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Members press CalPERS on responsiveness and CEO pay as system remains underfunded

California Public Employees Retirement System · November 12, 2025

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Summary

Retirees told CalPERS they often do not receive answers from the board services unit and asked for justification of a CEO bonus while the system is reported at 79% funded with large liabilities; board member Yvonne Walker said compensation follows a preexisting formula and agreed to improve question acknowledgements.

At a CalPERS virtual town hall, retiree Deb asked why many member questions sent to the board services unit go unanswered and requested more accountability and transparency in the response process.

"What are you as a board member doing to ensure that members' questions are addressed by the board services unit, and that we members will get an answer?" Deb asked, adding that members had not received responses and asked how the board could be held accountable.

Deb also questioned the board's decision to approve a CEO salary bonus while the system is underfunded. She cited the 79% funded figure and said CalPERS had about $150,000,000,000 in liabilities.

Walker replied that member questions directed to her are forwarded to subject-matter experts and that she follows up to ensure an answer; she acknowledged the system is not perfect and agreed to explore instituting an automated acknowledgement and an expected response timeframe for questions routed to the board services unit. On executive compensation she said the CEO pay is governed by a preexisting formula the board follows.

Walker did not present a new justification beyond pointing to the existing compensation formula; Deb said that answer did not satisfy her request for a transparent justification. Walker committed to try to get an acknowledgement system in place to confirm when a question is received and when a staff response can be expected.

Next steps: Walker said she will work to institute an acknowledgement and timing commitment for board inquiries and to push for clearer follow-up when questions are routed to subject-matter experts.