CalPERS' board is set to decide whether to change incentives before the 2026 rollout of TPA, making the compensation structure the immediate focus of the meeting.
The timing ties the decision directly to the pending TPA launch, suggesting CalPERS wants incentive terms settled before implementation begins.
The report centers on board action rather than a final outcome, leaving the vote itself as the next key milestone in the rollout process.
Will CalPERS' new pay model truly protect public pensions or just reward managers for taking bigger risks?
As giant funds rely on ETFs and outside managers, are they innovating or simply outsourcing critical risk and control?
Are universities wisely using ETFs to manage risk or just chasing speculative trends in crypto and private credit?