CalPERS board approves start of 2026 member and public-agency elections; committee reports outline upcoming reviews
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Summary
The Board approved initiating the 2026 state, school and public-agency elections, heard Finance, Compensation and Risk committee reports, and was told staff will review election participation and a range of actuarial and budget items at future meetings.
The CalPERS Board voted to begin the 2026 Board of Administration elections and received committee reports that lay out several near-term oversight items.
Lisa Middleton, reporting for the Finance and Administration Committee, said the committee met on Feb. 17, elected Middleton as chair and David Miller as vice chair, and recommended that the board "approve the initiation of the 2026 CalPERS Board of Administration state, school and public agency elections by adopting the respective notices of election." The board voted on the motion and it passed; one member recorded an abstention.
Middleton told the board the committee will take up semiannual contracting and actuarial valuation reports, the 10(a)(59) survivor benefit program, pension financial reports, contracts management updates, an investment data and technology initiative and the 2026 annual budget proposal at its April meeting in Sacramento.
The Performance Compensation & Talent Management Committee and the Risk & Audit Committee reported elections of their chairs and vice chairs and outlined upcoming agendas. PCTM will review compensation policy revisions tied to Assembly Bill 692 and fiscal year 2026-27 incentive metrics; Risk & Audit had no action items but is monitoring enterprise compliance, audit plans and third-party evaluations of the 2024 annual valuations.
The board approved the committee recommendation to initiate the 2026 elections; no additional substantive election policy changes were adopted at the meeting.