Staff updated the committee on CalPERS’ 2025 asset‑liability review, explaining a proposed 'total portfolio' approach with an active risk limit and noting the board is not recommending a discount‑rate change at this time (6.8% remains). Town staff said the changes could affect employer costs in later years.

A CalPERS leadership representative said the board voted this week to adopt a total portfolio approach to investing, prioritizing overall fund health with a July 1 start; the remarks highlighted climate portfolio growth, private equity performance and allocations to diverse managers.

CalPERS aims for $100 billion in climate investments by 2030 while balancing transparency debates

CalPERS aims for $100 billion in climate investments by 2030 while balancing transparency debates

At the CalPERS meeting dozens of public commenters called on the board to remove fossil fuel companies from climate solution counts and to fully divest; staff reported climate investments of about $59.7 billion, a 11% reduction in emissions intensity and a climate transition index that delivered 16.2% in its first year.

The California Public Employees Retirement System Board adopted a new total portfolio governance model, approving a 75/25 equity‑bond reference portfolio and a 400‑basis‑point active‑risk limit for non‑reference investments while keeping the discount rate at 6.8%. The board directed staff to report implementation progress and hold stakeholder outreach.

CalPERS made history last week after it became the first US pension fund to adopt a total portfolio approach (TPA). The change, approved by the board after

Support CleanTechnica's work through a Substack subscription or on Stripe. Local leaders testify, deliver petition at board meeting as pension gives update on its Climate Act. SACRAMENTO, CA — The Sie...

Dozens of retirees, union members and climate advocates urged the CalPERS investment committee to exclude fossil fuel companies from the Climate Action Fund and to fully divest, arguing moral and financial risk; staff and directors responded that engagement and fiduciary analysis are being used and that the committee's vote on TPA does not itself change divestment policy.

CalPERS' Sustainable Investments team reported $59.7 billion in climate‑identified investments, declining portfolio emission intensity, growth in emerging and diverse manager commitments, and progress on labor-principle integration. The Responsible Contractor Policy recorded 100% manager certification and $746 million in certified contractor spending for the year, and staff outlined a labor-focused market study RFP.

After a day of presentations, public comment and debate, the CalPERS Investment Committee approved a shift to a Total Portfolio Approach with a 75% equity / 25% bond reference portfolio and a 400-basis-point active risk limit; staff will implement related policy and reporting changes and hold stakeholder webinars.

CalPERS and its 457 plan administrator explained how the voluntary 457 can supplement pension and Social Security, described pretax vs. Roth options, contribution and catch‑up limits, investment choices including target-date funds and a self-managed Schwab option, and provided enrollment and contact details.

The CalPERS Board approved committee recommendations across investment, pension and health benefits, finance and administration, compensation and audit committees; it also approved a fiduciary counsel RFP and adopted a package of proposed decisions (agenda 8a1–8a9).