MEETING STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD ...

MEETING STATE OF CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION

OPEN SESSION

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM FECKNER AUDITORIUM LINCOLN PLAZA NORTH 400 P STREET

SACRAMENTO, CALIFORNIA

TUESDAY, FEBRUARY 14, 2023 9:00 A.M.

JAMES F. PETERS, CSR CERTIFIED SHORTHAND REPORTER LICENSE NUMBER 10063

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APPEARANCES

BOARD MEMBERS: Theresa Taylor, President David Miller, Vice President Malia Cohen, represented by Lynn Paquin Fiona Ma, represented by Frank Ruffino Lisa Middleton Eraina Ortega, represented by Nicole Griffith Jose Luis Pacheco Kevin Palkki Ram?n Rubalcava Yvonne Walker Mullissa Willette

STAFF: Marcie Frost, Chief Executive Officer Michael Cohen, Interim Chief Operating Investment Officer Douglas Hoffner, Chief Operating Officer Matthew Jacobs, General Counsel Stephenson Loveson, Interim Chief Information Officer Donald Moulds, PhD, Chief Health Director Nicole Musicco, Chief Investment Officer Michele Nix, Acting Chief Financial Officer Brad Pacheco, Deputy Executive Officer, Communications & Stakeholder Relations

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APPEARANCES CONTINUED STAFF: Anthony Suine, Deputy Executive Officer, Customer Services & Support Scott Terando, Chief Actuary Marlene Timberlake D'Adamo, Chief Diversity, Equity, and Inclusion Officer Michelle Tucker, Chief, Human Resources Division Danny Brown, Chief, Legislative Affairs Division David Teykaerts, Assistant Division Chief, Stakeholder Relations Division

ALSO PRESENT: Susan Cohen Al Darby, Retired Public Employees Association Lawrence Grossman Kory Honea, California State Sheriffs' Association Cesar Moreira Johnnie Pena, League of California Cities Chirag Shah, Haney and Shah

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INDEX

PAGE

1. Call to Order and Roll Call

1

2. Pledge of Allegiance ? Theresa Taylor

2

3. Board President's Report ? Theresa Taylor

2

4. Chief Executive Officer's Report (Verbal) ?

Marcie Frost

6

5. Action Consent Items ? Theresa Taylor

a. Approval of the November 16 and 30, 2022,

and January 17, 2023, Board of

Administration Meeting Minutes

13

b. Board Travel Approvals

14

c. Approval of the February 14, 2023, Board of

Administration Timed Agenda

15

6. Information Consent Items ? Theresa Taylor

17

a. Board Meeting Calendar

b. Draft Agenda for the March 15, 2023, Board

of Administration Meeting

c. General Counsel's Report

d. Communications and Stakeholder Relations

7. Committee Reports and Actions

a. Investment Committee (Verbal)

b. Pension & Health Benefits Committee (Verbal)

c. Finance & Administration Committee (Verbal) 17

d. Performance, Compensation & Talent

Management Committee (Verbal)

24

e. Risk & Audit Committee (Verbal)

27

f. Board Governance Committee (Verbal)

28

8. Action Agenda Items

a. Proposed Decisions of Administrative Law

Judges ? Theresa Taylor

30

1. Frank Perdomo

2. Linda H. Wallihan and Georgiana C. Sims

(Richard M. Sims III (dec.))

3. Joseph R. Garcia

4. Jason J. Bemowski

5. Roy S. Taylor

b. Proposed Regulation for the Definition of

Limited Duration Employment ? Anthony Suine 32

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INDEX CONTINUED

PAGE

9. Information Agenda Items

a. State and Federal Legislation Update ? Danny

Brown

50

b. Summary of Board Direction ? Marcie Frost

55

c. Public Comment

55

Adjournment

66

Reporter's Certificate

67

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