The California Public Employees Retirement System Board of Administration approved a series of committee recommendations and routine motions, including a package of proposed decisions and authorization to begin a request‑for‑proposals for the board’s fiduciary counsel pool.

David Miller moved to adopt the proposed decisions at agenda items 8a1 through 8a9, which was seconded and approved by voice vote. The investment committee reported it had approved Asset Liability Management recommendations and directed a governance review within two years of implementing a total portfolio approach. In her executive report, Marcy Frost described CalPERS’ shift to a total portfolio investment approach with a planned July 1 implementation and noted the climate solutions portfolio stood at $60,000,000,000 toward a $100,000,000,000 by 2030 target.

The Pension and Health Benefits Committee recommended benefit design changes for plan year 2027 — including a Blue Shield Medicare Advantage PPO product change and service‑area expansions for Blue Shield and Kaiser HMO — and the board approved those committee recommendations. The Finance & Administration Committee recommended a $237,600,000 midyear budget increase and adoption of new actuarial assumptions effective with the 06/30/2025 valuations; the board approved the committee motion.

The Performance Compensation & Talent Management subcommittee recommended awarding the board’s primary executive and investment compensation consultant contract to Global Governance Advisers; the board approved the motion and directed staff to negotiate. The Risk & Audit Committee recommended acceptance of the Independent Auditors Report for fiscal years 2024 and 2025; that motion also carried. The board voted to authorize staff to conduct an RFP to select multiple firms for a new fiduciary counsel pool after current contracts expire in October 2026.