August 16, 2012 (PLANSPONSOR.com) - The California Public Employees’ Retirement System (CalPERS) Board of Administration approved a new five-year strategic plan.
The Strategic Plan identifies three overarching goals: improving long-term pension and health benefit sustainability; cultivating a high-performing, risk-intelligent and innovative organization; and engaging in state and national policy development to enhance the long-term sustainability and effectiveness of programs. These goals will also guide the development of future two-year business plans that are designed to align day-to-day operations with the broad objectives of the five-year Strategic Plan.
Some of the specific initiatives call for CalPERS to:
- Actively manage and assess funding risk through an asset liability management framework that guides investment strategy and actuarial policy;
- Expand member and employer access to information regarding the cost and quality of health care and ways to impact those trends;
- Establish partnerships that focus on increasing public and private sector focus on wellness;
- Develop and implement a comprehensive talent-management strategy that includes recruitment, knowledge transfer and succession planning; and
- Establish principles and beliefs to guide public policy engagement by the System.
"The initiatives in this Strategic Plan provide a high-level frame of reference to guide daily activities and anticipate risks and opportunities, and help CalPERS articulate what is important to us and our members,” said Chief Executive Officer Anne Stausboll. “Working closely with our stakeholders we will review our Plan annually so it remains relevant through the years ahead.” The complete 2012-17 CalPERS Strategic Plan is here, and the 2012-14 Business Plan is here.