C

TO: SUBJECT:

P.O. Box 942701 Sacramento, CA 94229-2701 (916) 795-3829 Telecommunications Device for the Deaf No Voice (916) 795-3240 www.calpers.ca.gov

Date: Reference No.: Circular Letter No.: Distribution: Special:

May 17, 2010

310-030-10 I, IIA, IV, V, VI, X, XII

Circular Letter

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND OTHER INTERESTED PARTIES MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION, ITS COMMITTEES AND ADVISORY PANELS

Board of Administration Date and Time: Wednesday, May 19, 2010, 10:30 a.m. or upon adjournment or recess of the regular meeting of the Board of Administration, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA

The Board would be pleased to have you or representatives of your agency at the public sessions. The facilities are accessible to persons with disabilities. Requests for sign language or captioning services require a minimum of 72 hours notice. To request service, please call (916) 795-3065 (voice or TTY). Items scheduled for the public sessions of the meetings are listed on the attached agendas. This information is also available on the CalPERS website at www.calpers.ca.gov. Please contact Cheree Swedensky, at (916) 795-3128, with any questions regarding the meetings. Thank you.

ANNE STAUSBOLL Chief Executive Officer Attachment

California Public Employees Retirement System www.calpers.ca.gov

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION SPECIAL MEETING (Government Code Section 11125.4) May 19, 2010 10:30 a.m. Or Upon Adjournment or Recess of the Regular Meeting of the Board of Administration Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA MEMBERS Rob Feckner, President George Diehr, Vice President John Chiang Patricia Clarey Dan Dunmoyer Debbie Endsley JJ Jelincic Henry Jones Bill Lockyer Priya Mathur Louis F. Moret Tony Oliveira Kurato Shimada AGENDA

1. 2. 3.

Call to Order and Roll Call Public Discipline of Board Member Public Comment

Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee wishes to take action

C
TO: SUBJECT:

P.O. Box 942701 Sacramento, CA 94229-2701 (916) 795-3829 Telecommunications Device for the Deaf No Voice (916) 795-3240 www.calpers.ca.gov

Date: Reference No.: Circular Letter No.: Distribution: Special:

May 13, 2010

310-029-10 I, IIA, IV, V, VI, X, XII

Circular Letter

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND OTHER INTERESTED PARTIES MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION, ITS COMMITTEES AND ADVISORY PANELS

Chief Actuary Recruitment Subcommittee Date and Time: Thursday, May 27, 2010, 8:30 a.m., and Friday, May 28, 2010, 8:30 a.m. Location: Room 1150, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Subcommittee will meet in closed session to conduct Chief Actuary candidate interviews pursuant to Government Code section 11126(a)(1). Board members may attend meetings of committees of which they are not members and participate in the discussions during those committee meetings. Please contact Cheree Swedensky, at (916) 795-3128, with any questions regarding the meeting. Thank you.

ANNE STAUSBOLL Chief Executive Officer

California Public Employees Retirement System www.calpers.ca.gov

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TO: SUBJECT:

P.O. Box 942701 Sacramento, CA 94229-2701 (916) 795-3829 Telecommunications Device for the Deaf No Voice (916) 795-3240 www.calpers.ca.gov

Date: Reference No.: Circular Letter No.: Distribution: Special:

May 6, 2010

310-027-10 I, IIA, IV, V, VI, X, XII

Circular Letter

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND OTHER INTERESTED PARTIES MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION, ITS COMMITTEES AND ADVISORY PANELS

Circular Letter No. 310-026-10, dated May 5, 2010, is amended as follows: Investment Committee The May 17, 2010 Investment Committee open session meeting agenda is amended to add an additional item as follows: 6A. Alternative Investments Management (AIM) Professional Staff Delegation of Authority

All other information contained in Circular Letter No. 310-026-10, dated May 5, 2010 remains the same. The meeting information is also available on the CalPERS website at www.calpers.ca.gov.

ANNE STAUSBOLL Chief Executive Officer Attachment

California Public Employees Retirement System www.calpers.ca.gov

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION INVESTMENT COMMITTEE May 17, 2010 9:00 a.m. Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA COMMITTEE MEMBERS George Diehr, Chair Tony Oliveira, Vice Chair John Chiang Patricia Clarey Dan Dunmoyer Debbie Endsley Rob Feckner JJ Jelincic Henry Jones Bill Lockyer Priya Mathur Louis F. Moret Kurato Shimada CLOSED SESSION 9:00 a.m. Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16)) 9:30 a.m. or Upon Adjournment or Recess of Closed Session, Whichever is Later Upon Adjournment or Recess of Open Session (Government Code section 11126(c)(16))

OPEN SESSION

CLOSED SESSION

AGENDA OPEN SESSION 1. Action Items 2. Policy Subcommittee Chair Moret 3. Approval of the April 19, 2010 Open Session Minutes April 2010 Policy Subcommittee Report a. Revision of Policy on Internally Managed Global Enhanced Equity Strategies b. Revision of Policy on Internally Managed Global Equity Index Funds Contracts a. General Pension Consultant Services Spring-Fed Pool Refresh Selection of Finalists and Contract Awards b. Real Estate Special Projects Consultant Services Spring Fed Pool Selection of Finalists and Contract Awards c. Real Estate Pension Consultant Services Inflation-Linked Asset Class (ILAC) a. Adoption of Proposed Interim Delegation Resolution for SIO-Real Estate and Inflation-Linked Asset Class; Approval of Revised Delegation Resolution for SIOAsset Allocation/Risk Management; and Approval of New Interim Forestland Consultant b. Revision of Policy on ILAC Legislation a. AB 2337 (Ammiano) Public Retirement System Investments: Predatory Investment Practices Alternative Investments Management (AIM) Professional Staff Delegation of Authority Call to Order and Roll Call

Kami Niebank

4.

Ted Eliopoulos

5.

Danny Brown

6.

6A.

Information Items Kami Niebank 7. Contracts a. Global Equity General Consultant Services Spring-Fed Pool Request for Proposal Global Fixed Income a. Consultant Review of Internal Currency Management Program Global Equity Corporate Governance a. Financial Market Reform Update

Wilshire Consulting

8.

Anne Simpson

9.

Joseph Dear

10. Chief Investment Officers/Chief Operating Investment Officers Report a. Consolidated Investment Activity Report b. Chief Operating Investment Officers Status Report c. 2010 Annual Agenda Item Calendar 11. Real Estate 12. Alternative Investments Management (AIM) 13. Global Equity 14. Affiliate Investment Programs Division 15. Draft Agenda for June 14, 2010 16. Public Comment

Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held immediately prior to this meeting may be reported on or presented to the Investment Committee for its consideration.

CLOSED SESSION

Upon Adjournment or Recess of Open Session (Government Code sections 11126(c)(16)) 1. Call to Order and Roll Call Approval of the April 19, 2010 Closed Session Minutes

Action Items 2. Information Items 3. Ted Eliopoulos Pension Consulting Alliance Leon Shahinian 4. Real Estate a. Quarterly Strategic Plan Implementation Update b. Quarterly Consultant Report on Real Estate Portfolio Alternative Investments Management (AIM) a. AIM Portfolio Streamlining Update b. Alternative Investment Partnership/LLC Restructures Global Equity a. Quarterly Program Portfolio Update b. Sprout Program Risk Managed Absolute Return Strategies

Eric Baggesen

5.

6.

External Manager Updates a. Real Estate b. Alternative Investments Management (AIM) c. Inflation-Linked Asset Class (ILAC) d. Global Fixed Income e. Global Equity f. Affiliate Investment Programs Chief Investment Officers/Chief Operating Investment Officers Report a. Status of Action Items Not Yet Reported Activity Reports a. Alternative Investments Management b. Real Estate c. Risk Managed Absolute Return Strategies d. Corporate Governance e. Inflation-Linked Assets f. Disclosure of Placement Agent Fees Inflation-Linked Asset Class (ILAC)

Joseph Dear

7.

Joseph Dear

8.

9.

10. Global Equity Corporate Governance 11. Affiliate Investment Programs Division Peter Mixon 12. Total Fund a. Review of Investments/Placement Agents

C
TO: SUBJECT:

P.O. Box 942701 Sacramento, CA 94229-2701 (916) 795-3829 Telecommunications Device for the Deaf No Voice (916) 795-3240 www.calpers.ca.gov

Date: Reference No.: Circular Letter No.: Distribution: Special:

May 5, 2010

310-026-10 I, IIA, IV, V, VI, X, XII

Circular Letter

EMPLOYERS COVERED BY CALPERS, EMPLOYEE ORGANIZATIONS AND OTHER INTERESTED PARTIES MEETING NOTICE OF THE CALPERS BOARD OF ADMINISTRATION, ITS COMMITTEES AND ADVISORY PANELS

The CalPERS Board of Administration, its Committees and Advisory Panels are scheduled to meet on the following days in May. All meetings will be held in public session unless otherwise noted. Investment Committee Date and Time: Monday, May 17, 2010, 9:00 a.m. Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Committee will meet in closed session to discuss personnel and investment matters pursuant to Government Code sections 11126(a)(1) and (c)(16). Investment Committee Date and Time: Monday, May 17, 2010, 9:30 a.m. or upon adjournment or recess of the Investment Committee closed session, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA A closed session will be held upon adjournment or recess of the open session to consider investment matters pursuant to Government Code section 11126(c)(16). Investment Committee Date and Time: Monday, May 17, 2010, 1:00 p.m. or upon adjournment or recess of the Investment Committee meeting, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Committee will attend a workshop -- Capital Market Assumption Review Benefits and Program Administration Committee Date and Time: Tuesday, May 18, 2010, 8:30 a.m. Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA Health Benefits Committee Date and Time: Tuesday, May 18, 2010, 9:00 a.m. or upon adjournment or recess of the Benefits and Program Administration Committee meeting, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA

Circular Letter No. 310-26-10 May 5, 2010 Page 2

Health Benefits Committee Date and Time: Tuesday, May 18, 2010, 9:30 a.m. or upon adjournment or recess of the Health Benefits Committee open session, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Committee will meet in closed session to discuss health plan contract negotiations pursuant to Government Code section 11126(c)(17)). Board of Administration Date and Time: Wednesday, May 19, 2010, 8:00 a.m. Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Board will meet in closed session to discuss personnel and employment matters pursuant to Government Code sections 11126(a)(1) and 11126(g)(1). Performance and Compensation Committee Date and Time: Wednesday, May 19, 2010, 9:00 a.m., or upon adjournment or recess of the Board closed session, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA Board of Administration Date and Time: Wednesday, May 19, 2010, 9:30 a.m. or upon adjournment or recess of the Performance and Compensation Committee, whichever is later Location: Auditorium, Lincoln Plaza North, 400 Q Street, Sacramento, CA The Board will meet in closed session to consider pending litigation pursuant to Government Code section 11126(e). Board members may attend meetings of committees of which they are not members and participate in the discussions during those committee meetings. The Board would be pleased to have you or representatives of your agency at the public sessions. The facilities are accessible to persons with disabilities. Requests for sign language or captioning services require a minimum of 72 hours notice. To request service, please call (916) 795-3065 (voice or TTY). Items scheduled for the public sessions of the meetings are listed on the attached agendas. This information is also available on the CalPERS website at www.calpers.ca.gov. Please contact Cheree Swedensky, at (916) 795-3128, with any questions regarding the meetings. Thank you.

ANNE STAUSBOLL Chief Executive Officer Attachment

California Public Employees Retirement System www.calpers.ca.gov

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION INVESTMENT COMMITTEE May 17, 2010 9:00 a.m. Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA COMMITTEE MEMBERS George Diehr, Chair Tony Oliveira, Vice Chair John Chiang Patricia Clarey Dan Dunmoyer Debbie Endsley Rob Feckner JJ Jelincic Henry Jones Bill Lockyer Priya Mathur Louis F. Moret Kurato Shimada CLOSED SESSION 9:00 a.m. Chief Investment Officer's Briefing on Market and Personnel Issues (Government Code sections 11126(a)(1) and 11126(c)(16)) 9:30 a.m. or Upon Adjournment or Recess of Closed Session, Whichever is Later Upon Adjournment or Recess of Open Session (Government Code section 11126(c)(16))

OPEN SESSION

CLOSED SESSION

AGENDA OPEN SESSION 1. Action Items 2. Policy Subcommittee Chair Moret 3. Approval of the April 19, 2010 Open Session Minutes April 2010 Policy Subcommittee Report a. Revision of Policy on Internally Managed Global Enhanced Equity Strategies b. Revision of Policy on Internally Managed Global Equity Index Funds Contracts a. General Pension Consultant Services Spring-Fed Pool Refresh Selection of Finalists and Contract Awards b. Real Estate Special Projects Consultant Services Spring Fed Pool Selection of Finalists and Contract Awards c. Real Estate Pension Consultant Services Inflation-Linked Asset Class (ILAC) a. Adoption of Proposed Interim Delegation Resolution for SIO-Real Estate and Inflation-Linked Asset Class; Approval of Revised Delegation Resolution for SIOAsset Allocation/Risk Management; and Approval of New Interim Forestland Consultant b. Revision of Policy on ILAC Legislation a. AB 2337 (Ammiano) Public Retirement System Investments: Predatory Investment Practices Call to Order and Roll Call

Kami Niebank

4.

Ted Eliopoulos

5.

Danny Brown

6.

Information Items Kami Niebank 7. Contracts a. Global Equity General Consultant Services Spring-Fed Pool Request for Proposal Global Fixed Income a. Consultant Review of Internal Currency Management Program Global Equity Corporate Governance a. Financial Market Reform Update

Wilshire Consulting

8.

Anne Simpson

9.

Joseph Dear

10. Chief Investment Officers/Chief Operating Investment Officers Report a. Consolidated Investment Activity Report b. Chief Operating Investment Officers Status Report c. 2010 Annual Agenda Item Calendar 11. Real Estate 12. Alternative Investments Management (AIM) 13. Global Equity 14. Affiliate Investment Programs Division 15. Draft Agenda for June 14, 2010 16. Public Comment

Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee wishes to take action. Any agenda item from a properly noticed Subcommittee meeting held immediately prior to this meeting may be reported on or presented to the Investment Committee for its consideration.

CLOSED SESSION

Upon Adjournment or Recess of Open Session (Government Code sections 11126(c)(16)) 1. Call to Order and Roll Call Approval of the April 19, 2010 Closed Session Minutes

Action Items 2. Information Items 3. Ted Eliopoulos Pension Consulting Alliance Leon Shahinian 4. Real Estate a. Quarterly Strategic Plan Implementation Update b. Quarterly Consultant Report on Real Estate Portfolio Alternative Investments Management (AIM) a. AIM Portfolio Streamlining Update b. Alternative Investment Partnership/LLC Restructures Global Equity a. Quarterly Program Portfolio Update b. Sprout Program Risk Managed Absolute Return Strategies

Eric Baggesen

5.

6.

External Manager Updates a. Real Estate b. Alternative Investments Management (AIM) c. Inflation-Linked Asset Class (ILAC) d. Global Fixed Income e. Global Equity f. Affiliate Investment Programs Chief Investment Officers/Chief Operating Investment Officers Report a. Status of Action Items Not Yet Reported Activity Reports a. Alternative Investments Management b. Real Estate c. Risk Managed Absolute Return Strategies d. Corporate Governance e. Inflation-Linked Assets f. Disclosure of Placement Agent Fees Inflation-Linked Asset Class (ILAC)

Joseph Dear

7.

Joseph Dear

8.

9.

10. Global Equity Corporate Governance 11. Affiliate Investment Programs Division Peter Mixon 12. Total Fund a. Review of Investments/Placement Agents

INVESTMENT COMMITTEE WORKSHOP Capital Market Assumption Review May 17, 2010 1:00 p.m. or Upon Adjournment or Recess of the Investment Committee meeting, Whichever is Later Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA AGENDA 5 min Opening Remarks George Diehr Chair, Investment Committee Joseph Dear Chief Investment Officer, CalPERS 15 min Objectives and Overview Farouki Majeed Senior Investment Officer, CalPERS Michael Schlachter Managing Director, Wilshire Consulting Andrew Junkin Managing Director, Wilshire Consulting Allan Emkin Managing Director, Pension Consulting Alliance Lorne Johnson Portfolio Manager, Asset Allocation, CalPERS 40 min Capital Market Assumption Perspectives Panel Max Darnell Chief Investment Officer, First Quadrant Matt Kadnar Partner, GMO LLC

45 min

Capital Market Assumption Panel

15 min 20 min 5 min 5 min

Public Comment Discussion and Conclusion Next Steps Closing Remarks Farouki Majeed Joseph Dear George Diehr

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM BOARD OF ADMINISTRATION BENEFITS AND PROGRAM ADMINISTRATION COMMITTEE May 18, 2010 8:30 a.m. Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA COMMITTEE MEMBERS Kurato Shimada, Chair Rob Feckner, Vice Chair John Chiang Patricia Clarey George Diehr Debbie Endsley Henry Jones Priya Mathur Tony Oliveira AGENDA 1. 2. 3. Action / Danny Brown Call to Order and Roll Call Approval of the April 20, 2010 Benefits and Program Administration Committee Meeting Minutes Legislation a. SB 1425 (Simitian) Pension Spiking Prohibitions and Return to Work Limits Actuarial and Employer Services a. June 30 2009 Judges Retirement System Valuation Report and Required Contributions b. June 30 2009 Judges II Retirement System Valuation Report and Required Employer Contribution Rate for 2010/2011 Fiscal Year c. June 30 2009 Legislators Retirement System Valuation Report and Required Employer and Employee Contribution Rate for Fiscal Year 2010/2011

4. Action / Alan Milligan Action / Alan Milligan

Action / Alan Milligan

Action / Alan Milligan Information / Lori McGartland Information / Alan Milligan 5. Information / Darryl Watson Information / Donna Lum Information / Donna Lum

d. State and Schools Contribution Rates for the Fiscal Year July 1, 2010 through June 30, 2011 e. Employer Customer Inquiry Performance Measures f. Interim Chief Actuary Report Member and Benefit Services a. Alternate Retirement Program (ARP) Update b. Member Branch Performance Measures c. Assistant Executive Officer Report Rolling Master Agenda Item Calendar AEO Matrix d. Draft Agenda for June 15, 2010

Information / Donna Lum 6.

Public Comment

NOTE: Items designated for information are appropriate for Committee action if the Committee wishes to take action. Any agenda item properly noticed for this committee meeting may be brought to the full Board at its next regularly scheduled meeting.

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM BOARD OF ADMINISTRATION HEALTH BENEFITS COMMITTEE May 18, 2010 9:00 a.m. or Upon Adjournment or Recess of the Benefits and Program Administration Committee Meeting, Whichever is Later Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Auditorium Sacramento, CA COMMITTEE MEMBERS Priya Mathur, Chair Tony Oliveira, Vice Chair John Chiang George Diehr Debbie Endsley Rob Feckner JJ Jelincic Henry Jones Bill Lockyer

OPEN SESSION:

9:00 a.m. or Upon Adjournment or Recess of the Benefits and Program Administration Committee Meeting, Whichever is Later 9:30 a.m., or Upon Adjournment or Recess of Open Session, Whichever is Later, CLOSED SESSION TO DISCUSS HEALTH PLAN CONTRACT NEGOTIATIONS (Government Code Section 11126(c)(17))

CLOSED SESSION:

AGENDA OPEN SESSION: 9:00 a.m. or Upon Adjournment or Recess of the Benefits and Program Administration Committee Meeting, Whichever is Later 1. 2. Call to Order and Roll Call Approval of the April 20, 2010, Health Benefits Committee Meeting Minutes Long-Term Care Program a. Long-Term Care Program Contracting Legislation a. AB 2510 (Fletcher) - Contracting Agencies: Postretirement Health Coverage Program Wide Reports a. National Health Care Reform Update b. Ambulatory Intensive Care Unit Pilot Project c. 2011 Proposed Benefit Design Modifications Interim Assistant Executive Officer Report Annual Rolling Calendar Review Health Benefits Branch Assignment Matrix Proposed Agenda for June 15, 2010, Health Benefits Committee Meeting Public Comment AGENDA CLOSED SESSION: Government Code Section 11126(c)(17) 1. 2. Information/Kathy Donneson Call to Order and Roll Call Health Plan Contract Negotiations a. 2011 Rate Strategy

3. Action/John Rice 4. Action/Danny Brown

5. Information/Kimberly Malm Information/Ellen Badley Information/Kathy Donneson Information/Kimberly Malm 6.

7.

8.

NOTES: Items designated for information are appropriate for Committee action if the Committee wishes to take action. Any agenda item properly noticed for this Committee meeting may be brought to the full Board at its next regularly scheduled meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.

CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM BOARD OF ADMINISTRATION PERFORMANCE AND COMPENSATION COMMITTEE May 19, 2010 9:00 a.m. or Upon Adjournment or Recess of the Board of Administration Closed Session, Whichever is Later Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA COMMITTEE MEMBERS Patricia Clarey, Chair Dan Dunmoyer, Vice Chair George Diehr Debbie Endsley Bill Lockyer Louis F. Moret Tony Oliveira AGENDA 1. 2. 3.
Action Michael A. Willihnganz

Call to Order and Roll Call Approval of the April 19, 2010, Performance and Compensation Committee Meeting Minutes Performance and Compensation Activities a. Third Quarter Status Reports on Performance Plans of the Chief Executive Officer, General Counsel, Chief Investment Officer and His Direct Reporting Staff Changes in Senior Portfolio Manager and Portfolio Manager Performance Plans Investment Incentive Compensation Program Redesign

Information Michael A. Willihnganz Action Michael A. Willihnganz

b. c. 4.

Administrative Services a. b. Human Resources Division Report Proposed June 2010 Agenda

Information Michael A. Willihnganz

5.

Public Comment

NOTE: Items designated for information are appropriate for Committee action if the Committee wishes to take action. Any agenda item acted upon at this committee meeting may be brought to the full Board at its next regularly scheduled meeting. The hour designated as the earliest starting time for this meeting is not intended to communicate the expected duration (or ending time) of the preceding meeting.

CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM BOARD OF ADMINISTRATION May 19, 2010 9:30 a.m. Robert F. Carlson Auditorium Lincoln Plaza North 400 Q Street Sacramento, CA MEMBERS Rob Feckner, President George Diehr, Vice President John Chiang Patricia Clarey Dan Dunmoyer Debbie Endsley JJ Jelincic Henry Jones Bill Lockyer Priya Mathur Louis F. Moret Tony Oliveira Kurato Shimada AGENDA CLOSED SESSION 8:00 A.M. (Gov. Code secs. 11126(a)(1) and (g)(1)) CHIEF EXECUTIVE OFFICERS BRIEFING ON PERFORMANCE, EMPLOYMENT AND PERSONNEL ISSUES

OPEN SESSION 9:30 A.M. OR UPON ADJOURNMENT OF THE PERFORMANCE AND COMPENSATION COMMITTEE, WHICHEVER IS LATER 1. 2. 3. Call to Order and Roll Call Pledge of Allegiance Approval of Meeting Minutes

INVESTMENTS Mr. Dear 4. Chief Investment Officers Report

Committee Reports (Any Agenda Item from a Properly Noticed Committee Meeting Held Prior to this Meeting May be Reported on or Presented to the Board for its Consideration.) Mr. Diehr Mr. Oliveira Mr. Shimada Ms. Mathur Mr. Jones Mr. Feckner Ms. Clarey 5. 6. 7. 8. 9. 10. 11. Investment Committee (Oral) Ad Hoc Risk Management Committee (Oral) Benefits and Program Administration Committee (Oral) Health Benefits Committee (Oral) Finance Committee (Oral) Ad Hoc Board Governance Committee (Oral) Performance and Compensation Committee (Oral)

General Ms. Stausboll Ms. Stausboll Ms. Bennett Mr. Jasper 12. 13. 14. Board Meeting Calendar Chief Executive Officers Report (Oral) Pension System Resumption (PSR) Project Update

External Affairs Ms. Macht Mr. Brown 15. 16. External Affairs Update Boards State Legislative Program/Boards Position on State Legislation Update on AB 1743 (Hernandez) Boards Federal Legislative Program/Boards Position on Federal Legislation Public Affairs Update

Mr. Brown Mr. Brown

17. 18.

Mr. Pacheco

19.

Legal Mr. Mixon 20. Proposed Decisions of Administrative Law Judges A. Clarence Stanley B. Lucy Laine

C. D. E. F. G. H. I. J. K. L. M. N. Mr. Mixon 21.

Sandra Smith Jason Sterling Don R. McKenzie Daniel Schmidt Patricia Casello Lynda Jacobsen Paula Girt Andrea Bolton Scherie Payne Rosa Jaquez James M. Davis Sherilon A. Blunt

Petition for Reconsideration A. James Linhart B. Michael J. Irwin Full Board Hearing Decision Kathleen S. Honeyman General Counsel's Report A. Monthly New Case Report B. Assignment Matrix

Mr. Crowley Mr. Mixon

22. 23.

Other Mr. Mixon 24. Litigation Closed Session (Government Code section 11126(e)) CalPERS R Street Project Board Travel Approvals Draft Agenda for June 16, 2010 Meeting New Business Agenda Setting Public Comment

Mr. Feckner Ms. Stausboll

25. 26. 27. 28.

Note: Items designated for information are appropriate for Board/Committee action if the Board/Committee wishes to take action. Any agenda item from a properly noticed Committee meeting held immediately prior to this Board meeting may be considered by the Board.