Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Governance topic
No spam. Unsubscribe anytime.
CalPERS board highlights awards, honors retiree leader; CEO urges members to avoid panic amid market volatility
Summary
At its March meeting the CalPERS board celebrated recent awards, paid tribute to retiree leader Phyllis Johnson and heard CEO Marcy Frost urge members to avoid reactive moves amid market volatility, citing the fund's strong longer-term returns and engagement program.
SACRAMENTO — The California Public Employees Retirement System (CalPERS) Board of Administration opened its March meeting by noting recent industry honors and recognizing the late retiree leader Phyllis Johnson.
Board President Teresa Taylor highlighted several recent awards for the system’s investment program and private equity overhaul, and said the honors underscore CalPERS’ long-term approach to managing member benefits. "These awards reflect the thoughtful work happening across our investment office and our leadership team," Taylor said, asking the board to join her in congratulating staff.
Taylor also observed Women’s History Month and delivered a tribute to Phyllis Johnson, a long‑time organizer and leader in retiree and labor circles. "She showed up, she spoke up, she organized, and she cared," Taylor said.
CEO Marcy Frost briefed the board on market conditions and CalPERS’ investment posture. She cautioned members against making impulsive changes in response to short-term volatility and urged consultation with financial advisors before taking action. "Sometimes we tend to make moves at the worst possible time and we lock in those losses," Frost said, adding that the fund remains a long-term investor that uses diversification and engagement to manage risk.
Frost told the board the portfolio returned 14.3% in the last fiscal year and said recent performance measures remain above CalPERS’ 6.8% return assumption. She described the staff’s proxy-voting and engagement work — including votes against about 42% of "say on pay" proposals in the most recent cycle — as central tools for protecting members’ assets.
Frost also urged participation in a stakeholder perception survey (responses requested by March 20) and previewed internal diversity and outreach efforts, including a CalPERS Pathways for Women conference in August and an internal Diversity & Inclusion Day on April 29.
The board did not take formal policy action during the president’s or CEO’s reports and moved on to the meeting’s consent agenda and committee reports.
