The Road AheadPension and Health Care Issues in 2020 and Beyond

Governor’s Budget

Legislative Priorities

4

Asset Liability Management Cycle

Capital Market Assumptions

Asset Allocation

Discount Rate

June 2021 Fall 2021 July 2022

Mid-Point Review

June 2020

Funding Risk Mitigation Policy

Pension Administration Issues

Health Care

Member and Employer Communications

Legal Cases

Accessto CalPERS leadership

Listenand solicit feedback

Single messageto all stakeholders

Toolsto inform decisions

10

Open Roundtable Discussion

11