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CalPERS executive team previews strategic‑plan refresh, emphasizes resilience, health and workforce goals
Summary
CalPERS executives presented a strategic‑plan refresh that staff characterize as a focused "refresh" rather than an overhaul, emphasizing pension sustainability, a total‑portfolio investment approach, health equity, member experience, stakeholder connection and workforce initiatives to be refined before a July 2027 adoption.
Doug Hoffner, part of CalPERS' executive team, told the board the strategic‑plan refresh began with board interviews and stakeholder input and is intended as a "slight revision" that connects existing strengths to a future‑focused set of objectives. "We began in August '25... we're not making final decisions today, but we are effectively seeking further input," Hoffner said.
Sabrina Hutchins outlined the planning timeline and said the team will return in February with draft strategic measures and again ahead of a planned July 2027 adoption. "This project in general is pretty comprehensive," she said, describing the five‑year planning cycle and opportunities for repeated board feedback.
Several executive presenters walked through proposed goals and objectives. On pension sustainability and investments, Stephen Gilmore described the move to a total‑portfolio approach, which went live in November and, he said, has already required portfolio adjustments that "added more than half a percent" to last year's returns in one equity adjustment. Gilmore emphasized governance and scenario work to increase resilience and noted a $100 billion climate‑related investment objective for sustainable solutions.
Don Moulds (health) and Kim Malm (member experience) outlined health‑related goals and customer‑service changes. Moulds stressed the quadruple aim (access, quality, affordability and equity) and the need to use CalPERS purchasing power to shape care. Kim Malm said member experience will focus on expanding digital self‑service, multilingual education (including Spanish classes and translated videos), improved identity verification and measured use of AI tools for routine inquiries.
Michelle Tucker and Sherry Slate described people and organizational innovation goals, including rollout of a consolidated MyHR system, a new employee engagement platform, expanded recruitment pathways and integration of DEIA across pillars. Board members debated the semantics of "connection" versus "engagement," asked for measurable indicators of transformation and requested staff bring draft strategic measures for board review in February.
Staff emphasized the work will include an "inclusion planning process," a shared data ecosystem to define and measure impact, and an enterprise accessibility strategy. Executives asked trustees to provide feedback now and in follow‑up workshops so staff can finalize measures and implementation steps in the coming fiscal cycle.
