Board of Administration | Monday, November 17, 2025

California Public Employees Retirement System Board of Administration · November 18, 2025

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Opening and roll call

12:06 → 35:31(23m 25s)

Meeting called to order; clerk conducted roll call and noted several members excused (controllers excused). President Theresa Taylor and other directors were recorded as present; Chair Miller presided. Executive officer announced move to closed session agenda item and briefly adjourned the open session before returning.

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The California Public Employees Retirement System Board of Administration met in open session to hear public comment on sustainable investments and to consider adopting a new Asset‑Liability/Total Portfolio governance model. Staff recommended adopting a 75/25 reference portfolio, a 400 basis‑point active‑risk limit, and keeping the discount rate at 6.8%; the board voted to adopt the recommendation after extended discussion and public comment.

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Transcript

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