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CalPERS outlines federal and state legislative priorities; board directs staff to send letter supporting AJR3 and monitor Social Security changes
Summary
CalPERS staff reviewed federal and state legislative activity, urged harmonized climate disclosure reporting, and the board directed the CEO to send an advanced copy letter to California congressional delegates supporting Assembly Joint Resolution 3; staff were also asked to monitor Social Security operational changes that could affect members.
CalPERS staff briefed the Board of Administration on state and federal legislative developments and the system’s 2025 federal legislative and policy priorities during the open session on March 19, 2025.
Danny Brown, CalPERS legislative staff, told the board that the state bill‑introduction deadline produced about 2,350 measures and that the CalPERS Legislative Affairs Division is tracking more than 300 bills. Brown identified several bills the staff are monitoring, including SB 853 (the 2025 retirement omnibus bill that contains a technical change CalPERS requested), and said CalPERS submitted comments to the California Air Resources Board urging harmonization with the International Sustainability Standards Board on climate disclosure rules created by SB 253 and SB 261.
On the federal side, Brown said Congress adopted a continuing resolution funding the government through September, and that the Social Security Administration had announced it would begin paying some retroactive benefits immediately while complex cases could take up to a year to process. Brown and outside counsel (K&L Gates) described ongoing outreach to congressional staff and agencies to advance priority topics including climate‑related disclosure, insurance market resilience, prescription drug pricing, and retirement security.
Board members discussed a recently introduced Assembly Joint Resolution 3 (AJR3), a state‑level resolution urging California’s congressional delegation to oppose cuts or privatization of Social Security, Medicare and Medicaid and to urge the President to veto such legislation. Board members asked staff to send a letter to California’s congressional delegates in support of AJR3; the board directed CEO Marcy Frost to send that letter and to provide an advance copy to the full board prior to sending. Several board members asked staff to monitor developments at the Social Security Administration and to report any potential member impacts back to the board.
Outside counsel Karishma/ Krish[n]a Page (K&L Gates) and Chris Jennings (Impact Health) described the firm’s role in tracking federal reconciliation measures, tax proposals that could affect healthcare and pension finance, and regulatory activity from the administration.
No formal vote was recorded on the policy priorities document during the open session; the board endorsed the staff’s approach and gave direction for a letter in support of AJR3 and for ongoing monitoring of Social Security operational changes.
