Vice Chair
Matthew Jacobs
3. Executive Report
Matthew Jacobs
4. Consent Items
a. Approval of December 16, 2014, Board
Matthew Jacobs
5. Consent Items
b. Summary Report on Fiduciary Training
Action Agenda Items
Cheryl Eason
Matthew Jacobs
6. CalPERS Conflict of Interest Code Proposed

Amendments
Anne Stausboll
7. Board Education Program

8. Public Comment
Notes
take action.
February 18, 2015

2:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
WORKSHOP
2:00 p.m.

Cheryl Eason,
Alan Milligan and
Ted Eliopoulos
Workshop Funding Risk and Mitigation Strategy
Cheryl Eason
1. Brief Discussion of Funding Risk
Cheryl Eason,
Alan Milligan and
Ted Eliopoulos
2. Risk Mitigation Strategy
Dr. Robert Brown

Allan Emkin
Andrew Junkin
3. Expert Panel
4. Board Discussion
Cheryl Eason
5. Next Steps
Notes
February 19, 2015

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.
OPEN
SESSION
9:00 a.m.
Rob Feckner

Performance Issues (Government Code sections 11126 (a)(1) and
(g)(1))
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of December 16, 2014 Board of Administration
Meeting Minutes
b. Approval of December 17, 2014 Board of Administration
Meeting Minutes
Page 2 of 3
c. Board Travel Approvals
6.
Consent Items
7.
Henry Jones

Bill Slaton
Michael Bilbrey

(Oral)
Rob Feckner

Action Agenda Items
Rob Feckner
8.

a. Mark Gallegos
b. Daniel Klaff
c. Patricia Hunt
d. Eugene Henrich
e. Gregory Oliver
f. Gus Frias
g. Barbara Land
h. Mike Schmidke
i.
Lucille McGowan
j.
Susan Stockhammer
k. Robert Ruhr
l.
Essence Wilson
m. Victoria Wedgeworth
Danny Brown
9.
State and Federal Legislation
10. Public Comment
Page 3 of 3
CLOSED
SESSION
Matthew Jacobs

a. In re: City of Stockton (U.S. Bankruptcy Court, Eastern District
b. CalPERS v. Moodys Corp., San Francisco Superior Court,
Case No CGC-09-490241
c. Potential Litigation Investment Matter
Notes
Agenda Item from a properly noticed Committee meeting held immediately prior to this Board meeting
may be considered by the Board.
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-009-15
March 6, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
10:00 a.m.
10:30 a.m.


8:00 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.


8:00 a.m.
9:00 a.m.


March 6, 2015
Page 2
ANNE STAUSBOLL
Attachment
March 16, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
March 16, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Bill Slaton, Vice Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
(Government Code sections 11126(a)(1) and (c)(16))
OPEN SESSION
10:30 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the February 17, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the April 13, 2015 Investment
Committee Meeting
Action Agenda Items
Ted Eliopoulos
Wylie Tollette
Wylie Tollette
5. Committee Governance
a. Review of the Investment Committee Delegation
a. Adoption of Total Fund Investment Policy and
Repeal of Legacy Policies
Wylie Tollette
Anne Simpson
b. Adoption of the Global Governance Policy and

Integration of Legacy Policies
Ted Eliopoulos
Wylie Tollette
Laurie Weir
c. Revision of the Responsible Contractor Program

Policy and Integration of the Legacy Policy
Danny Brown
Wylie Tollette
d. Legislative and Policy Engagement Guidelines for

Investments
7. Public Comment
Page 3 of 4
CLOSED SESSION

(Government Code sections 11126(a)(1), (c)(16) and (e))
Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
4. Total Fund
Anne Simpson

Investment Strategy
Ral Desrochers
a. Private Equity
Ted Eliopoulos
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Opportunistic
Ted Eliopoulos

Investment Officer
Page 4 of 4
Notes
1)
2)
3)

March 17, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the February 18, 2015 Pension &
Ann Boynton
4. Consent Items
b. Draft Agenda for the April 14, 2015 Pension &
c. California Employers Retiree Benefit Trust
Update
Page 2 of 2
Action Agenda Items
Ann Boynton
5. Review of the Pension & Health Benefits

Danny Brown
6. Legislative and Policy Engagement Guidelines for

Retirement and Health
Anthony Suine
Jennifer Watson
7. Supplemental Income Plans Program Update
Kathy Donneson
Tyrone Espinoza
Doug McKeever
9. Health Maintenance Organization Broad and

Narrow Networks
10. Public Comment
CLOSED SESSION

Doug McKeever
Notes
take action.

March 17, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Costigan, Chair
Dana Hollinger, Vice Chair
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the February 18, 2015 Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the April 14, 2015 Finance &
Administration Committee Meeting
d. Quarterly Chief Information Officers Report on
Page 2 of 2
e. Semi-Annual Financial Report
f. Semi-Annual Budget and Expenditure Report
g. Semi-Annual Accounts Receivable Analysis
Report
Action Agenda Items
Cheryl Eason
5. Administration
a. Review of the Finance & Administration
Alan Milligan
6. Actuarial
a. Actuarial Valuation Report and Employer and
Employee Contribution Rates for Judges
Retirement System (JRS)
Cheryl Eason

a. Treasury Management Policy (Second Reading)
Cheryl Eason
Rose McAuliffe
b. Fiscal Year 2015-16 Annual Budget Proposal

(First Reading)
Danny Brown
8. Administration
a. Federal Policy Representative Spring-Fed Pool:
Intent to Award
Doug Hoffner
Sabrina Stroud
(First Reading)
10. Public Comment
Notes
take action.

March 17, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Priya Mathur
Theresa Taylor
MEETING AGENDA
OPEN SESSION
11:00 a.m.

2. Election of the Performance, Compensation & Talent
Management Chair and Vice Chair
Doug Hoffner
3. Executive Report
Doug Hoffner
4. Consent Items
a. Approval of the October 14, 2014 Performance,
Compensation & Talent Management Committee
Meeting Minutes
Doug Hoffner
5. Consent Items
Page 2 of 2

b. Draft Agenda for the June 16, 2015 Performance,
Meeting
Action Agenda Items

Doug Hoffner
6. Review of the Performance, Compensation & Talent

Management Committee Delegation
Doug Hoffner
Doug Hoffner
8. Semiannual Status Reports on Performance Plans of

Officer
9. Public Comment
Notes
take action.

March 17, 2015

1:00 p.m.
Performance, Compensation & Talent Management Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Rob Feckner
JJ Jelincic
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Compensation & Talent Management Committee,
Whichever is Later
2. Election of the Risk & Audit Committee Chair and
Vice Chair
Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of the November 18, 2014 Risk & Audit
Page 2 of 3
Cheryl Eason
5. Consent Items
c. Draft Agenda for the June 16, 2015 Risk & Audit
Committee Meeting
Management
Action Agenda Items
Cheryl Eason
6. Review of the Risk & Audit Committee Delegation
Young Hamilton
Rick Green, Macias,
Gini & OConnell
7. Audit
a. External Auditors Management Letter
Young Hamilton
Bob McCrory and
Timothy Doyle,
Cheiron
b. Third-Party Parallel Valuation and Certification of

the Judges Retirement System, Judges
Retirement System II, Legislators Retirement
System and 1959 Survivor Benefit Program
Young Hamilton
Bob McCrory and
Timothy Doyle,
Cheiron
c. Review of Final Parallel Actuarial Audit Report
Doug Hoffner
d. Revised Request for Proposal (RFP) Parallel

Actuarial Valuation Services

8. Public Comment
Page 3 of 3
CLOSED SESSION

2. Consent Items
Action Consent Items
a. Approval of the November 18, 2014 Risk &
Audit Committee Meeting Minutes
Young Hamilton
3. Personnel, Employment and Performance Acting

Chief Auditor
Kami Niebank
4. Personnel, Employment and Performance Interim

Chief Compliance Officer
Wylie Tollette

Operating Investment Officer, Investment Compliance
and Operational Risk
Notes
take action.
comment, unless otherwise directed by the Committee.
March 18, 2015

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

Performance Issues
(Government Code sections 11126 (a)(1) and (g)(1))
Or Upon Adjournment or Recess of Board Closed Session, Whichever is
Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the February 19, 2015 Board of Administration
Meeting Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for the April15, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
b. Pension & Health Benefits Committee (Oral)
Richard Costigan
c. Finance & Administration Committee (Oral)
Michael Bilbrey

(Oral)
e. Risk & Audit Committee (Oral)
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Andrew L. Warren
b. Eric Reingrover
c. Leonis Malburg
d. Romeo Balanza
e. Chelsea DePhillips
f. Rory Smith
g. Theresa Rushton Office
h. Christine Londo
i. Lynn Moller
Rob Feckner
9.
Precedential Decision
a. Randy G. Adams

Danny Brown
10. State and Federal Legislation

11. Public Comment
CLOSED
Page 3 of 3
SESSION
Matthew Jacobs

12. Litigation Matters
b. Centinela Capital Partners, LLC v. CalPERS, et al., (California
Court of Appeal, No. B255256); Baez v. CalPERS et al.
(California Court of Appeal, No. B252772) Centinela Capital
Partners, LLC et al. v. Credit Suisse et al. (Los Angeles County
Superior Court, Case No. BC532166)
c. Mallano v. Chiang, et al., Los Angeles County Superior Court
Case No. BC533770
d. Kesterson, et al. v. CalPERS, et al., Los Angeles County
e. Sanchez, et al. v. CalPERS, et al., Los Angeles County
Notes
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-015-15
April 2, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
10:00 a.m.
10:30 a.m.


8:30 a.m.
9:30 a.m.


8:00 a.m.
9:00 a.m.


April 2, 2015
Page 2
ANNE STAUSBOLL
Attachment
April 13, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
April 13, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
10:00 a.m.

Whichever is Later
Issues
OPEN SESSION
10:30 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the March 16, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the May 18, 2015 Investment
Committee Meeting
Action Agenda Items
5. Total Fund
Ted Eliopoulos
Wylie Tollette
a. Establish Ad Hoc Global Governance

Subcommittee
Danny Brown
b. Senate Bill 185 (de Lon) Public Divestiture of

Thermal Coal Companies Act
Eric Baggesen
Jim Quinn
a. Strategic Asset Allocation Interim Targets Review

7. Business Plan
Wylie Tollette
a. Investment Office Cost Effectiveness

8. Total Fund
Danny Brown
Anne Simpson
Daniel Crowley, K&L
Gates
a. Federal Representative Update
9. Public Comment
Page 3 of 4
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
4. Total Fund
Anne Simpson

Investment Strategy
Eric Baggesen
John Cole
b. CalPERS Investment Strategy: Portfolio Priorities

5. Program Review
Laurie Weir
a. External Emerging Manager Real Estate

Presentation
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Total Fund
Page 4 of 4
Notes
1)
2)
3)

April 14, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the March 17, 2015, Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the May 19, 2015, Finance &
d. Annual Report of Discharge of Accountability for
Uncollectible Debt
Action Agenda Items
Doug Hoffner
Sabrina Stroud
Cheryl Eason
Donna Lum
Anthony Suine
Cheryl Eason
(Second Reading)
a. Fiscal Year 2015-16 Annual Budget Proposal
(Second Reading)
b. Proposed Regulatory changes Payment of
Interest
7. Administration
a. Technical Amendments to Board Member
Employer Reimbursement Policy
Cheryl Eason
b. Annual Review of Board Member Employer
Reimbursements
Alan Milligan
8. Actuarial Reporting
a. Actuarial Valuation Report for the 1959 Survivor
Benefit Program
Alan Milligan
b. State Actuarial Valuation and Employer

Contribution Rates
Alan Milligan
c. Schools Actuarial Valuation and Employer

Contribution Rates
Alan Milligan
Doug McKeever
Gary McCollum
a. Annual Update on Amortization Extensions & Plan
Terminations
10. Administration
Doug Hoffner
Kim Malm
b. Update on the Annual Operational Sustainability
Robert Glazier
c. Update on the Stakeholder Assessment Project

11. Public Comment
Notes
take action.
4) Board members may attend meetings of committees of which they are not members and participate

April 14, 2015

9:30 a.m.
Or Upon Adjournment or Recess
of the Finance & Administration Committee,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
9:30 a.m.

Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the March 17, 2015 Pension &
Ann Boynton
4. Consent Items
b. Draft Agenda for the May 19, 2015, Pension &
Page 2 of 2
Action Agenda Items
Danny Brown
Yvette Fontenot
Chris Jennings
5. 2015-16 Federal Health Care Policy Agenda
Danny Brown
Tom Lussier
Anthony Roda
6. 2015-16 Federal Retirement Policy Agenda

Doug McKeever
Gary McCollum
7. CalPERS Health Care Cost Trends
Doug McKeever
8. 2016 Medicare Advantage Plan Process Update

9. Public Comment
CLOSED SESSION

Doug McKeever
Doug McKeever
Notes
take action.
April 15, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

Performance Issues (Government Code sections 11126 (a)(1) and
(g)(1))
Later
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the March 18, 2015 Board of Administration
Meeting Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for the May 20, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Matthew Jacobs
8.
Annual Review of Committee Delegations
Rob Feckner
9.

a. Tina Liles
b. Yvette Estridge
c. Michelle Martin

Danny Brown
10. State Legislation

11. Public Comment
CLOSED
SESSION
Matthew Jacobs

b. Kesterson, et al. v. CalPERS, et al. (Los Angeles County
Superior Court No. BC502628)
c. Sanchez, et al. v. CalPERS, et al. (Los Angeles County
d. Centinela Capital Partners, LLC v. CalPERS, et al. (California
Page 3 of 3
e.
f.
g.
h.
Second District Court of Appeal No. B255256); Baez v.

CalPERS, et al. (California Second District Court of Appeal No.
B252772); Centinela Capital Partners, LLC, et al. v. Credit
Suisse, et al. (Los Angeles County Superior Court, No.
BC532166)
McGlynn v. State of California (San Francisco Superior Court
No. CPF-14-514052)
Local 101 of AFSCME v. Edmund Brown, Jr. (U.S. District
Court, Northern District of CA No. 5:14-cv-05640-BLF)
Deputy Sheriffs Assn. v. County of San Diego (California
Fourth District Court of Appeal No. D065364)
Riverside Sheriffs Association v. County of Riverside
(Riverside County Superior Court No. RIC 1305365)
Notes
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-023-15
May 7, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:30 a.m.
10:00 a.m.


8:30 a.m.
9:00 a.m.
11:00 a.m.
1:00 p.m.


8:30 a.m.
9:00 a.m.
10:30 a.m.
1:00 p.m.

Board of Administration ALM Workshop
Global Governance Policy Ad Hoc Committee

May 7, 2015
Page 2
ANNE STAUSBOLL
Attachment
May 18, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

(Government Code sections 11126(a)(1), (e), and
(g)(1))
Notes
May 18, 2015

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
OPEN SESSION
10:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the April 13, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the June 15, 2015 Investment
Committee Meeting
e. Federal Investment Policy Representative Update
5. Total Fund
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
Roger Urwin, Towers
Watson
a. CalPERS Investment Beliefs Implementation

Review
Ted Eliopoulos
Wylie Tollette

Eric Baggesen
Eric Baggesen
a. Long-Term Care Fund Asset Allocation Review

and Proposed Policy Revisions
b. Proposed Revision to Liquidity Asset Class
Target, Range and Benchmark
Page 3 of 4
8. Program Review
Anne Simpson
Dan Bienvenue
Curtis Ishii
Ral Desrochers
Paul Mouchakkaa
Beth Richtman
a. Global Governance Program and Environmental,

Social, and Governance Manager Expectations
Update
Andrew Junkin,
Julia Bonafedes,
Wilshire Associates
9. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
Ted Eliopoulos
3. Consent Items
4. Total Fund
Anne Simpson

Investment Strategy
Ral Desrochers
a. Private Equity
Page 4 of 4
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue
Ted Eliopoulos
f. Total Fund
Notes
1)
2)
3)

May 19, 2015

8:30 a.m.
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the February 18, 2015
Meeting Minutes
Matthew Jacobs
4. Consent Items
Action Agenda Items
Matthew Jacobs
5. Review of the Board Governance

Eric Douglas
6. Facilitated Workshop on CalPERS

Governance
Page 2 of 2
7. Public Comment
Notes
take action.

May 19, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
Government Code Section 11126(c)(17)
9:00 a.m.

Doug McKeever
OPEN SESSION
Upon Adjournment or Recess of Closed Session,

Whichever is Later
11:00 a.m.

Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the April 14, 2015 Pension &
Page 2 of 2
Ann Boynton
4. Consent Items
b. Draft Agenda for the June 16, 2015 Pension &
c. Federal Health Care Policy Representatives
Update
d. Federal Retirement Policy Representatives
Update
Action Agenda Items
Danny Brown
5. Legislation
a. House Resolution 711 (Brady-TX) The Equal
Treatment of Public Servants Act of 2015
b. Assembly Bill 533 (Bonta) Balance Billing by
Individual Health Professionals
c. Senate Bill 671 (Hill) Prescription Drugs:
Biological Products
Donna Lum
Lori McGartland

Update
Doug Hoffner
David Cowling

Measures
Doug McKeever
8. 2016 Medicare Advantage Plan Approaches
Doug McKeever
9. Preliminary 2016 Health Benefit Plan Rates
Kathy Donneson
10. Pharmacy Benefit Manager Procurement

11. Public Comment
Notes
take action.

May 19, 2015

1:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
1:00 p.m.
Or Upon Adjournment or Recess of the Pension &

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the April 14, 2015, Finance &
Cheryl Eason
4. Consent Item
c. Draft Agenda for the August 18, 2015, Finance
& Administration Committee Meeting
d. Update on Governmental Accounting
Standards Board (GASB) Statement No. 68
Page 2 of 2

Alan Milligan
Julian Robinson
a. Annual Actuarial Valuation for the Terminated

Agency Pool
Alan Milligan
b. Amortization Policy Rate Restructuring
6. Public Comment
Notes
take action.
May 20, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

Performance Issues
(Government Code sections 11126 (a)(1), (e), and (g)(1))
Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the April 15, 2015 Board of Administration Meeting
Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for the June 17, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton
Henry Jones
g. Global Governance Policy Ad Hoc Committee (Oral)

Action Agenda Items
Rob Feckner
8.

a. Edward Moore
b. Valentin Sunico
c. Nellie Diaz
d. Joseph A. Lujan
e. Deanna C. Lewis
f. George G. Mirabal

Danny Brown
9.
State Legislation Update
10. Public Comment

CLOSED
SESSION
Matthew Jacobs

b. Sanchez, et al. v. CalPERS, et al. (Los Angeles County
c. Centinela Capital Partners, LLC v. CalPERS, et al. (California
Page 3 of 3
Second District Court of Appeal No. B255256); Baez v.
CalPERS et al. (California Second District Court of Appeal No.
B252772); Centinela Capital Partners, LLC, et al. v. Credit
Suisse, et al. (Los Angeles County Superior Court, No.
BC532166)
Notes
Reconsideration.
May 20, 2015

10:30 a.m.
Board of Administration Meeting,
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
WORKSHOP
Time 10:30 a.m.

Meeting, Whichever is Later
Cheryl Eason
Alan Milligan
Ted Eliopoulos
ALM Workshop Pension Funding Risk and Risk Mitigation

Strategy
1.
2.
3.
4.
5.
Overview
Flexible Glide Path and Blended Guided Path
Benefits and Costs of Risk Mitigation
Board Discussion
Next Steps
Notes
3) Public Comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment,
Global Governance Policy Ad Hoc

Subcommittee
May 20, 2015

1:00 p.m.
Pension Funding Risk and Risk Mitigation Strategy Workshop,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
JJ Jelincic
Henry Jones
Ron Lind
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
1:00 p.m.
Or Upon Adjournment or Recess of Pension Funding Risk

and Risk Mitigation Strategy Workshop, Whichever is Later
2. Election of the Subcommittee Chair and Vice Chair
Ted Eliopoulos
Anne Simpson
3. Global Governance Policy Ad Hoc Subcommittee

Purpose and Approach
4. Public Comment
Notes
1)
2)
3)
4)
Board Members may attend meetings of committees of which they are not members and

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-025-15
June 5, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:30 a.m.
10:00 a.m.


8:00 a.m.
8:30 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.

Board Governance Committee (Room 1140)

8:00 a.m.
9:00 a.m.
11:00 a.m.

Global Governance Policy Ad Hoc Subcommittee

June 5, 2015
Page 2
ANNE STAUSBOLL
Attachment
June 15, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

(Government Code sections 11126(a)(1), (e),
and (g)(1))
Notes
June 15, 2015

9:30 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
9:30 a.m.

Whichever is Later
Issues
OPEN SESSION
10:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the May 18, 2015, Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the August 17, 2015, Investment
Committee Meeting
Henry Jones
Bill Slaton

Report
Action Agenda Items
Eric Baggesen
a. Revision of the Total Fund Investment Policy

Regarding the Liquidity Asset Class
Eric Baggesen
b. Long-Term Care Fund Asset Allocation Review

and Proposed Policy Revisions
Laurie Weir
a. Request for Approval of Contract for Responsible

Contractor Policy Consultant
8. Program Reviews
Ted Eliopoulos
Laurie Weir
a. Targeted Investment Programs and Manager

Restructure Update
Laurie Weir
b. CalPERS for California Report 2014
Page 3 of 4
Wylie Tollette
Brian McQuade
c. Investment Compliance Program Review
9. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
a. Approval of the May 18, 2015, Investment
Ted Eliopoulos
3. Consent Items
4. Total Fund
Anne Simpson

Investment Strategy
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Dan Bienvenue

f. Total Fund
Page 4 of 4
Ted Eliopoulos
1) Performance of Environmental Strategies
Ted Eliopoulos
2) Update on Coal Investment Policy
Ted Eliopoulos
6. Chief Investment Officer Personnel, Employment

and Performance
Notes
1)
2)
3)

June 16, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Ron Lind, Chair
Rob Feckner
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the March 17, 2015, Risk & Audit
Cheryl Eason
4. Consent Items
c. Draft Agenda for the September 16, 2015, Risk &
Audit Committee Meeting
Management

Action Agenda Items

5. Enterprise Compliance Management
Kami Niebank
a. 2015-17 Enterprise Compliance Plan

Cheryl Eason

7. Audit
Young Hamilton
a. 2015-17 Audit Plan Office of Audit Services
Young Hamilton,
Rick Green,
Macias Gini &
OConnell
b. External Auditors 2015 Annual Plan

Cheryl Eason

a. Semi-Annual Enterprise Risk Reports (Dashboard)
9. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of March 17, 2015, Risk & Audit
Young Hamilton
3. Personnel, Employment and Performance Acting

Chief Auditor
Kami Niebank

Wylie Tollette

Operating Investment Officer, Investment Compliance
and Operational Risk
Notes
take action.

June 16, 2015

8:30 a.m.
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
8:30 a.m.
or Upon Adjournment or Recess of the Risk & Audit

Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the May 19, 2015, Board Governance
Matthew Jacobs
4. Consent Items
Eric Douglas
5. Facilitated Discussion of Roles and Responsibilities of

the Board
Eric Douglas
6. Facilitated Discussion on Consultant Selection and

Reporting
Page 2 of 2
7. Public Comment
Notes
take action.

June 16, 2015

10:00 a.m.
Board Governance Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
10:00 a.m.
or Upon Adjournment or Recess of the Board Governance

Doug McKeever
OPEN SESSION

Whichever is Later
11:00 a.m.

Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the May 19, 2015, Pension &
Ann Boynton
4. Consent Items
Page 2 of 2
b. Draft Agenda for August 18, 2015, Pension &
Update
Update
Action Agenda Items
Danny Brown
5. Legislation
a. Senate Bill 546 (Leno) Large Group Health
Plan Data Disclosure and Rate Review
b. Senate Bill 275 (Hernandez) - Health Facility
Data
Doug McKeever
6. Approval of the 2016 Health Maintenance

Doug McKeever
7. Approval of the 2016 Preferred Provider

Doug McKeever
8. Approval of the 2016 Association Plans Rates

Doug McKeever

10. Public Comment
Notes
take action.

June 16, 2015

1:00 p.m.
Pension & Health Benefits Committee, Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of the March 17, 2015, Performance,
Meeting Minutes
Doug Hoffner
4. Consent Items
c. Draft Agenda for August 18, 2015, Performance,
Meeting
Page 2 of 2
Action Agenda Items

Laurie Menchaca
5. 2015-2016 Performance Plans of the Chief Executive

Georg Krammer,
Koff & Associates

Doug Hoffner
Cheryl Eason
7. Total Fund Investment Performance Restatement
Doug Hoffner
8. Organizational Health Index (OHI) Survey Update on

Follow-Up Initiatives
9. Public Comment
Notes
take action.
June 17, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:00 a.m.

Performance Issues
OPEN SESSION
9:00 a.m.

Later
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of May 20, 2015, Board of Administration Meeting
Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for August 19, 2015, Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Harvey Casillas
b. Bonnie L. Jourdan
c. Gloria Lopez
d. Ernest Albertson
e. Jo Tenner
f. Julie Stothers Horner
g. Teresa Jacobo
h. Robert Mahon
i.
Elias Mendez
j.
Robert Toering
k. Steve Rubalcava
l.
Dennis Leone
m. Michael J. Shirey
n. Reza Zamanian
o. Jeffrey Olguin
Wesley Kennedy
9.
Designation of Precedential Decision Randy Adams
Page 3 of 3
Danny Brown
10. State Legislation Update
Brad Pacheco
11. CalPERS Website Demonstration
Cheryl Eason
12. Funding Risk Mitigation Update

13. Public Comment
CLOSED
SESSION
Matthew Jacobs

b. Potential Litigation Regarding Insurance Policies
c. Potential Litigation Contract Dispute
Notes
Reconsideration.

Subcommittee
June 17, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Henry Jones, Chair
JJ Jelincic
Ron Lind
Betty Yee
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Administration meeting, Whichever is Later
Ted Eliopoulos
2. Consent Items
a. Approval of the May 20, 2015, Global Governance
Policy Ad Hoc Subcommittee Meeting Minutes
Ted Eliopoulos
3. Consent Items
a. Subcommittee Calendar Review
b. Draft Agenda for August 2015, Global
Governance Policy Ad Hoc Subcommittee
Meeting
Anne Simpson
4. Review Section A Core Principles of Global

Governance Principles
Page 2 of 2
5. Public Comment
Notes
1)
2)
3)
4)

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-037-15
July 2, 2015
TO:

SUBJECT:

(CalPERS) will attend an offsite meeting on July 13 through 15, 2015. The meeting will be
held at the Marriott Walnut Creek, 2355 North Main Street, Walnut Creek, CA, 94596.
Please note that the Board will meet in closed session only on Wednesday,
July 15, 2015.
8:30 a.m.
Open Session

9:00 a.m.
Open Session

8:30 a.m.
8:35 a.m.
Open Session
Closed Session
ANNE STAUSBOLL
Attachment

Walnut Creek Marriott, Walnut Creek, CA
AGENDA
8:30 a.m.
Open Session
Welcome / Opening
(California Ballroom)
8:45 a.m.
Open Session
Fiscal Year End Investment Results

9:00 a.m.
Open Session
Investment Portfolio Priorities

10:30 a.m.
Break
10:45 a.m.
Open Session
Investment Portfolio Priorities (Continued)

12:00 p.m.
Lunch
1:00 p.m.
Open Session
Investment Beliefs
2:30 p.m.
Break
2:45 p.m.
Open Session
Investment Beliefs (Continued)



AGENDA
9:00 a.m.
Open Session
Welcome / Opening
9:05 a.m.
Open Session
U.S. Retirement Security Public & Private Environment

11:00 a.m.
Break
11:15 a.m.
Open Session
U.S. Retirement Security Public & Private Environment

(Continued) (California Ballroom)
12:15 p.m.
Lunch
1:15 p.m.
Open Session
Overview of Federal Legislative Activity Retirement Security

1:30 p.m.
Open Session
Update on California Secure Choice

1:45 p.m.
Open Session
Communications & Message Development

2:45 p.m.
Break
3:00 p.m.
Open Session
Affordable Care Act Excise Tax



AGENDA
8:30 a.m.
Open Session
Convening into Closed Session (California Ballroom)
8:35 a.m.
Closed Session
Closed Session Approval to Meet in Closed Session

Pursuant to Government Code Section 11126(c)(18)(A)
8:40 a.m.
Closed Session
Closed Session Information Security (California Ballroom)

(Government Code Section 11126(c)(18)(A))
10:00 a.m.
Break
10:15 a.m.
Closed Session
Closed Session Personnel Matters (California Ballroom)

11:15 a.m.
Closed Session
Closed Session Litigation Matters (California Ballroom)

Potential Litigation Contract Dispute


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-041-15
August 6, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:00 a.m.
9:30 a.m.
3:00 p.m.


8:30 a.m.
9:00 a.m.
10:00 a.m.
1:00 p.m.

Board of Administration Special Session on Funding Risk and
Mitigation

8:30 a.m.
9:00 a.m.


August 6, 2015
Page 2
ANNE STAUSBOLL
Attachment
August 17, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

and (g)(1))
Notes
August 17, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
9:00 a.m.

Whichever is Later
Issues
OPEN SESSION
9:30 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the June 15, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the September 15, 2015
Investment Committee Meeting
e. Performance of Environmental Strategies
Bill Slaton

Report
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
John Rothfield
Andrew Junkin, Julia
Bonafede, Wilshire
Associates Consulting
b. CalPERS Trust Level Review Consultant

Report
Michael Moy, Andrew

Bratt, Pension
Consulting Alliance
Inc.
Tom Keck, StepStone
Wylie Tollette
Kit Crocker
a. Project Updates Regarding Investment Policy

Revisions
Page 3 of 4
8. Legislation
Ann Boynton
Daniel Crowley, K&L
Gates
Scot Blackledge
a. Federal Investment Policy Representative Update
b. Senate Bill 588 (de Len) Wage Theft

Recovery
9. Program Review
Ral Desrochers
a. Private Equity Cash Flow Distribution Examples

10. Public Comment
CLOSED SESSION

(Government Code sections 11126(a)(1), (c)(16),
and (e))
Ted Eliopoulos
2. Consent Items
a.
Ted Eliopoulos
Approval of the June 15, 2015 Investment

3. Consent Items
a.
Closed Session Activity Reports


Ted Eliopoulos
Wylie Tollette
Eric Baggesen
a.
CalPERS Trust Level Review
Page 4 of 4
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
1)
2)
3)
August 17, 2015

3:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Emergency Operations Center
11086 Sun Center Drive
Rancho Cordova, CA 95670
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
3:00 p.m.
Or Upon Adjournment or Recess of the Investment Committee

1. Convening Into Closed Session
CLOSED SESSION
3:05 p.m.

(Government Code section 11126(c)(18)(A))
2. Approval to Meet in Closed Session Pursuant to
Government Code Section 11126(c)(18)(A)
3. Review of CalPERS Emergency Operations Center

August 18, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
MEETING AGENDA
OPEN SESSION
8:30 a.m.
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of June 16, 2015 Performance,
Meeting Minutes
Doug Hoffner
4. Consent Items
c. Draft Agenda for September 16, 2015
Management Committee Meeting
Page 2 of 2
Action Agenda Items

Michael Oak,
McLagan
Tina Campbell
6. Primary Executive Compensation Consultant Request

for Proposal
7. Public Comment
Notes
take action.

August 18, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSIONO Or Upon Adjournment or Recess of the Performance,
9:00 a.m.
Whichever is Later
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the May 19, 2015, Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the October 16, 2015, Finance

Donna Lum
Anthony Suine
Action Agenda Item

5. Final Proposed Regulation for Payment of Interest
and Public Hearing (9:00 a.m. TIME CERTAIN)
Cheryl Eason

6. Treasury Management
a. Treasury Management Reserve Policy
7. Public Comment
Notes
take action.

August 18, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Ann Boynton
Ann Boynton
3. Consent Items
a. Approval of the June 16, 2015, Pension &
Ann Boynton
4. Consent Items
& Health Benefits Committee Meeting
Page 2 of 2
Action Agenda Items
Doug McKeever
5. Adoption of Proposed Regulations Parent-Child

Relationship
Ann Boynton
Yvette Fontenot,
Avenue Solutions
Chris Jennings,
Jennings Policy
Strategies
6. Federal Health Care Policy Representatives

Update
Ann Boynton
Tony Roda,
Williams and Jensen
7. Federal Retirement Policy Representatives

Update
Donna Lum
Anthony Suine
8. Customer Service and Support Performance

Update
Doug McKeever
Jan Falzarano
9. Excise Tax on High Cost Employer-Sponsored

Health Coverage
Doug McKeever
Jan Falzarano
10. Wellness Strategy Update
Stacie Sormano Walker
11. Recent Retirement Research

12. Public Comment
Notes
take action.
August 18, 2015

1:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
SPECIAL SESSION
1:00 p.m.

Special Session Funding Risk and Mitigation
Anne Stausboll
Cheryl Eason
Alan Milligan
Andrew Junkin
Wilshire
Brad Pacheco
1. Introductory Remarks
2. Risk Mitigation Strategies
a. Recap of Funding Risk and Mitigation Strategies
b. Risk Mitigation Considerations

3. Summary of Stakeholder Outreach and Feedback
4. Public Comment
5. Board Discussion and Direction
Cheryl Eason
6. Closing Remarks and Next Steps
August 19, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

Performance Issues (Government Code sections 11126 (a)(1), (e), and
(g)(1))
Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of June 17, 2015 Board of Administration Meeting
Minutes and July 13-15, 2015 Board of Administration Offsite
Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for September 17, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Julia Erickson
b. Natalie Lindsey
c. Tanya E. Donley
d. Robert R. Ruhr
e. Lori Ralls
f. Ronda Craig
g. John Lovell
h. Robert R. Torres
i.
Joel E. Marzan
j.
Mary E. Gilbert
k. Shawn Bennett
l.
Daniel Soto
m. Robert C. Pacuinas
n. J.D. Jones
o. Carl Thomas
Rob Feckner
9.

a. Robert Mahon
Page 3 of 3
Ann Boynton

11. Public Comment
CLOSED
SESSION

Matthew Jacobs

Notes
Reconsideration.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-049-15
September 4, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.


9:00 a.m.
10:00 a.m.
11:00 a.m.
1:00 p.m.

Board of Administration Investigations Overview (Closed Session Only)
Thursday, September 17, 2015

8:30 a.m.
9:00 a.m.
10:00 a.m.
1:00 p.m.

Board Education Program: Internal Controls, Financial Reporting and
Audits (Room 1140)

September 4, 2015
Page 2
ANNE STAUSBOLL
Attachment
September 15, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

and (g)(1))
Notes
September 15, 2015

8:45 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:45 a.m.

Whichever is Later
Issues
OPEN SESSION
9:00 a.m.

Whichever is Later
Ted Eliopoulos
Page 2 of 4
Ted Eliopoulos
3. Consent Items
a. Approval of the August 17, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the October 19, 2015
Action Agenda Items
Wylie Tollette
a. Contracts Administration: Real Estate Board
Investment Consultant RFP Initiation
6. Total Fund
Ted Eliopoulos
Wylie Tollette
Anne Simpson
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
a. Investment Beliefs Implementation Findings
b. CalPERS Consultant Public Fund Universe

Comparison Report
Page 3 of 4
7. Program Reviews
Anne Simpson
Dan Bienvenue
Craig Rhines
a. Corporate Engagement: Enhanced Focus List

Strategy
Dan Bienvenue
b. Global Equity Annual Program Review
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
c. Consultant Review of Global Equity Program

Dan Bienvenue
Wylie Tollette
a. Proposed Revision of Global Equity Policies

Initial Review
9. Strategic Plan
Ted Eliopoulos
Wylie Tollette
a. Investment Strategic Measures

10. Public Comment
CLOSED SESSION

(Government Code sections 11126(a)(1), (c)(16)
and (e))
Ted Eliopoulos
2. Consent Items
a.
Ted Eliopoulos
Approval of the August 17, 2015 Investment

3. Consent Items
a.
Closed Session Activity Reports

Page 4 of 4
4. Total Fund
Anne Simpson
Dan Bienvenue
Craig Rhines
a.
Corporate Engagement: Focus List Strategy

Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Investment Officer
Notes
take action.

September 16, 2015

9:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of the August 18, 2015 Performance,
Meeting Minutes
Doug Hoffner
4. Consent Items
c. Draft Agenda for the October 20, 2015
Page 2 of 2
Action Agenda Items

Michael Oak,
McLagan
5. 2015 Biennial Salary Survey for Executive and

Investment Management Positions

Tina Campbell
6. Workforce Strategic Plan Update

7. Public Comment
CLOSED SESSION

Action Agenda Items
Tina Campbell
2. Approval of the October 14, 2014 Performance,

Tina Campbell
3. Review of 2014-2015 Performance: Chief Executive

Officer
Anne Stausboll
4. Performance Discussion on Chief Executive Officers

Direct Reports
Notes
take action.

September 16, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Ron Lind, Chair
Rob Feckner
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Whichever is Later
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the June 16, 2015 Risk & Audit
Cheryl Eason
4. Consent Items
c. Draft Agenda for the November 17, 2015 Risk &
Audit Committee Meeting
e. 2014-15 Annual Compliance Report
f. Quarterly Status Report Enterprise Risk

Management
g. Quarterly Status Report Enterprise Compliance
i.
External Audit Fees
Action Agenda Items

5. Audit
Beliz Chappuie
a. Finalist Selection for Actuarial Parallel Valuation

and Certification Services
Beliz Chappuie
b. Interagency Agreement (IA) for External

Assessment of the Office of Audit Services Quality
Assurance and Improvement Program
6. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of the June 16, 2015 Risk & Audit
Beliz Chappuie

Auditor
Kami Niebank

Compliance Officer
Wylie Tollette

Operating Investment Officer
Notes
take action.
September 16, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
11:00 a.m.
Or Upon Adjournment or Recess of the Risk & Audit Committee,

Whichever is Later
1. Convening Into Closed Session
CLOSED SESSION

2. Approval to Meet in Closed Session Pursuant to Government
Code Section 11126(c)(18)(A)
Kristi Griffiths
3. Overview of CalPERS Investigation Unit
Notes

Subcommittee
September 16, 2015

1:00 p.m.
Board of Administration Investigations Presentation Closed Session,
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Henry Jones, Chair
JJ Jelincic
Ron Lind
Betty Yee
MEETING AGENDA
OPEN SESSION
1:00 p.m.
Ted Eliopoulos

Administration Investigation Presentation Closed Session,
Whichever is Later
1.
2.
Consent Items
a. Approval of the June 17, 2015 Global Governance
Policy Ad Hoc Subcommittee Meeting Minutes
Ted Eliopoulos
3.
Consent Items
b. Draft Agenda for the October 20, 2015
Subcommittee Meeting
Action Agenda Items

Anne Simpson
4.
Global Governance Principles

a. Review Draft of Global Governance Principles
Alignment with Program Core Issues
5.
Public Comment
Page 2 of 2
Notes
1) Items designated for Information are appropriate for Subcommittee Action if the Subcommittee
comment, unless otherwise directed by the Subcommittee Chair.
participate in the discussions during those meeting.
September 17, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.

Performance Issues
OPEN SESSION
9:00 a.m.

Later
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the August 19, 2015 Board of Administration
Meeting Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for the October 21, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
Donna Lum
9.
Elisa Manzo
David Galloway
Michelle Boyer
Robert B. Paxton, M.D., Howard M. Skopec, M.D.,
Danilo V. Lucila, M.D. (Consolidated)
Jamela L. Bonner
Dohn V. Salvador
Toni Reynolds
Bruce Malkenhorst
Evello Fernando
Diane E. Martin
Gloria Hannah
Final Proposed Regulation for Payment of Interest

Scot Blackledge

11. Public Comment
CLOSED
SESSION

Matthew Jacobs

Page 3 of 3
b. Potential Litigation Investment Matter
d. CalPERS v. Moody's Corp., (San Francisco Superior Court,
Case No. CGC-09-490241)
e. Marzec, et al. v. CalPERS, et al., (Los Angeles County
Superior Court Case Nos. BC461887, BC480695)
13. Review of 2014-15 Performance: Chief Executive Officer; Review
of Chief Executive Officers Direct Reports: Chief Investment
Officer, Chief Actuary, General Counsel and Chief Financial
Officer
(Government Code sections 11126 (a)(1) and (g)(1))
Notes
Reconsideration.

September 17, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
10:00 a.m.

Administration Closed Session, Which is Later
Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the June 16, 2015 Board Governance
Matthew Jacobs
4. Consent Items
Eric Douglas
5. Facilitated Discussion on Board Governance, Board

Acting as a Collective Body, and Travel Policy
6. Public Comment
Page 2 of 2
Notes
4) Board Members may attend meetings of committees of which they are not members and participate in the
September 17, 2015

1:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
1:00 p.m.

Cheryl Eason
Board Education Program: Internal Controls, Financial Reporting

and Audits
Dr. Robert Yetman,

UC Davis Graduate
School of
Management
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-054-15
October 8, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.


8:00 a.m.
9:00 a.m.
11:00 a.m.
11:30 a.m.
1:00 p.m.

Performance, Compensation & Talent Management Committee (Closed
Session Only)

8:30 a.m.
9:00 a.m.
10:00 a.m.


October 8, 2015
Page 2
ANNE STAUSBOLL
Attachment
October 19, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

(Government Code sections 11126(a)(1), (e) and
(g)(1))
Notes
October 19, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:45 a.m.

Whichever is Later
Issues
OPEN SESSION
9:00 a.m.
Ted Eliopoulos

Later
1.
2.
Page 2 of 4
Ted Eliopoulos
3.
Consent Items
a. Approval of the September 15, 2015 Investment
Ted Eliopoulos
4.
Consent Items
b. Draft Agenda for November 16, 2015 Investment
Committee Meeting
Bill Slaton
5.

Report
Action Agenda Items

6.
Wylie Tollette
Dan Bienvenue
Policy and Delegation

a. Revision of Global Equity Policies

7.
Ted Eliopoulos
Eric Baggesen

a. Review of CalPERS Divestments
Andrew Junkin,
Julia Bonafede
Wilshire Associates
Consulting
Ted Eliopoulos
Eric Baggesen
b. Information on Public Market Investments in Coal

Producers
8.
Ted Eliopoulos
Wylie Tollette
Cheryl Eason
a. Enterprise Risk Report - Investments
9.
Curtis Ishii
Kevin Winter
Total Fund
Program Reviews
a. Fixed Income Programs Annual Review
Page 3 of 4
Julia Bonafede,
Andrew Junkin,
Wilshire Associates
Consulting
b. Consultant Review of Fixed Income Programs
10.
Wylie Tollette
Curtis Ishii
Kit Crocker
Ted Eliopoulos
Wylie Tollette
a. Proposed Revision of Fixed Income Programs

11. Summary of Committee Direction
12.
CLOSED SESSION
Policy & Delegation
Public Comment

Ted Eliopoulos
2. Consent Items
a. Approval of the September 15, 2015 Investment
Ted Eliopoulos
3. Consent Items
Investments

4. Total Fund
Ted Eliopoulos
Wylie Tollette
Andrew Junkin,
a. Annual Review of CalPERS Divestments
Page 4 of 4
Julia Bonafede
Wilshire Associates
Consulting
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
action.

October 20, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Doug McKeever
Doug McKeever
3. Consent Items
a. Approval of the August 18, 2015, Pension &
Doug McKeever
4. Consent Items
c. Federal Health Care Policy Representative
Update
d. Federal Retirement Policy Representative
Update
e. California Employers Retiree Benefit Trust
Page 2 of 2
Update
f. Supplemental Income Plans Program Update
Action Agenda Items
Donna Lum
Anthony Suine
5. Retirement Options Simplification

Doug McKeever
Donna Lum
6. Enterprise Risk Reports Pension & Health

Benefits Committee
Jan Falzarano
7. Dependent Eligibility Verification Project Closeout
Kathy Donneson
Tyrone Espinoza
Kathy Donneson
Tyrone Espinoza
9. Long-Term Care Program Expanded Eligibility
Kathy Donneson
10. Pharmacy Benefit Manager Procurement Strategy
Doug McKeever

12. Public Comment
Notes
take action.

October 20, 2015

9:00 AM
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones
Bill Slaton
Richard Gillihan
Betty Yee
JJ Jelincic
MEETING AGENDA
OPEN SESSION
9:00 AM
Or Upon Adjournment or Recess of Pension and Health

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the August 18, 2015, Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the November 17, 2015, Finance
d. Semi-Annual Accounts Receivable Analysis
Report
e. Annual Contracting and Procurement Activity
Report
f. Year-End Budget and Expenditure Report

g. Annual Small Business and Disabled Veteran
Business Enterprise Contract Participation Report
h. Quarterly Chief Information Officer IT Report
Action Agenda Items
5. Treasury Management
Cheryl Eason
a. Treasury Management Reserve Policy (Second

Reading)
Doug Hoffner
a. CalPERS 2014-16 Business Plan Year-End
Report
Doug Hoffner
7. Diversity
Donna Lum
Cheryl Eason
Donna Lum
Cheryl Eason
8. Administrative
a. Annual Customer Service Cost Effectiveness
Measurement (CEM) Update
b. my|CalPERS Functional Optimization Update
9. Risk Management
a. Enterprise Risk Reports Finance and
Administration
Cheryl Eason
10. Asset Liability Management

a. Multiple Asset Allocation Concept Update
Cheryl Eason
Ted Eliopoulous
Alan Milligan
Cheryl Eason
b. Funding Risk Mitigation Policy

12. Public Comment
Notes
take action.

October 20, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
MEETING AGENDA
CLOSED SESSION
11:00 a.m.

Action Agenda Items
Tina Campbell
2. Approval of September 16, 2015 Performance,

Tina Campbell
3. Review of 2014-15 Performance: Chief Investment

Officer
Tina Campbell
4. Review of 2014-15 Performance: Chief Actuary,

General Counsel and Chief Financial Officer
Tina Campbell
5. Chief Executive Officers Report of 2014-15

Performance: Chief Operating Investment Officer,
Managing Investment Directors, Investment Directors
and Investment Managers
Page 2 of 3
OPEN SESSION
11:30 a.m.

Whichever is Later
Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of September 16, 2015 Performance,
Meeting Minutes
Doug Hoffner
4. Consent Items
c. Draft Agenda for March 15, 2016 Performance,
Meeting
Action Agenda Items
Tina Campbell
5. 2014-15 Performance Awards and Base Pay

Increases of the Chief Executive Officer and Chief
Investment Officer
Tina Campbell
6. Primary Executive Compensation Consultant Request

for Proposal Selection Process Update
Cheryl Eason,
Doug Hoffner
7. Enterprise Risk Reports: Performance, Compensation

and Talent Management Committee
Doug Hoffner

9. Public Comment
Page 3 of 3
Notes
take action.

October 20, 2015

1:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
1:00 p.m.

Whichever is Later
Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
Action Consent Item:
a. Approval of the September 17, 2015 Board
Matthew Jacobs
4. Consent Items
Information Consent Item:
Page 2 of 2
Eric Douglas
5. Review and Update of Current Parking Lot Issues

Eric Douglas
6. Facilitated Discussion on Board Travel Policy and

Role of the Board
Matthew Jacobs

8. Public Comment
Notes
take action.
October 21, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner
1.

Performance Issues (Government Code sections 11126 (a)(1),
(e), and (g)(1))

Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of September 17, 2015 Board of Administration Meeting
Minutes
Page 2 of 3
6.
Consent Items
b. Draft Agenda for November 18, 2015 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Annie Acheta
b. Clay W. Rosencrans
c. Bruce Flores
d. Debbie Hinojosa
e. Peter P. Hernandez
f. Richard Lewis
g. Timoteo Cruz
h. Christine Londo
i.
Barbara Adams
j.
Gerald Wolff
k. Janet Horn
l.
David Wheeler
m. Allison Johnson
Rob Feckner
9.

a. Joel E. Marzan
b. Julia Erickson
c. Carl Thomas
Page 3 of 3
Scot Blackledge
Anne Stausboll
11. Summary of Board Direction

12. Public Comment
CLOSED
SESSION
Matthew Jacobs

b. Potential litigation Debt Collection
c. Potential litigation Multiple Asset Allocation
d. Marzec, et al. v. CalPERS, et al. (Los Angeles County Superior
Court Case Nos. BC461887, BC480695)
Notes

Subcommittee
October 21, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Henry Jones, Chair
JJ Jelincic
Ron Lind
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.
Ted Eliopoulos

1.
2.
Consent Items
a. Approval of the September 16, 2015 Global
Meeting Minutes
Ted Eliopoulos
3.
Consent Items
b. Draft Agenda for November 18, 2015
Action Agenda Items:

Anne Simpson
4.

a. Review Draft Global Governance Principles within
the Framework of the Program Core Issues
Second Reading
Information Agenda Items:

5.
Summary of Subcommittee Direction
6.
Public Comment
Notes
1)
2)
3)
4)
Items designated for Information are appropriate for Subcommittee Action if the
Subcommittee wishes to take action.
Public comment may be taken on any Agenda Item. There is a 3-minute limitation on
each public comment, unless otherwise directed by the Subcommittee Chair.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-057-15
October 26, 2015
TO:

SUBJECT:
MEETING NOTICE OF THE CALPERS PERFORMANCE, COMPENSATION

& TALENT MANAGEMENT SUBCOMMITTEE
The members of the Performance, Compensation & Talent Management Subcommittee

of the California Public Employees Retirement System (CalPERS) will meet on
November 6, 2015 and November 9, 2015. The meetings will be held in CalPERS Room
1140 located in Lincoln Plaza North, 400 Q Street, Sacramento, California.
The estimated start times for each meeting are set forth below.
Friday, November 6, 2015
9:00 a.m.
Performance, Compensation & Talent Management Subcommittee

9:00 a.m.
Performance, Compensation & Talent Management Subcommittee
ANNE STAUSBOLL
Attachment

Management Subcommittee
November 6, 2015
9:00 a.m.
Lincoln Plaza North, Room 1140
400 P Street
Sacramento, CA
Michael Bilbrey
Priya Mathur
John Chiang
Richard Gillihan
MEETING AGENDA
OPEN SESSION
9:00 a.m.
2. Election of Subcommittee Chair and Vice Chair
Doug Hoffner
3. Executive Report
Action Agenda Items
Doug Hoffner
Kim Malm
4. Evaluation of Proposals for Primary Executive

Compensation Consultant Services: Technical
Proposal Evaluation and Scoring
Break for Staff to Conduct Fee Proposal Evaluation and
Scoring
Doug Hoffner
Kim Malm
5. Finalist Selection for Primary Executive Compensation

Consultant Services
Doug Hoffner
6. Summary of Subcommittee Direction

7. Public Comment
Page 2 of 2
Notes
take action.

Management Subcommittee
November 9, 2015
9:00 a.m.
400 P Street
Sacramento, CA
Michael Bilbrey
Priya Mathur
John Chiang
Richard Gillihan
MEETING AGENDA
OPEN SESSION
9:00 a.m.
Doug Hoffner
2. Executive Report
Action Agenda Items
Doug Hoffner
3. Finalist Interviews for Primary Executive

Compensation Consultant Services
Doug Hoffner
4. Summary of Subcommittee Direction
Doug Hoffner
5. Selection of Consultant
6. Public Comment
Notes
take action.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-060-15
November 6, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:00 a.m.
8:15 a.m.
8:30 a.m.


8:00 a.m.
9:00 a.m.
11:00 a.m.
1:00 p.m.


8:30 a.m.
9:00 a.m.
10:00 a.m.


November 6, 2015
Page 2
ANNE STAUSBOLL
Attachment
November 16, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:00 a.m.

and (g)(1))
Notes
November 16, 2015

8:15 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:15 a.m.

Whichever is Later
Issues
OPEN SESSION
8:30 a.m.

Whichever is Later
Ted Eliopoulos
Ted Eliopoulos
3. Consent Items

a. Approval of the October 19, 2015 Investment
Ted Eliopoulos
4. Consent Items
b. Draft Agenda for the December 14, 2015
Bill Slaton

Report
Action Agenda Items
6. Policy and Delegation
Wylie Tollette
Curtis Ishii
Kit Crocker
Wylie Tollette
Dan Bienvenue
Kit Crocker
a. Revision of Fixed Income Policies Second

Reading
b. Revision of Global Equity Policies Third Reading
7. Total Fund
Anne Simpson
Anne Simpson
James Andrus
b. Proposed Update to the Legislative and Policy

Engagement Guidelines: Disclosure of Charitable
and Political Contributions
Wylie Tollette
Matt Jacobs
c. Contract Administration: General Pension Board

Investment Consultant Key Person Change
8. Legislation
Doug McKeever
Daniel Crowley
K&L Gates
OPEN SESSION
WORKSHOP
10:15 A.M.
(TIME CERTAIN)
LPN 1140
Private Equity Workshop (see separate agenda, attached)
9. Program Reviews
Ral Desrochers
a. Private Equity Annual Program Review
Michael Moy,
Pension Consulting
Alliance
b. Consultant Review of Private Equity Program

Wylie Tollette
Ral Desrochers
Kit Croker
a. Proposed Revision of Private Equity Program

Policies First Reading
11. Total Fund
Anne Simpson
Divya Mankikar
Ted Eliopoulos
a. Report on Global Equity Portfolio Carbon

Footprint Montreal Pledge
13. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
a. Approval of the October 19, 2015 Investment
Ted Eliopoulos
3. Consent Items
Action Agenda Items
4. Total Fund
Ted Eliopoulos
Anne Simpson

Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Investment Officer
Notes
1)
2)
3)
November 16, 2015

10:15 a.m.
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
WORKSHOP
10:15 a.m. (TIME CERTAIN)
Private Equity Workshop
Ted Eliopoulos
Introduction
Eric Baggesen
Andrew Junkin,
Wilshire Associates Consulting
Josh Lerner,
Harvard Business School
Benefits and Drawbacks of Private Equity in the

CalPERS Portfolio
Ted Eliopoulos
Ral Desrochers
Allan Emkin,
Pension Consulting Alliance
Bob Maynard,
Public Employee Retirement
System of Idaho
Chris Ailman,
California State Teachers
Retirement System
Brief Review of Private Equity Industry and

CalPERS Role
Marte Castanos
Paul McCoy,
Morgan, Lewis & Bockius LLP
Key Legal Terms and Conditions
Scott Jacobsen
David Larsen,
Duff & Phelps, LLC
Examples of Waterfall Accounting
Ted Eliopoulos
Investment Office 2020 Vision
Notes
1) Items designated for Information are appropriate for Committee Action if the Committee wishes
to take action.
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each

November 17, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
O
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the October 20, 2015, Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the December 15, 2015,
Finance & Administration Committee Meeting
Action Agenda Item

5. Accounting, Financial Reporting, and Budgeting
Cheryl Eason
Kristin Montgomery
a. Draft 2014-15 Basic Financial Statements
Cheryl Eason
Rose McAuliffe
b. 2015-16 Mid-Year Budget Revisions (First

Reading)
6. Asset Liability Management
Cheryl Eason
Ted Eliopoulos
Alan Milligan
a. Funding Risk Mitigation Policy (Second

Reading)
Alan Milligan
Flora Hu
a. Long-Term Care Valuation Report

Alan Milligan
Cheryl Eason
Ted Eliopoulos
a. Annual Review of Funding Levels and Risks

Report
9. Program Administration
Gary McCollum
Cheryl Eason
Rose McAuliffe
b. Annual Cost Efficiency and Effectiveness

Report
Donna Lum
Liana
Bailey-Crimmins
c. myICalPERS Functional Optimization Update
Donna Lum
Cheryl Eason
Cheryl Eason

a. Service Credit Installment Payment Resumption

12. Public Comment
Notes
take action.
4) Board members may attend meetings of committees of which they are not members and participate

November 17, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Ron Lind, Chair
Rob Feckner
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the September 16, 2015, Risk & Audit
Cheryl Eason
4. Consent Items
c. Draft Agenda for the March 15, 2016, Risk & Audit
Committee Meeting
Management

Action Agenda Items
5. Audit
Beliz Chappuie
a. Request for Proposal (RFP) for Selection of

Independent Financial Statement Auditor for Audit
years 2017-21
Beliz Chappuie
b. Finalist Interviews for Actuarial Parallel Valuation

and Certification Services
Belize Chappuie
Rick Green,
Macias Gini &
OConnell
c. External Auditors Report Fiscal Year 2014-15

Cheryl Eason
Cheryl Eason
a. Semi-Annual Enterprise Risk Management Plan

Update and Report (Dashboard)
8. Public Comment
CLOSED SESSION

2. Consent Items
a. Approval of September 16, 2015, Risk & Audit
Beliz Chappuie

Auditor
Kami Niebank

Wylie Tollette

Notes
take action.

November 17, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
11:00 a.m.
or Upon Adjournment or Recess of the Risk & Audit

Doug McKeever
Doug McKeever
3. Consent Items
a. Approval of the October 20, 2015, Pension &
Doug McKeever
4. Consent Items
Page 2 of 2
Action Agenda Items
Jan Falzarano
5. Health and Wellness Strategy Report

Doug McKeever
Yvette Fontenot,
Avenue Solutions
Chris Jennings,
Jennings Policy
Strategies
6. Federal Health Care Policy Representative Update
Doug McKeever
Tony Roda,
Williams and Jensen
Tom Lussier,
The Lussier Group, Inc.
7. Federal Retirement Policy Representative Update
Donna Lum
Anthony Suine

Update
Donna Lum
Renee Ostrander
9. Implementation of the Interim Relief for Charter

Schools Issued by the Internal Revenue Service
and Treasury Department
Doug McKeever

11. Public Comment
CLOSED SESSION

Jan Falzarano
Gary McCollum
2. Health Plan Trend Report
Kathy Donneson
3. Pharmacy Benefit Manager Negotiation Strategy
Notes
take action.

November 17, 2015

1:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
1:00 p.m.
or Upon Adjournment or Recess of the Pension &

Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the October 20, 2015
Meeting Minutes
Matthew Jacobs
4. Consent Items
Action Agenda Items
Anne Stausboll
5. Update on Board Education Program
Page 2 of 2
Bill Slaton
6. Discussion on Travel Policy, Frequency of

Meetings, Board Member Behavior, and
Selection of Topics for Future Committee
Meetings
Matthew Jacobs

8. Public Comment
Notes
take action.
November 18, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

(g)(1))
Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of October 21, 2015 Board of Administration Meeting
Minutes
6.
Consent Items
Page 2 of 3
b. Draft Agenda for December 16, 2015 Board of Administration
Meeting
d. Communications and Stakeholder Relations Report
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Michael Bilbrey
e. Performance, Compensation & Talent Management

Subcommittee (Oral)
Ron Lind
f. Risk and Audit Committee (Oral)
Bill Slaton
g. Board Governance Committee (Oral)

Action Agenda Items
Rob Feckner
8.

a. Matthew Eisenman
b. Terry Smith
c. Revelina Talavera
d. Carol A. Gonzales
e. Phillip M. Thorman
f. Montell D. Pierce
g. Samantha C. Hendrix and Anne M. Hughes
h. Rebecca J. Gillmore
i.
Simin Shirazi
j.
Patricia L. Franzen
k. Socorro D. Licon
l.
Foothill-De Anza Community College District
m. Martha Quintana
n. Carolyn L. Pye
o. Daniel V. Salinas
p. Roberta Almeida
Page 3 of 3
q. Carlotta Luna
r. Phillip MacFarland
Rob Feckner
9.

a. Robert B. Paxton, Danilo Lucila, Howard Skopec (Consolidated)
Rob Feckner
10. Full Board Hearing

a. Bruce Malkenhorst
Mary Anne Ashley 11. State Legislation Update

Anne Stausboll

13. Public Comment
CLOSED
SESSION
Matthew Jacobs

b. Potential Litigation Investment Matter
c. Sanchez, et al. v. CalPERS, et al. (Los Angeles County
Notes

Subcommittee
November 18, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
Henry Jones, Chair
JJ Jelincic
Ron Lind
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.
Ted Eliopoulos

1.
2.
Consent Items
a. Approval of the October 21, 2015 Global
Meeting Minutes
Ted Eliopoulos
3.
Consent Items
b. Draft Agenda for December 16, 2015

Anne Simpson
4.

a. Review Draft Global Governance Principles within
the Framework of the Program Core Issues Third
Reading
b. Review of Legislative and Policy Engagement
Guidelines for Investments
Ted Eliopoulos
Anne Simpson
5.
Discussion on CalPERS Board Representation on

Third Party Organizations Investment Perspective
Ted Eliopoulos
6.
7.
Public Comment
Notes
1)
2)
3)
4)
Items designated for Information are appropriate for Subcommittee Action if the
Subcommittee wishes to take action.
each public comment, unless otherwise directed by the Subcommittee Chair.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-063-15
December 4, 2015
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:00 a.m.
2:00 p.m.


8:00 a.m.
10:00 a.m.
11:00 a.m.
2:00 p.m.


8:30 a.m.
9:00 a.m.


December 4, 2015
Page 2
ANNE STAUSBOLL
Attachment
December 14, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

and (g)(1))
Notes
December 14, 2015

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Ted Eliopoulos
Ted Eliopoulos
3. Consent Items
a. Approval of the November 16, 2015 Investment
Sudan
Ted Eliopoulos
4. Consent Items

b. Draft Agenda for the February 16, 2016
Bill Slaton

Report
Action Agenda Items
6. Total Fund
Laurie Weir
a. Annual Report to the California Legislature

CalPERS Emerging Manager Five-Year Plan
Wylie Tollette
Ral Desrochers
Kit Crocker
a. Revision of Private Equity Program Policy

Second Reading
8. Business Plan/ Roadmap
Ted Eliopoulos
Wylie Tollette
9. Program Reviews
Paul Mouchakkaa
David Glickman,
Christy Fields,
Dillon Lorda,
Pension Consulting
Alliance
Andrew Junkin,
Wilshire Associates
Consulting
David Altshuler,
StepStone Group,
LLC
a. Real Assets Annual Program Review

b. Consultant Review of the Real Assets Program
Laurie Weir
c. Responsible Contractor Policy Program Annual

Update
Wylie Tollette
Paul Mouchakkaa
Kit Crocker
Ted Eliopoulos
a. Proposed Revision to the Real Assets Policy

First Reading
12. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
a. Approval of the November 16, 2015 Investment
Ted Eliopoulos
3. Consent Items
4. Program Review
Paul Mouchakkaa
a. Real Assets Investment Opportunity

Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
1)
2)
3)

Subcommittee
December 14, 2015

2:00 pm
Whichever is Later

Lincoln Plaza North
400 P Street
Sacramento, CA
Henry Jones, Chair
JJ Jelincic
Ron Lind
Betty Yee
MEETING AGENDA
OPEN SESSION
2:00 pm
Ted Eliopoulos
Or Upon Adjournment or Recess of the Investment Committee

1.
2.
Consent Items
a. Approval of the November 18, 2015 Global
Meeting Minutes
Ted Eliopoulos
3.
Consent Items

4.
Anne Simpson
Global Governance Policy and Principles

a. Revision of Global Governance Policy and
Principles Fourth Reading
b. Discussion and Consideration of Establishing a
Permanent Subcommittee
Ted Eliopoulos
Notes
1)
2)
3)
4)
5.
6.
Public Comment

December 15, 2015

8:00 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
JJ Jelincic
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:00 a.m.
Doug McKeever
Doug McKeever
3. Consent Items
a. Approval of the November 17, 2015 Pension &
Doug McKeever
4. Consent Items
b. Draft Agenda for February 17, 2016 Pension &
Update
Update
Page 2 of 2
e. Long-Term Care Program Awareness
Marketing Campaign Cost Evaluation
Action Agenda Items
Mary Anne Ashley
5. State Legislative Proposal: Technical Amendments

to the Public Employees Retirement Law
Donna Lum
Anthony Suine
6. CalPERS Strategic Measures - Percentage of

Benefit Payments Paid Timely and Customer
Satisfaction
Mary Anne Ashley
7. CalPERS Strategic Measures - Percentage of

Legislative Bills Enacted or Defeated
Kathy Donneson
8. Population Health Management Initiative
Kathy Donneson
Dr. Richard Sun
Kathy Donneson
10. Process for Health Carriers Interested in Joining

CalPERS
Doug McKeever

12. Public Comment
Notes
take action.

December 15, 2015

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 AM

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the November 17, 2015 Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for the February 17, 2016 Finance
Action Agenda Items

Cheryl Eason
Mary Anne Ashley

(Second Reading)
6. Legislative Reporting
a. State Legislative Proposal: Policy and Technical
Amendments to the Public Employees Retirement
Law (PERL)
Interest on Delayed Payment of Death
Benefits
Interest and Penalty Assessments for NonPayment
Terminated Agency Pool Process
Replacement Benefit Plan Administrative
Costs
Doug Hoffner
Cheryl Eason
Alan Milligan
Brad Pacheco
Cheryl Eason
7. CalPERS Strategic Measures

a. Funded Status
b. Perception in the Media and Perception Among
Stakeholders
9. Public Comment
Notes
action.

December 15, 2015

11:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
MEETING AGENDA
OPEN SESSION
11:00 a.m.

Doug Hoffner
2. Executive Report
Doug Hoffner
3. Consent Items
a. Approval of October 20, 2015 Performance,
Meeting Minutes
b. Executive Compensation Policy Revisions
Doug Hoffner
4. Consent Items
c. Draft Agenda for March 15, 2016 Performance,
Page 2 of 2

Meeting

Tina Campbell
5. CalPERS Strategic Measures

a. Employee Turnover and
Organizational Health Index Survey
Doug Hoffner

7. Public Comment
Notes
take action.

December 15, 2015

2:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
Dana Hollinger
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
2:00 p.m.

Whichever is Later

Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the November 17, 2015
Meeting Minutes
Matthew Jacobs
4. Consent Items
Action Agenda Items
Bill Slaton
5. Proposed Revisions to Board Travel Policy

Page 2 of 2
Anne Stausboll
Bill Slaton
Matthew Jacobs
6. Update on Education Program Attendance

7. Discussion of the 2016 Board and
Committee Meeting Calendar, Periodic
Board Self-Appraisal, and Terms of Office
for President and Committee Chairs
9. Public Comment
Notes
take action.
December 16, 2015

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.
OPEN SESSION
9:00 a.m.
Rob Feckner

(g)(1))
Later
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of November 18, 2015 Board of Administration Meeting
Minutes
6.
Consent Items
Page 2 of 3
b. Draft Agenda for February 18, 2016 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Ava A. Schrepel
b. Josephine Okwu
c. Meinert C. Toberer
d. Bahram Z. Foadi
e. May Lloyd
f. Mary Eugene Gomez
g. Darryl Hurt, Timothy Bacon (Consolidated)
h. Marcos Rivera
i.
Stacy A. Bridges
j.
Cyndee McKelvie
k. Brenda Noel
l.
John T. Decker
m. Adekunle M. Aderonmu
n. Rebecca Fogle
o. Erlinda Velasquez
Rob Feckner
9.

a. David Wheeler
b. Carlotta Luna
Page 3 of 3
c. Roberta Almeida
d. Simin Shirazi
Rob Feckner
10. Full Board Decision Bruce Malkenhorst
Rob Feckner
11. Full Board Hearings

a. Richard Lewis
b. Christine Londo
CLOSED
SESSION
12.
Deliberate on Full Board Hearings (Government Code section

11126(c)(3))
a. Richard Lewis
b. Christine Londo
OPEN SESSION
13. Announcement of Action Taken on Full Board Hearings

a. Richard Lewis
b. Christine Londo

Anne Stausboll

16. Public Comment
CLOSED
SESSION
Matthew Jacobs

b. McGlynn v. State of California, et al. (San Francisco Superior
Court, Case No. CPF-514052)
c. Sanchez, et al. v. CalPERS, et al. (Los Angeles County Superior
Court No. BC517444)
d. Potential Litigation Insolvent Agencies
e. Potential Litigation Securities Matter
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-067-15
January 5, 2016
TO:

SUBJECT:

(CalPERS) will attend an Offsite meeting on January 19 through 21, 2016. The meeting will
be held at the Monterey Tides, 2600 Sand Dunes Drive, Monterey, CA 93940.
8:00 a.m.
Open Session

8:30 a.m.
Open Session
Thursday, January 21, 2016

9:00 a.m.
Closed Session
ANNE STAUSBOLL
Attachment

Monterey Tides, Monterey, CA
AGENDA
8:00 a.m.
Open Session
Welcome / Opening
(Points Ballroom)
8:15 a.m.
Open Session
Action Item: Election of Board President / Vice President

(Points Ballroom)
8:30 a.m.
Open Session
Action Items:
Full Board Hearing Decision Christine Londo
Full Board Hearing Decision Richard Lewis
(Points Ballroom)
8:45 a.m.
Open Session
Workshop on Strategic Direction for Global Governance,

Environmental Social and Governance (ESG) Integration, and
Industry Context
(Points Ballroom)
10:45 a.m.
Break
11:00 a.m.
Open Session
Workshop on Strategic Direction for Global Governance,

Environmental Social and Governance (ESG) Integration, and
Industry Context (continued)
(Points Ballroom)
12:30 p.m.
Lunch
1:30 p.m.
Open Session
Investment Portfolio Priorities

(Points Ballroom)
3:00 p.m.
Break
3:15 p.m.
Open Session
Investment Portfolio Priorities (Continued)

(Points Ballroom)


AGENDA
8:30 a.m.
Open Session
Welcome / Opening
(Points Ballroom)
8:35 a.m.
Open Session
Fiduciary Training
(Points Ballroom)
10:30 a.m.
Break
10:45 a.m.
Open Session
Excise Tax on High Cost Employer Sponsored Health

Coverage
(Points Ballroom)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Boards Executive Compensation Policy Initial Session with

New Board Compensation Consultant
(Points Ballroom)


AGENDA
9:00 a.m.
Closed Session
Closed Session Personnel and Succession Planning

(Points Ballroom)
9:30 a.m.
Closed Session
Closed Session Personnel and Litigation Matters

(Points Ballroom)
(Government Code Sections 11126(a)(1), (c)(16), (g)(1), and (e))


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-003-16
January 29, 2016
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) Chief Executive Officer Search Subcommittee will meet on February 10, 2016.
The meeting will be held in the CalPERS auditorium located in Lincoln Plaza North, 400 Q
Street, Sacramento, California, unless otherwise noted.
A copy of the agenda for this meeting is attached. This notice and the agenda are also
The estimated start time for this meeting is set forth below. In some cases, a portion of the
meeting may be held in closed session. Please refer to the attached agenda for additional
information.
1:00 p.m.
1:05 p.m.
Chief Executive Officer Search Subcommittee

Chief Executive Officer Search Subcommittee (Closed Session Only)
Please refer to the CalPERS website at www.calpers.ca.gov for information on attending

ANNE STAUSBOLL
Attachment

February 10, 2016
1:00 p.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
Lincoln Plaza North
Conference Room 3350, 3rd Floor
400 P Street
Sacramento, CA
Michael Bilbrey
Rob Feckner
Richard Gillihan
Henry Jones
Priya Mathur
MEETING AGENDA
OPEN SESSION
1:00 p.m.
CLOSED SESSION
1:05 p.m.

2. Election of Chair and Vice Chair
Anne Stausboll,
Laurie Menchaca
2. Overview of Selection Process
Anne Stausboll,
Laurie Menchaca
3. Review of Draft Candidate Profile
Anne Stausboll
Notes
2) The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration
3) Public comment may be taken on any Agenda Item. There is a 3-minute limitation on each public comment, unless
4) Board Members may attend meetings of committees of which they are not members and participate in the discussions
during those meetings.

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-004-16
February 4, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:00 a.m.


8:30 a.m.
10:00 a.m.
1:00 p.m.
2:00 p.m.


9:00 a.m.

February 4, 2016
Page 2
ANNE STAUSBOLL
Attachment
February 16, 2016

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED SESSION
8:30 a.m.

Notes
February 16, 2016

9:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
9:00 a.m.

Whichever is Later
2. Election of the Investment Committee Chair and Vice
Chair
Ted Eliopoulos

4. Consent Items
Ted Eliopoulos

b. Report to the California Legislature Holocaust
Era and Northern Ireland
5. Consent Items
Ted Eliopoulos
b. Draft Agenda for the March 14, 2016 Investment

Committee Meeting
Bill Slaton
Ted Eliopoulos
Anne Simpson
6.
a. Global Governance Policy Ad Hoc Subcommittee

Report
b. Revision of the Global Governance Principles
First Reading
Action Agenda Items

Wylie Tollette
Kit Crocker
Paul Mouchakkaa
a. Revision of Investment Policy for Real Assets

Second Reading
Andrew Junkin,
Wilshire Associates
Consulting
a. CalPERS Trust Level Review Consultant Report
Michael Moy,
Andrew Bratt,
Christy Fields,
Pension Consulting
Alliance
David Altshuler,
StepStone Group LLC
Ted Eliopoulos
Eric Baggesen
Eric Baggesen
Paul Zhang
Eric Baggesen
b. CalPERS Trust Level Review

c. Asset Allocation Target Revisions for Funding Risk
Mitigation Events
d. Update on Borrowed Liquidity Approach
9.
Policy & Delegation
Wylie Tollette
Kit Crocker
a. Revision of Total Fund Investment Policy, including

Divestment and Repeal of Legacy Policies First
Reading
Wylie Tollette
Kit Crocker
b. Revision of Affiliate Fund Policy and Repeal of

Legacy Policy First Reading
10. Program Review
Anne Simpson
Ted Eliopoulos
a. Review of 2015 Proxy Voting Results and 2016

Voting Plan
12. Public Comment
CLOSED SESSION

Ted Eliopoulos
2. Consent Items
3. Consent Items
Ted Eliopoulos

Ted Eliopoulos

Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
1)
2)
3)

February 17, 2016

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
8:30 a.m.

2. Election of the Pension & Health Benefits
Doug McKeever
Doug McKeever
4. Consent Items
a. Approval of the December 15, 2015, Pension &
Doug McKeever
5. Consent Items
b. Draft Agenda for March 15, 2016, Pension &
Update
Page 2 of 2
Update
Action Agenda Items
Donna Lum
Anthony Suine
Mary Anne Ashley
6. State Legislative Proposal: Retirement Options

Simplification
Donna Lum
Anthony Suine
7. Customer Service and Support Performance

Update
Donna Lum
Michael Bowman
8. Public Agency Recruitment and Retention for the

Health Benefits Program
Jan Falzarano
Doug McKeever

11. Public Comment
CLOSED SESSION

Kathy Donneson
2. Pharmacy Benefit Manager Contract Negotiations
Jan Falzarano
Notes
take action.

February 17, 2016

10:00 a.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
MEETING AGENDA
OPEN SESSION
10:00 a.m.

2. Election of Finance and Administration Chair and Vice
Chair
Cheryl Eason
3. Executive Report
Cheryl Eason
4. Consent Items
a. Approval of the December 15, 2015, Finance and
b. Judges Retirement System Actuarial Valuation
Report and Employer and Employee Contribution
Rates
c. Judges Retirement System II Actuarial Valuation
Report and Employer and Employee Contribution
Rates
d. Legislators Retirement System Actuarial
Contribution Rates
Cheryl Eason
5. Consent Items
c. Draft Agenda for March 15, 2016, Finance and
Action Agenda Items
Cheryl Eason
Mary Ann Ashley
a.
Proposed California Employees Pension

Prefunding Trust (CEPPT) Legislation
Doug Hoffner
Kim Malm
b.
Board of Administration Scoring Methodology for

Request for Proposals

Doug Hoffner
Sabrina Hutchins
Doug Hoffner
Sabrina Hutchins
Cheryl Eason
a. 2015-17 Business Plan Mid-Year Update

b. CalPERS 2016-17 Business Plan (First Reading)
a. CalPERS Budget Policy (First Reading)
Alan Milligan
Scott Terando
Kami Niebank
Cheryl Eason
a. Actuarial Policies Framework Review
11. Public Comment

Notes
take action.

February 17, 2016

1:00 p.m.
Whichever is Later
Lincoln Plaza North
Sacramento, CA
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
J.J. Jelincic
Henry Jones
Ron Lind
MEETING AGENDA
OPEN SESSION
1:00 p.m.

2. Election of Board Governance Chair and Vice Chair
Matthew Jacobs
3. Executive Report
Matthew Jacobs
4. Consent Items
a. Approval of the December 15, 2015 Board
Matthew Jacobs
5. Consent Items
Page 2 of 2
Action Agenda Items
Bill Slaton
6. Term Rotation for President and Committee Chairs

Anne Stausboll
7. Update on Board Education Program
Matthew Jacobs

9. Public Comment
Notes
4) Board Members may attend meetings of committees of which they are not members and participate in the
February 17, 2016

2:00 p.m.
Whichever is Later
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
OPEN SESSION
2:00 p.m.

CLOSED SESSION
2. Approval to Meet in Closed Session Pursuant to Government

Code Section 11126(c)(18)(A)
Doug Hoffner
Kim Malm
Tony Kim, Orrick,
Herrington & Sutcliffe
3. Cyber and Physical Security Briefing

Anne Stausboll
Laurie Menchaca
4. CEO Search Process

(Government Code sections 11126(a)(1), (e), and (g)(1))
Notes
1) Items designated for Information are appropriate for Board Action if the Board wishes to take action. Any Agenda Item
from a properly noticed Committee meeting held immediately prior to this Board meeting may be considered by the
Board.
3) Public comment may be taken on any agenda item. There is a 3-minute limitation on each public comment, unless
otherwise directed by the Board President.
Reconsideration.
February 18, 2016

8:30 a.m.
Lincoln Plaza North
400 P Street
Sacramento, CA
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
MEETING AGENDA
CLOSED
SESSION
8:30 a.m.

Personnel Issues (Government Code sections 11126 (a)(1), (e), and
(g)(1))
OPEN SESSION
9:00 a.m.

Later
Rob Feckner
1.
2.
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of December 16, 2015 Board of Administration Meeting
Minutes and January 19-21, 2016 Offsite Board of
Administration Meeting Minutes
Page 2 of 4
6.
Consent Items
b. Draft Agenda for March 16, 2016 Board of Administration
Meeting
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

(Oral)
Ron Lind
Bill Slaton

Action Agenda Items
Rob Feckner
8.

a. Tom Walters
b. Patrick J. Campbell
c. Luz Lopez
d. Gwendolyn Lewis-Parker
e. Nila Job
f.
Martha G. Haywood
g. Jerry Dean Beasley

h. Scott Casadona
i.
Richard Montre
j.
Deborah L. Buchko
k. Timothy C. Stadler (Larrie Ciano)

l.
Mike V. Perez
m. Santa Clara County and Kathleen King

n. Merry Grisak
o. Brandy LeChuga-Falk (Thomas LeChuga)
p. Mei Kwee
Page 3 of 4
q. Sandra Lombella Adams
r.
Diane Euer
s. David Grewing
t.
Nicholas Rodriguez
u. Jolie Caughey (Donald Caughey)

v. Perry Leffler
w. Gere Sibbach
x. Madhu Ghuman
y. Christine Yaple (David Yaple)
z. Kristen Del Carlo
aa. Stephanie Lamb
bb. Beverly Powers
cc. Kevin Davey
dd. Vincent Miller
ee. Salma Juarez
ff. William Johnson
gg. Crystal Bickford (William Varnado)
hh. Denise Hunt-Bangoli (James Davey)
Rob Feckner
9.

a. Marcos Rivera
b. Stacy Bridges
Rob Feckner

a. Timothy Bacon, Darryl Hurt (Consolidated)
CLOSED
SESSION
11. Deliberate on Full Board Hearing (Government Code section

11126(c)(3))
OPEN SESSION
12. Announcement of Action Taken on Full Board Hearing


Anne Stausboll

15. Public Comment
Page 4 of 4
CLOSED
SESSION
Matthew Jacobs

a. In re: City of San Bernardino (U.S. Bankruptcy Court, Central
District of CA, No. 2-BK-28006)
b. Kesterson, et al. v. CalPERS, et al. (Los Angeles County
Superior Court, Case No. BC502628)
c. CalPERS v. Moody's Corp. (San Francisco Superior Court, Case
No CGC-09-490241)
d. Potential Litigation Contract Dispute
e. Potential Litigation Investment Matter
f. Sanchez, et al. v. CalPERS, et al. (Los Angeles County Superior
Court, Case No. BC517444)
g. Mallano v. Chiang (Los Angeles Superior Court, Case No.
BC533770)
h. Potential Litigation Administrative Hearing Matter
Notes

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-010-16
March 3, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:00 a.m.
1:00 p.m.


8:00 a.m.
10:00 a.m.
1:00 p.m.


9:00 a.m.

March 3, 2016
Page 2
ANNE STAUSBOLL
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 14, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(Government Code sections 11126 (a)(1), (e), and
(g)(1))
Notes
1) Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any
2)
3)
Agenda Item from a properly noticed Committee meeting, held immediately prior to this Board meeting, may be
Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 14, 2016

9:00 am
of Administration Closed Session, Whichever is
Later
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Open Session
9:00 am

1.
Ted Eliopoulos
2.
Ted Eliopoulos
3.
Consent Items
a. Approval of the February 16, 2016
Investment Committee Meeting Minutes
Ted Eliopoulos
4.
Consent Items
b. Draft Agenda for the April 18, 2016
Action Agenda Items

5.
Policy & Delegation

a. Revision of the Global Governance Principles
Second Reading
Ted Eliopoulos
Anne Simpson
Wylie Tollette
b. Review of the Investment Committee Delegation
Kit Crocker
Wylie Tollette
c. Revision of Affiliate Fund Policies and Repeal of

Legacy Policies Second Reading
Kit Crocker

6.
Wylie Tollette
Policy & Delegation

a. Revision of Total Fund Investment Policy, including
Divestment and Repeal of Legacy Policies
Second Reading
Kit Crocker
7.
Jean Rogers,
Program Review
a. Sustainability Accounting Standards Report
(SASB) Climate Change Report
Janine Guillot,
Sustainability Accounting
Standards Board
Anne Simpson
b. Global Governance Strategic Review: Climate

Change Focus
Dan Bienvenue
8.
Doug McKeever
Legislation
Daniel Crowley, K&L Gates

Ted Eliopoulos
9.
Summary of Committee Direction
10. Public Comment

Closed Session
Ted Eliopoulos

(Government Code sections 11126(a)(1), (c)(16) and
(e))
1.
2.
Consent Items
Meeting Agenda
Page 2 of 3

Committee Closed Session Minutes
Ted Eliopoulos
3.
Consent Items
2) Items Completed Under Delegated
Authority

4.
External Manager and Investment Decision Updates
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Ted Eliopoulos
5.
Chief Investment Officer Personnel, Employment and

Performance
Notes
2)
3)
4)
Board Members may attend meetings of committees of which they are not members and participate in the discussions
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
Sacramento, CA
March 14, 2016

1:00 pm
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
JJ Jelincic
Henry Jones
Ron Lind
AGENDA
Open Session
1:00 pm
Or Upon Adjournment or Recess of Investment Committee,

Whichever is Later
1.
Matthew Jacobs
2.
Executive Report
Matthew Jacobs
3.
Consent Items
a. Approval of the February 17, 2016 Board
b. Approval of the Board Governance Committee
Updated Parking Lot
Matthew Jacobs
4.
Consent Items
b. Review Compliance with Disclosure Statement
Requirements
Action Agenda Items

Matthew Jacobs
5.
Review of Board Governance Committee Delegation
Matthew Jacobs
Kami Niebank
6.
Chief Executive Officer Delegation of Authority

Annual Review
Bill Slaton
7.
Delegation of CEO Selection
Bill Slaton
8.
Procedure for Revising Delegations
Bill Slaton
9.
Advantages and Disadvantages of Committees of the

Whole
Matthew Jacobs

11. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 15, 2016

8:00 am
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
AGENDA
Open Session
8:00 am
1.
Doug McKeever
2.
Executive Report(s)
Doug McKeever
3.
Consent Items
a. Approval of the February 17, 2016 Pension and
Doug McKeever
4.
Consent Items
c. California Employers Retiree Benefit Trust Update
d. Supplemental Income Plans Program Update
e. Update on Retiree Cost-of-Living Adjustment
Action Agenda Items

Doug McKeever
5.
Review Pension and Health Benefits Committee

Delegation

Doug McKeever
6.
Federal Health Care Policy Representatives Update
7.
Federal Retirement Policy Representatives Update
Kathy Donneson
8.
Pharmacy Benefit Manager Contract Evaluation

Update
Kathy Donneson
9.
Long-Term Care Program Semi-Annual Update
Doug McKeever
Yvette Fontenot, Avenue

Solutions
Chris Jennings, Jennings Policy
Strategies
Doug McKeever
Tony Roda, Williams and Jensen
Tom Lussier, The Lussier Group,
Inc.
11. Public Comment

Closed Session
9:30 am

1.
Kathy Donneson
2.
Kathy Donneson
3.
Pharmacy Benefit Manager Contract Negotiations
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2

Talent Management Committee
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 15, 2016

10:00 am
Or Upon Adjournment or Recess of the Pension &
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
AGENDA
Open Session
10:00 am
Or Upon Adjournment or Recess of Pension & Health

1.
2.
Election of the Performance, Compensation & Talent

Management Chair and Vice Chair
Doug Hoffner
3.
Executive Report
Doug Hoffner
4.
Consent Items
a. Approval of the December 15, 2015
Management Committee Meeting Minutes
Doug Hoffner
5.
Consent Items
b. Draft Agenda for the June 14, 2016
Action Agenda Items

Tina Campbell
6.
Review of the Performance, Compensation & Talent

Management Committee Delegation

Tina Campbell
7.
Compensation Review Project Update
8.
9.
Public Comment
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP
Doug Hoffner
Closed Session

Action Agenda Items
Tina Campbell
2. Approval of the October 20, 2015 Performance,

Tina Campbell
3. Semiannual Status Reports on Performance Plans of

Officer
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 15, 2016

1:00 pm
Performance, Compensation & Talent Management
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
AGENDA
Open Session
1:00 pm
Or Upon Adjournment or Recess of Performance, Compensation &

Talent Management Committee, Whichever is Later
1.
Cheryl Eason
2.
Executive Report
Cheryl Eason
3.
Consent Items
a. Approval of the February 17, 2016, Finance and
Cheryl Eason
4.
Consent Items
c. Draft Agenda for the April 19, 2016, Finance and
d. Semi-Annual Accounts Receivable Analysis Report
e. Semi-Annual Financial Report
f.
Semi-Annual Budget and Expenditure Report
Action Agenda Items

5.
Program Administration
Cheryl Eason
a. Review of Finance and Administration Committee

Delegation
Doug Hoffner
Kim Malm
b. Board of Administration Election Voting Process and

Regulatory Changes
6.
Accounting, Financial Reporting, and Budgeting
Cheryl Eason
a. CalPERS Budget Policy (Second Reading)
Doug Hoffner
Sabrina Hutchins
b. CalPERS 2016-17 Business Plan (Second Reading)
Cheryl Eason
Rose McAuliffe
c. 2016-17 Annual Budget Proposal (First Reading)

Alan Milligan
Scot Terando
7.
Actuarial Reporting
a. Review of Actuarial Cost Method Policy and Amortization
Policy
8.
Treasury Management
Cheryl Eason
a. Treasury Management Policy Review (First Reading)
Cheryl Eason
Kristin Montgomery
b. Treasury Analysis and Liquidity Status Report

9.
Anne Stausboll
Doug Hoffner
Cheryl Eason
Strategic Planning
a. Strategic Planning Overview

11. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
March 16, 2016

9:00 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(g)(1))
Open Session
9:00 am
Or Upon Adjournment or Recess of Board Closed

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the February 18, 2016 Board of
6.
Consent Items
b. Draft Agenda for the April 20, 2016 Board of
Administration Meeting
d. Communications and Stakeholder Relations
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Rob Feckner
8.

a.
Darlene Parker
b.
Marisol Romo
c.
Lee Turner Johnson
d.
Calvin Sung and Andrea Graham (Consolidated)
e.
Safia Ali
f.
Jennifer Navarro (Anthony Navarro)
g.
James F. Arbogast Jr.
h.
Edith Davenport
i.
Editha Moring
Designation of Precedential Decision Phillip

MacFarland
Rob Feckner
9.
Rob Feckner
10. Full Board Decision Timothy Bacon, Darryl Hurt

(Consolidated)
Meeting Agenda
Page 2 of 3

Mary Anne Ashley
Anne Stausboll

13. Public Comment
Closed Session

Matthew Jacobs
1.
Litigation Matters
a. In re: City of San Bernardino (U.S. Bankruptcy
Court, Central District of CA, No. 2-BK-28006)
b. CalPERS v. Moody's Corp., (San Francisco
Superior Court, Case No. CGC-09-490241)
Laurie Menchaca
2.
Chief Executive Officer Search Update
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-013-16
April 8, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
9:00 a.m.


8:00 a.m.
9:00 a.m.
10:00 a.m.
1:00 p.m.


8:30 a.m.
9:00 a.m.


April 8, 2016
Page 2
ANNE STAUSBOLL
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
April 18, 2016

8:30 a.m.
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 a.m.

(Government Code section 11126 (a)(1), (e), and
(g)(1))
Notes
2)
3)
Meeting Agenda
April 18, 2016
9:00 a.m.

Lincoln Plaza North
400 P Street
Or upon adjournment of the

Closed Session Whichever is later
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Closed Session
9:00 a.m.

Whichever is Later
Issues
Open Session
9:00 a.m.

Whichever is Later
Ted Eliopoulos
1.
2.

a. Monthly Update Performance and Risk
Ted Eliopoulos
3.
Consent Items
a. Approval of the March 14, 2016
Ted Eliopoulos
4.
Consent Items
b. Draft Agenda for the May 16, 2016
c. Monthly Update Investment Compliance
Meeting Agenda
Page 1 of 3
d. Federal Investment Policy Representative Update

e. Terminated Agency Pool Rebalance
Action Agenda Items
5.
Wylie Tollette
Kit Crocker
Independent Oversight
Investment Consultant Selection of Finalists for
Interview
6.
Eric Baggesen
Dianne Sandoval

a. Health Care Fund Asset Allocation Review
7.
Paul Mouchakkaa
Andrew Junkin, Wilshire
Christy Fields,
David Glickman,
Pension Consulting Alliance
David Altshuler,
StepStone Group LLC
Program Reviews
a. Real Assets Strategic Plan
8.
Wylie Tollette
Kit Crocker
Policy & Delegation

a. Revision of Total Fund Investment Policy, and
Repeal of Legacy Policies Third Reading

9.
Ted Eliopoulos
Wylie Tollette
Policy & Delegation

a. Divestment Review Proposed Timetable
10. Program Reviews

Julia Dawson,
Credit Suisse
Dr. Akosua Barthwell Evans,
The Barthwell Group
a. Diversity & Inclusion: Evidence on Corporate

Performance
Anne Simpson
b. Global Governance Strategic Review: Human

Capital Focus
Ted Eliopoulos

12. Public Comment
Meeting Agenda
Page 2 of 3
Closed Session
Ted Eliopoulos

(e))
1.
2.
Consent Items
Ted Eliopoulos
3.
Consent Items
Investments

4.
Anne Simpson
Program Review
Strategy
5.
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
400 P Street, Sacramento, CA
April 19, 2016

8:00 a.m.
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:00 a.m.

1.
Kathy Donneson
2.
Health Plan Trend Report
Kathy Donneson
3.
Kathy Donneson
4.
Pharmacy Benefit Manager Solicitation
Notes
2)
3)
4)

Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
April 19, 2016

9:00 a.m.
Pension & Health Benefits Committee Closed Session
Whichever is later
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
AGENDA
Open Session
9:00 a.m.

Benefits Committee Closed Session, Whichever is Later
1.
Doug Hoffner
2.
Executive Report
Doug Hoffner
3.
Consent Items
a. Approval of the March 15, 2016
Doug Hoffner
4.
Consent Items

Tina Campbell
5.
Compensation Review Project - Proposed Design

Concepts
6.
7.
Public Comment
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP
Doug Hoffner
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
April 19, 2016

10:00 a.m.
Performance, Compensation & Talent Management
Committee Whichever is later
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
AGENDA
Open Session
10:00 a.m.

Whichever is Later
1.
Cheryl Eason
2.
Executive Report
Cheryl Eason
3.
Consent Items
a. Approval of the March 15, 2016 Finance &
c. Actuarial Valuation Report for the 1959 Survivor
Benefit Program
Cheryl Eason
4.
Consent Items
c. Draft Agenda for the September 20, 2016, Finance &
e. Annual Discharge of Accountability for Uncollectible
Debt
f.
Annual Operational Sustainability Report
Action Agenda Items

Cheryl Eason
Rose McAuliffe
5.
Cheryl Eason
6.
Accounting, Financial Reporting, and Budgeting

a. 2016-17 Annual Budget Proposal (Second Reading)
Treasury Management
a. Treasury Management Policy Review (Second
Reading)
7.
Cheryl Eason
Kristin Montgomery
Program Administration
a. Annual Review of Board Member Employer
Reimbursements
Alan Milligan
Kelly Sturm
Alan Milligan
Todd Tauzer
Alan Milligan
Scott Terando
a. State Actuarial Valuation and Employer/Employee

Contribution Rates
b. Schools Actuarial Valuation and Employer/Employee
Contribution Rates
c. Review of the Actuarial Cost Methods Policy and
Amortization Policy (Second Reading)
Alan Milligan
Scott Terando
a. Review of Actuarial Assumption Policy (First Reading)
Doug McKeever
Gary McCollum
Brad Pacheco
b. Final Update on Stakeholder Assessment Project
Cheryl Eason

12. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Location
400 P Street
Sacramento, CA
April 19, 2016

1:00 p.m.
Whichever is later
COMMITTEE MEMBERS
Ron Lind, Chair
Rob Feckner
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
1:00 p.m.

1.
2.
Election of the Risk and Audit Committee Chair and

Vice Chair
Cheryl Eason
3.
Executive Report
Cheryl Eason
4.
Consent Items
a. Approval of the November 17, 2015 Risk and
Audit Committee Meeting Minutes
Cheryl Eason
5.
Consent Items
c. Draft Agenda for the June 15, 2016 Risk and Audit
Committee Meeting
Management
f.
Quarterly Status Report Enterprise Compliance

Action Agenda Items
Cheryl Eason
Matt Jacobs
6.
Review of the Risk and Audit Committee Delegation
7.
Audit
a. Review of Independent Auditors Management
Letter
Beliz Chappuie
Rick Green, Macias Gini &
OConnell

8.
Beliz Chappuie
a. Audit Resolution Policy Revision

9.
Marlene Timberlake DAdamo

Kami Niebank
Cheryl Eason
Audit
Enterprise Compliance Management

a. Semi-Annual Compliance Plan Update

11. Public Comment
Closed Session

1.
2. Consent Items
a. Approval of the November 17, 2015 Risk and Audit
Beliz Chappuie
3.
Personnel, Employment and Performance Chief

Auditor
4.

Compliance Officer
Wylie Tollette
5.

Meeting Agenda
Page 2 of 3
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
April 20, 2016

8:30 a.m.
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
JJ Jelincic
Henry Jones
Ron Lind
AGENDA
Open Session
8:30 a.m.
1.
Matthew Jacobs
2.
Executive Report
Matthew Jacobs
3.
Consent Items
a. Approval of the February 17, 2016 Board
Updated Parking Lot
Matthew Jacobs
4.
Consent Items
b. Review Compliance with Disclosure Statement
Requirements
Action Agenda Items

Matthew Jacobs
5.
Review of Board Governance Committee Delegation
Matthew Jacobs
Kami Niebank
6.
Chief Executive Officer Delegation of Authority

Annual Review
Bill Slaton
7.
Delegation of CEO Selection
Matthew Jacobs
8.
9.
Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
April 20, 2016

9:00 a.m.
Whichever is later
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
9:00 a.m.

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the March 16, 2016 Board of
6.
Consent Items
b. Draft Agenda for the May 18, 2016 Board of

7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Rob Feckner
8.

a.
Antoinette M. Key
b.
Gracie Jimenez
c.
Andrew Miller
d.
Julieto E. Acedilla
e.
Paul A. Cabacungan
f.
Steven Hubert
g.
Brent Johnston
h.
Eric Faul
i.
Keith Brown
j.
Oscar Fuentes
k.
Bryan Rankin
l.
Yvette Bravo
m. Paul Mast
n.
James Nicholas
Meeting Agenda
Page 2 of 3
Rob Feckner
9.

a. Diane D. Euer
Rob Feckner

a. Santa Clara County Health Authority and Kathleen
King
CLOSED SESSION
Deliberate on Full Board Hearing
b. Santa Clara County Health Authority and Kathleen
King
OPEN SESSION
Announcement of Action taken on Full Board Hearing
c. Santa Clara County Health Authority and Kathleen
King
Mary Anne Ashley
Anne Stausboll

13. Public Comment
Closed Session

Matthew Jacobs

b. Sanchez, et al. v. CalPERS, et al. (Los Angeles
County Superior Court, Case No. BC517444)
Anne Stausboll
15. Chief Executive Officer Search Update
Laurie Menchaca
Notes
2)
3)
Meeting Agenda
Page 3 of 3

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-016-16
April 15, 2016
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) Chief Executive Officer Search Subcommittee will meet on April 27, 2016. The
meeting will be held at Lincoln Plaza North, 400 Q Street, Room 1150, Sacramento,
California.
A copy of the agenda for this meeting is attached. This notice and the agenda are also
The estimated start time for this meeting is set forth below. The meeting will be held in
closed session. Please refer to the attached agenda for additional information.
8:00 a.m.
ANNE STAUSBOLL
Attachment

Search Subcommittee
Meeting Agenda
Location
CLOSED SESSION
April 27, 2016

8:00 a.m.
Priya Mathur, Chair
Michael Bilbrey
Richard Gillihan
Henry Jones
AGENDA
Closed Session
8:00 a.m.

1.
Action Agenda Items

Anne Stausboll,
Tina Campbell
2.
Approval of the February 10, 2016 Chief Executive

Officer Search Subcommittee Closed Session Minutes
Anne Stausboll
3.
Review of Chief Executive Officer Candidates and

Selection for First Round Interviews
Daniel Edwards,
Lee Hanson,
Renee Neri,
Heidrick & Struggles

Anne Stausboll
4.
Review of Interview Process
5.
Daniel Edwards, Lee Hanson,

Renee Neri,
Anne Stausboll
Notes
2)
3)
4)

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-020-16
April 29, 2016
TO:

SUBJECT:

ITS COMMITTEES

(CalPERS) Chief Executive Officer Search Subcommittee will meet on May 10 - 11, 2016.
The meetings will be held at Lincoln Plaza North, 400 Q Street, Room 1150, Sacramento,
California.
Agendas for these meetings are attached. This notice and the agendas are also available
on our website, www.calpers.ca.gov.
The estimated start times for the meetings are set forth below. The meetings will be held in
closed session. Please refer to the attached agendas for additional information.
8:30 a.m.

8:30 a.m.
ANNE STAUSBOLL
Attachment

Search Subcommittee
Meeting Agenda
Location
CLOSED SESSION
May 10-11, 2016

8:30 a.m.
Priya Mathur, Chair
Michael Bilbrey
Henry Jones
MAY 10TH AGENDA

Closed Session
8:30 a.m.

Action Agenda Items
Anne Stausboll,
Tina Campbell
2.
3.
Approval of the April 27, 2016 Chief Executive Officer

Search Subcommittee Closed Session Minutes
First-Round Interviews of Chief Executive Officer
Candidates (Day 1)
MAY 11TH AGENDA

Closed Session
8:30 a.m.

1.
Action Agenda Items

2.
Daniel Edwards,
Lee Hanson,
Renee Neri,
3.
First-Round Interviews of Chief Executive Officer

Candidates (Day 2)
Selection of Finalist Candidates

Anne Stausboll
Daniel Edwards, Lee Hanson,
Renee Neri,
Anne Stausboll
4.
Review of Finalist Interview Process
5.
Notes
2)
3)
Meeting Agenda
Page 2 of 2

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-021-16
May 6, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.


8:00 a.m.
9:00 a.m.
11:00 a.m.
2:00 p.m.

Board of Administration Risk & Compliance Workshop (Room 1140)

8:30 a.m.
9:00 a.m.


May 6, 2016
Page 2
ANNE STAUSBOLL
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
May 16, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(g)(1))
Notes
2)
3)
Meeting Agenda
Location
Lincoln Plaza North
400 P Street
May 16, 2016

8:45 am
Board Closed Session Whichever is later
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:45 a.m.

Whichever is Later
(Government Code sections 11126(a)(1), 11126(c)(16)
and (e))
1. Chief Investment Officer's Briefing on Market and
Personnel Issues
Matthew Jacobs
2. Pending Litigation Investment Matter
Open Session
9:00 a.m.

Whichever is Later
1.
Ted Eliopoulos
2.
Ted Eliopoulos
3.
Consent Items
a. Approval of the April 18, 2016
Ted Eliopoulos
4.
Consent Items
Meeting Agenda
Page 1 of 3

Action Agenda Items
5.
Legislation
Mary Anne Ashley
a. Assembly Bill 2833 (Cooley) Public Retirement

Alternative Investments Disclosure
Mary Anne Ashley
b. House Resolution 4718 (Maloney-NY): Gender

Diversity Advisory Group
6.
Policy & Delegation

a. Divestment Review Proposed Timetable
Ted Eliopoulos
Matt Jacobs
7.
Business Plan
Wylie Tollette
a. Investment Office Roadmap and Target Operating

Model Update
Wylie Tollette
b. Investment Office Cost Effectiveness
Jody Macintosh,
CEM Benchmarking, Inc.
c. CEM Benchmarking, Inc. Report on Investment

Costs
8.
Program Review
Anne Simpson
Dan Bienvenue
a. Global Governance Strategic Review: Alignment of

Interests
Anne Simpson
b. Proxy Voting Quarterly Update

Action Agenda Items
TIME CERTAIN 3:30 P.M.

Wylie Tollette
Kit Crocker
Ted Eliopoulos
9.
Independent Oversight
Investment Consultant Interviews and Intent to
Award

11. Public Comment
Closed Session
Upon Adjournment or Recess of
Open Session

(e))
Meeting Agenda
Page 2 of 3
Ted Eliopoulos
1.
2.
Consent Items
Ted Eliopoulos
3.
Consent Items
2) Items Completed Under Delegated
Authority

4.
Anne Simpson
Program Review
Strategy
5.
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Arnie Phillips
Ted Eliopoulos
e. Opportunistic
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
May 17, 2016

8:00 am
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:00 am

1.
Kathy Donneson
2.
Initial 2017 Health Plan Rates and Ongoing Health

Plan Rate Strategy
Kathy Donneson
3.
Final Discussions on the Pharmacy Benefit Manager

Solicitation and Negotiations
Open Session

Whichever is Later
1.
Doug McKeever
2.
Executive Report(s)
Doug McKeever
3.
Consent Items
Doug McKeever
4.
Consent Items

Update
Update
Kathy Donneson
5.
Preliminary 2017 Health Plan Rates
Kathy Donneson
6.
Health Care Cost Trends
Donna Lum
7.
Customer Services and Support Performance Update
Mary Anne Ashley
Action Agenda Items

8. Assembly Bill 1878 (Jones-Sawyer) Retired School
Member Death Benefits
Mary Anne Ashley
9.
Assembly Bill 2028 (Cooper) Restoration of Credit for

Service and Compensation Earnable
Kathy Donneson
10. Pharmacy Benefit Manager Contract Award
Doug McKeever

12. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Location
Lincoln Plaza North
Sacramento, CA
May 17, 2016

11:00 a.m.
Pension & Health Benefits Committee Whichever is
later
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
11:00 a.m.

Cheryl Eason
Board Workshop on Risk and Compliance
Dr. Robert Yetman

UC Davis Graduate School of
Management
Notes
2)
3)
4)

Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
May 17, 2016

2:00 p.m.
Board Risk & Compliance Workshop
Whichever is later
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
AGENDA
Open Session
2:00 p.m.
Or Upon Adjournment or Recess of Board Risk &

Compliance Workshop, Whichever is Later
1.
Doug Hoffner
2.
Executive Report
Doug Hoffner
3.
Consent Items
a. Approval of the April 19, 2016
Doug Hoffner
4.
Consent Items
Action Agenda Items

Tina Campbell
5.
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP
Fiscal Year 2016-17 Compensation Review Project

Recommendations: First Reading of Policy, Salary
and Incentive Ranges, and Performance Metrics

Doug Hoffner
6.
7.
Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
May 18, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(g)(1))
Open Session
9:00 am

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the April 20, 2016 Board of
6.
Consent Items
b. Draft Agenda for the June 15, 2016 Board of
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Matthew Jacobs
8.
Approval of Committee Delegations
Rob Feckner
9.

a.
Reginald Bohanan
b.
Angie Wesco-Alexander
c.
Sherry Hilton-Barton (James W. Hilton)
d.
Nasrin Pedarsani
e.
Joshua P. Desmarais
f.
William R. Anglin
g.
Daniel M. White
h.
Shane Mee
i.
Shirley Flournoy (Cecil Flournoy)
j.
Francine Valentine
k.
Jordan Conway
l.
Cynthia Jamison
Meeting Agenda
Page 2 of 4
m. Frederick Johnson
n.
Lori A. Lueckfeld
o.
Leslie C. Riley
p.
Jonathan Sullivan
q.
Charles L. Bergson
r.
Armida Hernandez
s.
Mark Soto
t.
Staci L. Stenroos
u.
Candice Bailey
v.
John Buttram
w. Richard Hoffpauer
Rob Feckner

a. Safia S. Ali
Rob Feckner

a. Lee Turner Johnson (Grantland Lee Johnson)
CLOSED SESSION
Deliberate on Full Board Hearing (Government Code
section 11126(c)(3))
b. Lee Turner Johnson (Grantland Lee Johnson)
OPEN SESSION
Announcement of Action taken on Full Board Hearing
c. Lee Turner Johnson (Grantland Lee Johnson)

Mary Anne Ashley
Anne Stausboll

14. Public Comment
Closed Session

Meeting Agenda
Page 3 of 4
Matthew Jacobs
1.
Anne Stausboll
2.
Litigation Matters
Chief Executive Officer Search Update
Notes
2)
3)
4)
Meeting Agenda
Page 4 of 4

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-026-16
June 3, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.
3:00 p.m.


8:30 a.m.
9:00 a.m.
11:00 a.m.
2:00 p.m.

Board of Administration Strategic Planning Workshop (Room 1140)

8:30 a.m.
9:00 a.m.


June 3, 2016
Page 2
The meeting facilities are accessible to persons with disabilities. Requests for disabilityrelated modification or accommodation require a minimum of 72 hours notice and June be
ANNE STAUSBOLL
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
June 13, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(g)(1))
Notes
2)
3)
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
June 13, 2016

8:45 am
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:45 a.m.

Whichever is Later
Personnel Issues
11126(c)(16))
Open Session
9:00 a.m.

Whichever is Later
1.
Ted Eliopoulos
2.
Ted Eliopoulos
3.
Consent Items
a. Approval of the May 16, 2016
Ted Eliopoulos
4.
Consent Items
b. Draft Agenda for the August 15, 2016
Meeting Agenda
Page 1 of 3

Action Agenda Items
5.
Ted Eliopoulos
Eric Baggesen
Dianne Sandoval
Steve Foresti, Wilshire Consulting

a. Interim Asset Allocation Targets Review (Including
Capital Markets Outlook)
6.
Mary Anne Ashley
Legislation
a. Assembly Bill 2348 (Levine): CalPERS Investments
in California Infrastructure Projects

7.
Mary Anne Ashley
Legislation
a. Assembly Bill 2833 (Cooley) Public Retirement
Alternative Investments Disclosure Update
8.
Program Reviews
Anne Simpson
Dan Bienvenue
a. Global Governance Strategic Review: Key

Performance Indicators
Laurie Weir
Laurie Weir
Tom Woefel, Pacific Community
Ventures
c. CalPERS for California Report 2015
9.
Kit Crocker
Paul Mouchakkaa
Ted Eliopoulos
Policy & Delegation

a. Revision of Real Assets Policies First Reading

11. Public Comment
Meeting Agenda
Page 2 of 3
Closed Session
Open Session
Ted Eliopoulos

(e))
2.
Consent Items
a. Approval of the May 16, 2016 Investment
Ted Eliopoulos
3.
Consent Items
Investments

4.
Program Review
Anne Simpson

Strategy
Matthew Jacobs
Ted Eliopoulos
b. Private Equity Compliance Review

5.
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Ted Eliopoulos
6.

Performance
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
June 13, 2016

3:00 p.m.
Or upon adjournment or recess of the
Whichever is later
COMMITTEE MEMBERS
Ron Lind, Chair
JJ Jelincic
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
3:00 p.m.

1.
Cheryl Eason
2.
Executive Report
Cheryl Eason
3.
Consent Items
a. Approval of the April 19, 2016 Risk and Audit
Cheryl Eason
4.
Consent Items
c. Draft Agenda for the September 20, 2016 Risk
and Audit Committee Meeting
Management
f.
Action Agenda Items

5.
Enterprise Compliance Management

a. 2016-17 Enterprise Compliance Plan
6.
Forrest Grimes

7.
Audit
Beliz Chappuie
Rick Green, Macias Gini &
OConnell
a. Independent Auditors 2016 Annual Plan
Beliz Chappuie
b. 2016-17 Office of Audit Services Plan

8.
Beliz Chappuie
a. Audit Resolution Policy Revision

9.
Cheryl Eason
Forrest Grimes
Cheryl Eason
Audit


11. Public Comment
Closed Session
Open Session
1.
2.
Consent Items

a. Approval of the April 19, 2016 Risk and Audit
Committee Closed Session Meeting Minutes
Beliz Chappuie
3.

Auditor
4.

Compliance Officer
Kit Crocker
5.
Personnel, Employment and Performance

Investment Director
Meeting Agenda
Page 2 of 3
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
June 14, 2016

8:30 am
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 a.m.
Kathy Donneson
Open Session
9:00 a.m.

1.
2.
Finalize Health Plan Rates and Ongoing Health Plan

Rate Strategy
Or Upon Adjournment or Recess of Closed Session

1.
Doug McKeever
2.
Executive Report(s)
Doug McKeever
3.
Consent Items
Doug McKeever
4.
Consent Items

Update
Update
e. 2017 Association Plan Rates
Action Agenda Items
Kathy Donneson
5.
Approval of the 2017 Health Maintenance Organization

Plan Rates
Kathy Donneson
6.
Approval of the 2017 Preferred Provider Organization

Plan Rates
Mary Anne Ashley
7.
Legislation
a. Senate Bill 1010 (Hernandez) Prescription Drug
Cost Transparency

Kathy Donneson
8.
State Annuitant Contribution Formula
Kathy Donneson
9.
Long-Term Care Third-Party Administrator

Procurement Strategy
Karen Pales
Dr. Richard Sun
10. Drug Price Relief Act
Donna Lum
11. Financial Literacy Update
Doug McKeever
Alan Milligan
12. The California Public Employees Pension Reform Act

An Update Since Implementation
Doug McKeever

14. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2

Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
June 14, 2016

11:00 a.m.
Whichever is later
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
AGENDA
Open Session
11:00 a.m.

1.
Doug Hoffner
2.
Executive Report
Doug Hoffner
3.
Consent Items
a. Approval of the May 17, 2016
Doug Hoffner
4.
Consent Items
b. Draft Agenda for the August 16, 2016
Action Agenda Items

Tina Campbell
5.
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP

Recommendations: First Reading of Performance
Metrics

Doug Hoffner
Closed Session
6.
7.
Public Comment
Upon Adjournment or
Recess of Open Session
1.
Action Agenda Items

Tina Campbell
2.
Approval of the March 15, 2016 Performance,

Tina Campbell
3.
2016-17 Performance Plan of the Chief Investment

Officer
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
Sacramento, CA
June 14, 2016

2:00 p.m.
Or upon adjournment or recess of the Performance,
Compensation, & Talent Management
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
2:00 p.m.
Or upon adjournment or recess of the Performance,

Compensation, & Talent Management Committee,
Whichever is Later
Doug Hoffner
Board Workshop Strategic Plan Development
Timi Leslie, Founder &

President, BluePath Health
Notes
1. Items designated for Information are appropriate for Committee Action if the Committee wishes to take action. Any Agenda
Item from a properly noticed Committee meeting, held immediately 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
3. Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
June 15, 2016

8:30 a.m.
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 a.m.

(g)(1))
Open Session
9:00 am

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Anne Stausboll
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the May 18, 2016 Board of
6.
Consent Items
a. Board Meeting Dates 2016 and 2017
b. Board Agenda Item Calendar 2016
c. Draft Agenda for the August 17, 2016 Board of
e. Communications and Stakeholder Relations
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Rob Feckner
8.

a.
Medene Presley
b.
Lynn D. Harmston
c.
Karen K. Parker
d.
Mark Hitt
e.
Christopher Cisco
f.
Patricia Anderson
g.
City of El Monte
h.
Patricia Louise OKeefe-Minjarez
i.
George Gerber
j.
Bryan Boyle
k.
Lori Gibson
l.
Dawn Wise
Meeting Agenda
Page 2 of 4
m. Patricia Miller
Rob Feckner
Rob Feckner
9.
n.
Claudelle Halcomb
o.
Gustavo Miranda
p.
Marianne Sullivan
q.
Angelee Martin
r.
Glen W. Sebring
s.
Lori L. Graffious

a.
Cynthia A. Jamison
b.
Charles Bergson
c.
Mark Soto
d.
Jordan Conway
e.
Frederick Johnson
10. Designation of Precedential Decision Phillip

MacFarland
Mary Anne Ashley
Anne Stausboll

13. Public Comment
Closed Session
Matthew Jacobs

1.
Litigation Matters
b. Centinela Capital Partners, LLC v. CalPERS, et al.
(Los Angeles County Superior Court, No.
BC504309); Baez v. CalPERS et al. (Los Angeles
County Superior Court, No. BC498010)
c. Pending Litigation PEPRA Matter
2.
Chief Executive Officer Interviews and Selection
Meeting Agenda
Page 3 of 4
Notes
2)
3)
4)
Meeting Agenda
Page 4 of 4

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Circular Letter
Reference No.:
Distribution:
Special:
310-036-16
July 1, 2016
TO:

SUBJECT:

(CalPERS) will attend an Offsite meeting on July 18 through 20, 2016. The meeting will be
held at the DoubleTree by Hilton Sonoma-Wine Country, One Doubletree Drive, Rohnert
Park, CA 94928.
8:30 a.m.
Open Session

9:00 a.m.
3:30 p.m.
Open Session
Closed Session

9:00 a.m.
Open Session
DOUGLAS HOFFNER
Interim Chief Executive Officer
Attachment

DoubleTree, Rohnert Park, CA
AGENDA
8:30 a.m.
Open Session
Welcome / Opening
(Salon III-IV Room)
8:35 a.m.
Open Session
Report Out on CEO Selection

(Salon III-IV Room)
8:40 a.m.
Open Session
Fiscal Year End Investment Results

(Salon III-IV Room)
8:50 a.m.
Open Session
2035 Vision Investing in the Future

(Salon III-IV Room)
10:45 a.m.
Break
11:00 a.m.
Open Session
Global Governance Environmental, Social, and Governance

Strategy
(Salon III-IV Room)
12:00 p.m.
Lunch
1:00 p.m.
Open Session
Portfolio Priorities Asset Liability Management Considerations

(Salon III-IV Room)
2:30 p.m.
Break
2:45 p.m.
Open Session
Portfolio Priorities Asset Liability Management Considerations

(Continued) (Salon III-IV Room)


AGENDA
9:00 a.m.
Open Session
Welcome / Opening
(Salon I-II Room)
9:05 a.m.
Open Session
Strategic Planning Workshop

(Salon I-II Room)
10:30 a.m.
Break
10:45 a.m.
Open Session
Strategic Planning Workshop (Continued)

(Salon I-II Room)
12:15 p.m.
Lunch
1:15 p.m.
Open Session
Innovations in Healthcare: Value-Based Insurance Design

(Salon III-IV Room)
3:15 p.m.
Break
3:30 p.m.
Closed Session
Closed Session Personnel and Litigation Matters

(Salon III-IV Room)
(Government Code Sections 11126(a)(1), (c)(16), (g)(1), and (e))


AGENDA
9:00 a.m.
Open Session
Welcome / Opening
(Salon III-IV Room)
9:05 a.m.
Open Session
Board and Committee Meeting Management

(Salon III-IV Room)


P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-039-16
August 5, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.
1:30 p.m.

Fair Hearings/Office of Administrative Hearings Workshop (Room 1140)

8:30 a.m.
9:30 a.m.
10:30 a.m.


8:30 a.m.
9:00 a.m.


August 5, 2016
Page 2
The meeting facilities are accessible to persons with disabilities. Requests for disabilityrelated modification or accommodation require a minimum of 72 hours notice and August be
DOUGLAS HOFFNER
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
August 15, 2016

8:30 a.m.
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 a.m.
1. Interim Chief Executive Officers Briefing on

Performance, Employment, and Personnel Issues
(g)(1))
Notes
2)
3)
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
August 15, 2016

9:00 a.m.
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:45 a.m.

Whichever is Later
Personnel Issues
11126(c)(16))
Open Session
9:00 a.m.

Whichever is Later
1.
Ted Eliopoulos
2.
Ted Eliopoulos
3.
Consent Items
a. Approval of the June 13, 2016
b. Approval of the May 16, 2016
Ted Eliopoulos
4.
Consent Items
Meeting Agenda
Page 1 of 3
b. Draft Agenda for the September 19, 2016

f.
Quarterly Proxy Voting Update
Action Agenda Items

5.
Anne Simpson
Dan Bienvenue
Program Review
a. Adoption of Global Governance Strategic Plan
6.
Policy & Delegation

a. Revision of Real Assets Policies Second Reading
Wylie Tollette
Paul Mouchakkaa

7.
Ted Eliopoulos
Wylie Tollette
Eric Baggesen
Associate Consulting
Michael Moy, Andrew Bratt,
Christy Fields, Pension
Consulting Alliance
Asset Allocation, Performance and Risk

b. CalPERS Trust Level Review Consultant Report
David Altshuler, StepStone

8.
Wylie Tollette
Ted Eliopoulos
Program Review
a. Investment Compliance Program Annual Review
9.
10. Public Comment
Meeting Agenda
Page 2 of 3
Closed Session
Open Session
Ted Eliopoulos

(e))
2.
Consent Items
a. Approval of the June 13, 2016 Investment
Ted Eliopoulos
3.
Consent Items
Investments

4.
Ted Eliopoulos

5.
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
400 P Street
Sacramento, CA
August 15, 2016

1:30 pm
Or upon adjournment of the Investment
Committee Closed Session Meeting
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
1:30 p.m.
Or Upon Adjournment or Recess of Investment Committee

Donna Lum
Fair Hearings/Office of Administrative Hearings Workshop
Margo Seabourn
Anthony Suine
Renee Ostrander
Notes
2)
3)
4)
Meeting Agenda
Lincoln Plaza North
400 P. Street
Sacramento, CA
August 16, 2016

8:30 a.m.
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
AGENDA
Open Session
8:30 a.m.
Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the April 19, 2016, Finance and
b. Review of Actuarial Assumptions Policy (Second
Reading)
Cheryl Eason
4. Consent Items
c. Draft Agenda for the September 20, 2016, Finance
and Administration Committee Meeting
d. California Employers Retiree Benefit Trust Report

e. Supplemental Income Plans Program Report
f.
Treasury Analysis and Liquidity Status Report
g. Semi-Annual Accounts Receivable Analysis Report

h. Annual Discharge of Accountability for Uncollectible
Debt
Action Agenda Items
Doug Hoffner
Kim Malm
Doug Hoffner
Kim Malm
a. Proposed Board Election Regulations and Public

Hearing (8:45 a.m. TIME CERTAIN)
b. Board of Administration Contract Activity Reporting
Policy
Donna Lum
Cheryl Eason
a. Annual Customer Service Cost Effectiveness
Measurement (CEM) Update
Cheryl Eason

8. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2

Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
August 16, 2016

9:30 a.m.
Finance & Administration Committee Whichever is
later
COMMITTEE MEMBERS
John Chiang
Richard Costigan
Richard Gillihan
Ron Lind
Theresa Taylor
AGENDA
Open Session
9:30 a.m.
Or Upon Adjournment or Recess of Finance &

1.
Doug Hoffner
2.
Executive Report
Doug Hoffner
3.
Consent Items
a. Approval of the June 14, 2016
Doug Hoffner
4.
Consent Items
b. Draft Agenda for the November 15, 2016
Action Agenda Items

Tina Campbell
5.

Recommendations: Second Reading of Performance
Metrics
6.
Second Reading: 2016-17 Performance Plan of the

Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP
Tina Campbell
Bill Gentry,
Eric Gonzaga,
Grant Thornton LLP

Doug Hoffner
7.
8.
Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
400 P Street
Sacramento, CA
August 16, 2016

10:30 a.m.
Or upon adjournment or recess of the
Performance, Compensation, &
Whichever is later
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
JJ Jelincic
Henry Jones
Ron Lind
AGENDA
Open Session
10:30 a.m.

Whichever is Later
1.
Matthew Jacobs
2.
Executive Report
Matthew Jacobs
3.
Consent Items
a. Approval of the April 20, 2016 Board Governance
Matthew Jacobs
4. Consent Items
Updated Parking Lot
Action Agenda Items
Matthew Jacobs
5. Proposed Revisions to Board Governance Policy
Gina Ratto
Bill Slaton
6. Travel Expense Transparency
Bill Slaton
7. Board Member Compensation and Reimbursement
Bill Slaton
8. Committee Meeting Management
Matthew Jacobs
8.

10. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
August 17, 2016

8:30 a.m.
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 a.m.

(g)(1))
Open Session
9:00 a.m.

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Douglas Hoffner
a. Interim Chief Executive Officers Report (Oral)
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the June 15, 2016 Board of
6.
Consent Items
a. Board Meeting Dates 2016 and 2017
b. Board Agenda Item Calendar 2016
c. Draft Agenda for the September 21, 2016 Board of
e. Communications and Stakeholder Relations
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Rob Feckner
8.

a.
Debbie A. Hudson
b.
Christopher B. Guilin
c.
Norman Thorn
d.
Jose Fernandez
e.
Gloria Rodriguez-Barnes
f.
Cynthia Simmons-Cotledge
g.
Melissa Centeno
h.
Melina Riebling
i.
Wendy Lucas (Macy)
j.
Sandra K. McPherson
k.
Robin L. Adams
l.
Sheila Crawford
Meeting Agenda
Page 2 of 3
m. Darren Wadkins
Rob Feckner
9.
n.
Shelly Lozano
o.
Jerry Jones
p.
Margaret Wise
q.
Tammie L. Short
r.
Gordon Sonne
s.
Daniel A. Pfau
t.
Bertha Smith

a. Patricia A. Anderson
b. Kerri A. Hawkins
c. Glen Sebring
d. Lori Gibson

Mary Anne Ashley
Douglas Hoffner
10.
a.
State Legislation Update
b.
Federal Legislation Consultant Update

12. Public Comment
Closed Session
Matthew Jacobs

1.
Litigation Matters
b. Pending Litigation - Investment Matter
c. Pending Litigation - Delinquent Contracting
Agencies Matter
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3

P.O. Box 942701
(888) CalPERS (or 888-225-7377)
TTY: (877) 249-7442
www.calpers.ca.gov
Reference No.:
Distribution:
Special:
Circular Letter
310-046-16
September 9, 2016
TO:

SUBJECT:

ITS COMMITTEES

8:30 a.m.
8:45 a.m.
9:00 a.m.


8:00 a.m.
9:30 a.m.
1:00 p.m.
2:00 p.m.


8:30 a.m.
9:00 a.m.
10:30 a.m.

Strategic Planning Workshop (Room 1140)

September 9, 2016
Page 2
DOUGLAS HOFFNER
Attachment
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 19, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am
1. Interim Chief Executive Officers Briefing on

Performance, Employment, and Personnel Issues
(g)(1))
Notes
3) Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 19, 2016

9:00 am
COMMITTEE MEMBERS
Henry Jones, Chair
Michael Bilbrey
John Chiang
Richard Costigan
Rob Feckner
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

Whichever is Later
Personnel Issues
11126(c)(16))
Open Session
9:00 am

Whichever is Later
1.
Ted Eliopoulos
2.
Ted Eliopoulos
3.
Consent Items
a. Approval of the August 15, 2016
b. Rescind Investment Delegations of Authority
Ted Eliopoulos
4.
Consent Items
b. Draft Agenda for the November 14, 2016
Meeting Agenda
Page 1 of 3

5.
Asset Allocation, Performance and Risk


Comparison Reports
Doug Hoffner
Brad Pacheco
Cheryl Eason
Ted Eliopoulos
Wylie Tollette
b. Risk Profile Review
6.
Program Reviews
Ted Eliopoulos
Dan Bienvenue
Curtis Ishii
a. Public Markets Annual Program Review

Global Equity
Global Fixed Income

b. Consultant Review of the Global Equity and Global

Fixed Income Programs
7.
Doug McKeever
Daniel Crowley, K&L Gates
Ted Eliopoulos
Closed Session
Open Session
Ted Eliopoulos
Legislation
8.
9.
Public Comment

1.
2.
Consent Items
a. Approval of the August 15, 2016 Investment
Ted Eliopoulos
3.
Consent Items
Meeting Agenda
Page 2 of 3

Investments
Action Agenda Items
4.
Eric Baggesen
Dianne Sandoval

a. Interim Asset Allocation Targets

5.
Ral Desrochers
a. Private Equity
Paul Mouchakkaa
b. Real Assets
Dan Bienvenue
c. Global Equity
Curtis Ishii
Ted Eliopoulos
e. Opportunistic
Ted Eliopoulos
6.

Performance
Notes
3) Public comment may be taken on any agenda item. There is a three-minute limitation on each public comment, unless
4) Board Members may attend meetings of committees of which they are not members and participate in the discussions
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 20, 2016

8:00 am
COMMITTEE MEMBERS
Priya Mathur, Chair
John Chiang
Rob Feckner
Richard Gillihan
Dana Hollinger
Henry Jones
Theresa Taylor
Betty Yee
AGENDA
Open Session
8:00 am
1.
Doug McKeever
2.
Executive Report(s)
Doug McKeever
3.
Consent Items
Doug McKeever
4.
Consent Items
b. Draft Agenda for the November 15, 2016, Pension
c. Risk Adjustment Report to the Legislature
Action Agenda Items

Shari Little
Karen Ple
5.
Proposed Regulations: Clarification of Combination

Enrollments

Doug McKeever
6.
Federal Health Care Policy Representatives Update
7.
Federal Retirement Policy Representatives Update
Doug McKeever
Donna Lum
8.
Risk Profile Review
Shari Little
9.
Exploring Opportunities in Value-Based Insurance

Design
Kathy Donneson
Melissa Mantong
10. Prescription Drugs Utilization and Cost Trend Reports
Kathy Donneson
Doug McKeever
Yvette Fontenot, Avenue

Solutions
Chris Jennings, Jennings Policy
Strategies
Doug McKeever
Tony Roda, Williams and Jensen
Tom Lussier, The Lussier Group,
Inc.
13. Public Comment

Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 20, 2016

9:30 am
Whichever is later
COMMITTEE MEMBERS
Richard Gillihan
JJ Jelincic
Henry Jones
Bill Slaton
Betty Yee
AGENDA
Open Session
9:30 am
Or Upon Adjournment of the Pension & Health Benefits

Cheryl Eason
2. Executive Report
Cheryl Eason
3. Consent Items
a. Approval of the August 16, 2016, Finance &
Cheryl Eason
4. Consent Items
c. Draft Agenda for November 15, 2016, Finance &
e. Annual Contract and Procurement Activity Report
f.
Annual Small Business and Disabled Veteran

Business Enterprise Contract Participation Report
g. GFOA 2016-17 Budget Book Submission

h. CalPERS 2015-17 Business Plan Year-End Report
Action Agenda Items
Doug Hoffner
Kim Malm
a. Proposed Board of Administration Election
Regulations
Doug Hoffner
Laurie Weir
6. Diversity
Cheryl Eason
Doug Hoffner
Brad Pacheco
Cheryl Eason
7. Risk Management
a. Risk Profile Review
b. Public Agency Contracts Review
Scott Terando
Julian Robinson
a. Annual Actuarial Valuation for the Terminated

Agency Pool
Alan Milligan
b. Update of Public Agency Valuations
Cheryl Eason
Alan Milligan
c. Annual Review of Funding Levels and Risk Report
Cheryl Eason
d. Notification of Risk Mitigation Policy
Cheryl Eason

10. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
Sacramento, CA
September 20, 2016

1:00 pm
Whichever is later
COMMITTEE MEMBERS
Bill Slaton, Chair
Michael Bilbrey
Rob Feckner
J.J. Jelincic
Henry Jones
Ron Lind
AGENDA
Open Session
1:00 pm

Bill Slaton
Matthew Jacobs
2. Executive Report
Matthew Jacobs
3. Consent Items
a. Approval of the August 16, 2016 Board Governance
Matthew Jacobs
4. Consent Items
b. Parking Lot Review
Action Agenda Items
Matthew Jacobs
5. Proposed Regulation Public Comment at Board

Meetings
Cheryl Eason
6. Travel Expense Transparency

Bill Slaton
7. Governance Relationship Between Board and Its Federal

Representatives
Matthew Jacobs

9. Public Comment
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 20, 2016

2:00 pm
Board Governance Committee Whichever is Later
COMMITTEE MEMBERS
Ron Lind, Chair
JJ Jelincic
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
2:00 pm

1.
Cheryl Eason
2.
Executive Report
Cheryl Eason
3.
Consent Items
a. Approval of the June 13, 2016 Risk & Audit Committee
Meeting Minutes
Cheryl Eason
4.
Consent Items
c. Draft Agenda for the November 15, 2016 Risk & Audit
Committee Meeting
e. Quarterly Status Report Enterprise Risk Management
f.
g. 2015-16 Annual Compliance Report

i.
External Audit Fees
Action Agenda Items

Beliz Chappuie
5.
Audit
a. Finalist Selection for the Independent Financial
Statement Auditor

Cheryl Eason
Forrest Grimes
6.
Risk Management
Cheryl Eason
7.
8.
Public Comment
a. Risk Profile Review
Closed Session

1.
2.
Consent Items

a. Approval of the June 13, 2016 Risk & Audit Closed
Session Meeting Minutes
Beliz Chappuie
3.
Personnel, Employment and Performance Chief Auditor
Marlene Timberlake
DAdamo
4.

Compliance Officer
Kit Crocker
5.
Personnel, Employment and Performance Investment

Director
Notes
2)
3)
4)
Meeting Agenda
Page 2 of 2
Meeting Agenda
Lincoln Plaza North
400 P Street
Sacramento, CA
September 21, 2016

8:30 am
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Closed Session
8:30 am

(g)(1))
Open Session
9:00 am

Rob Feckner
1.
Rob Feckner
2.
Rob Feckner
3.
4.
Executive Reports
Douglas Hoffner
a. Interim Chief Executive Officers Report (Oral)
Ted Eliopoulos
Rob Feckner
5.
Consent Items
a. Approval of the August 17, 2016 Board of
c. Approval of CEO Delegation of Authority
d. Rescind Actuarial Delegations and Resolutions
e. Rescind 1991 Board Resolution Mailing

Information Material with Benefit Warrants
6.
Consent Items
a. Board Agenda Item Calendar 2016
b. Draft Agenda for the November 16, 2016 Board of
7.
Henry Jones
Priya Mathur
Richard Costigan
Michael Bilbrey

Ron Lind
Bill Slaton
f.
Action Agenda Items

Rob Feckner
8.

a.
Juana Torres
b.
Edward Aragon
c.
Paul D. Walker
d.
Cari J. McCormick
e.
Nicole Collins
f.
Diana Flores
g.
Josefina A. Miramontes
h.
Valerie B. Carter
i.
Andrew Borovansky
j.
Meinert Toberer
k.
Brandi L. Dominguez
l.
Michael Antonucci
m. Jeffery Hymer
Meeting Agenda
Page 2 of 3
n.
James Greer
o.
Christa Arrona
p.
Katherine A. Leazer
q.
Harry Mohan Singh Dhesi
r.
Mark M. Mixson
s.
Matthew Kime
t.
Christian Canales
u.
Herminia I. Arras
v.
Leonard B. Deters
w. Carla Backlin
Rob Feckner
9.

a. Jose Fernandez

Mary Anne Ashley
10. State and Federal Legislation Update
Douglas Hoffner

12. Public Comment
Closed Session
Matthew Jacobs

1.
Litigation Matters
b. Sanchez, et al. v. CalPERS, et al. (Los Angeles
County Superior Court, Case No. BC517444)
c. Marin Association of Public Employees v. Marin
County Employees Retirement Association (August
17, 2016, Case No. A139610)
Notes
2)
3)
4)
Meeting Agenda
Page 3 of 3
Meeting Agenda
Lincoln Plaza North
Sacramento, CA
September 21, 2016

10:30 am
Board of Administration Meeting Whichever is later
BOARD MEMBERS
Michael Bilbrey
John Chiang
Richard Costigan
Richard Gillihan
Dana Hollinger
JJ Jelincic
Ron Lind
Priya Mathur
Bill Slaton
Theresa Taylor
Betty Yee
AGENDA
Open Session
Time: 10:30 am
Doug Hoffner

Board of Administration Meeting Whichever is later
Board Workshop Strategic Plan Development
Timi Leslie, Founder &

President, BluePath Health
Notes
2)
3)
4)

CalPERS Board Meeting Agendas 2011 Through 2016

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CalPERS Board Meeting Agendas 2011 Through 2016

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P.O. Box 942701

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND

MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION

Federal and State Legislative Outlook

- State Budget Outlook

Health Care Market Study Findings Overview

Health Benefits Program Laying the Groundwork for the

- Market Changes and Implications to California

Application of a Factor-Based Approach to Portfolio and Risk

Governance: Best Practices for Boards

Incentive Compensation Redesign Part II

NOTE: All times are approximate and for reference only.

CalPERS Organizational Structure and Processes

Chief Executive Officer and Chief Investment

Personnel and Employee Performance Matters Chief

NOTE: All times are approximate and for reference only.

P.O. Box 942701

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS

MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION,

Circular Letter No. 310-012-11

Health Benefits Committee

Circular Letter No. 310-012-11

California Public Employees Retirement System

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM

10:00 a.m. or Upon Adjournment or Recess of Closed Session,

Upon Adjournment or Recess of Open Session

Approval of the December 13, 2010 Open Session Minutes

December 2010 Policy Subcommittee Report

Real Estate Strategic Plan

Annual Legislative Report Holocaust Era and Northern

Agenda and Calendar

Upon Adjournment or Recess of Open Session

Approval of the December 13, 2010 Closed Session

External Manager Updates

Alternative Investment and Real Estate Partnership / LLC

Review of Investments / Placement Agents

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

Call to Order and Roll Call

Approval of the December 13, 2010 Meeting Minutes

Discussion of the Role of Private Asset Class Consultants

Agenda and Calendar

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

Call to Order and Roll Call

Approval of the December 14, 2010 Benefits and

Actuarial and Employer Services

Action / Kim Malm

Action / Peter Mixon

a. Employer Customer Inquiry Performance

Information / Lori McGartland

Member and Benefit Services

Information / Donna Lum

b. Assistant Executive Officer Report

Information / Donna Lum

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM

9:30 a.m. or Upon Adjournment or Recess of the Benefits

10:30 a.m., or Upon Adjournment or Recess of Open

Call to Order and Roll Call

Approval of the December 14, 2010, Health Benefits

Program Wide Reports

Health Maintenance Organization

Assistant Executive Officer Report

Proposed Agenda for March 15, 2011, Health