Scott Tarando — Scott Tarando is introduced and welcomed as the CalPERS Chief Actuary and a member of the California Actuarial Advisory Panel, then invited to begin his presentation. He introduces himself, confirms his role with CalPERS and the advisory panel, and notes that Michael Cohen is present to help answer any investment-related questions.
Lola Smallwood-Cuevas — Identified as the co-chair who will give opening remarks.
Lola Smallwood-Cuevas — Thanked as 'Senator' after her remarks.
Tina McKinnor — Addressed as Assembly Member McKinnor.
Mr. Chirondo / Mr. Tarando — The speaker appears to address the witness, but the name is garbled; likely intended to be Mr. Tarando.
Michael Cohen — Michael Cohen is introduced as the Chief Officer for Investment Operations and is present to help answer any questions related to the investment side.
Michael Cohen — Michael Cohen identifies himself as Chief Operating Investment Officer for the CalPERS Investment Office and begins responding to a question about an audit.
Michael Cohen — Identified himself as the Chief Operating Investment Officer for the CalPERS Investment Office and explained CalPERS's audit and data practices.
Michael Cohen — Said CalPERS relies on audited information for contribution rates, that audits occur in the fall, and that CalPERS has complied with congressional information requests.
Michael Cohen — Explained that investment performance varies over time and said there has not been a formal federal review released.
Michael Cohen — Confirmed there was no formal federal review released at this point.
Michael Cohen — Agreed to keep the committee posted as new information becomes available.
Michael Cohen — Thanked for coming and providing information.
Dave Cortese — Senator Dave Cortese was called on by the chair, thanked the presenter for explaining the issue in ordinary terms, and then asked follow-up questions seeking clarification about the relationship between remaining service years, the amortization period, and whether the average service period is effectively replenished by new hires.
Marc Berman — Asked about the risk of extending amortization periods and noted support for a 15- to 20-year range.
Marc Berman — Thanked the witness and then asked a follow-up question about whether the current valuation report is based on 2024 data.
Scott — Referenced as having talked about the need for the latest data.
Susan Rubio — Addressed as 'Senator' during the close of questioning.
CalPERS — CalPERS is discussed as part of an ongoing oversight conversation covering updated data, risk exposure, and the federal inquiry. The speaker notes interest in any correspondence coming to CalPERS, appreciates the update on the federal inquiry, and commends CalPERS for its continued stewardship of the pension fund.
Eric Luror — Testified on behalf of the California State Association of Counties, praising public pension system leadership and noting improved CalPERS funded status.
Mr. Torando — Thanked for coming and providing information.