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Campbell, California

Jose Luis
Pacheco

I know public pensions from the board table. For four years, I helped govern CalPERS. I asked hard questions, made public votes, and kept the retirement security of 2.4 million members at the center of the work.

4 yearsI served in a statewide elected seat
2.4Mmembers whose retirement security came first
ChairI oversaw executive performance and compensation
Vice ChairI worked on pensions and health benefits
$600Bpension fund I helped govern
My public record

What I did at the table

A board title does not tell you much. The decisions do. I voted on pension policy, health benefits, executive pay, and the systems members rely on.

Feb 2023
Leadership

My colleagues elected me committee chair

I led the committee that oversaw executive performance and compensation. I chaired four public meetings in 2023. We worked through salary surveys, peer comparisons, legal pay limits, and how policy would be carried out.

Mar 2023
Member benefits

I moved health-benefit decisions forward

As vice chair, I made motions on dependent eligibility, pharmacy negotiations, and the 2024–28 HMO contracts. The goal was simple: clear rules and steady coverage for members. Each motion passed.

Apr–Jun 2023
Institutional capacity

I tied pay decisions to real performance

CalPERS competes for investment talent around the world. I pushed for a clear link between pay, results, and risk. We worked through salary ranges, incentive measures, and an updated compensation policy in public.

Jun 2023
Language access

I pushed for better language access

I asked staff to offer the annual member survey in more languages. I also backed translating CalPERS education materials. Members should not need perfect English to understand their pension and health benefits.

Nov 2023
Continuity of service

I protected time for a careful transition

I moved to extend the long-term-care administrator contract for up to 24 months. That gave staff time to choose a vendor, make the handoff, and handle the 2025 benefit increase without needless disruption. The motion passed.

Jose Luis Pacheco presiding at the CalPERS committee dais, June 2023.

“Jose Luis has served honorably on the CalPERS Board of Administration since 2022. He has been a passionate champion for our mission… During his tenure, Jose Luis has devoted himself to his Board responsibilities, including service as Chair of the Performance, Compensation and Talent Management Committee, and Vice Chair of Pension Health and Benefits Committee. He's been a strong advocate for the diversity, and equity, and inclusion for improving access to health care for all people, and for expanding outreach by supporting translation of CalPERS educational materials into other languages.”

THERESA TAYLOR President, CalPERS Board of Administration CalPERS Board of Administration Meeting — Open Session November 19, 2025 Source: Official meeting transcript (calpers.ca.gov)
CalPERS Investment Committee

Stewardship in action — proxy voting and engagement

As a member of the CalPERS Investment Committee, my stewardship record includes:

  • Starbucks — labor practices as a long-term value risk (March 13, 2023). In open session, I raised Starbucks’ federal labor-law violations — including an administrative law judge’s findings — as a reputational, legal, and operational risk to long-term fund value, and pressed staff on CalPERS’ engagement with the company and its voting position ahead of the March 23, 2023 annual meeting. CalPERS voted FOR the shareholder proposal seeking a third-party assessment of the company’s freedom-of-association practices (Item 8), against management’s recommendation.

  • Freedom of association, 2023 season. CalPERS supported all 11 freedom-of-association / labor shareholder proposals in calendar year 2023, including at Starbucks.

  • Starbucks 2024 — a prepared position (February 2024). Ahead of Starbucks’ contested March 13, 2024 annual meeting, I prepared written remarks urging CalPERS to engage the company and support the Strategic Organizing Center’s shareholder proposal and its three board nominees, grounded in CalPERS’ labor principles. The fund ultimately withheld votes from the three nominees; my prepared remarks stand as a documented position, not as the fund’s outcome.

  • ExxonMobil and Tesla (March 17, 2025). I questioned staff on why two of CalPERS’ most visible 2024 votes had not carried — withholding support from ExxonMobil’s entire 12-member board over governance concerns, and voting against ratification of Elon Musk’s 2018 Tesla stock-option award — probing how the fund builds support behind its positions.

  • Say-on-pay (September 18, 2023). I directed staff to the executive-compensation voting record — CalPERS’ against-votes on say-on-pay had risen from 19% in FY2016–17 to 52% before leveling near 49% — and asked why the trend had plateaued.

  • Labor Principles motions (November 13, 2023; June 16, 2025). I moved approval of CalPERS’ Governance & Sustainability Principles (Labor Principles) at second reading — carried unanimously — and later moved approval of the prevailing-wage / labor-peace market-study scope — carried 10–0.

Speaking & panels

Speaking & panels

  • Panelist, Trustees Panel, CORPaTH Summit — December 13, 2023, and December 13, 2024
  • Closing-session speaker, CalPERS Educational Forum — November 3, 2022
  • Keynote speaker, New America Alliance — May 11, 2023
  • Panelist, Asset Allocators Panel, Hispanic Heritage Foundation Investors Forum — May 2023
  • Panelist, Trustee Roundtable, CALAPRS — May 17, 2024, and May 30, 2025
  • Panelist, “Power of Allocation,” SOLE Summit — March 27, 2025
  • Speaker, “CalPERS Report,” CSEA Annual Conference — 2023
Jose Luis Pacheco speaking on the Trustees Panel at the CORPaTH Summit, December 2023.
Photo courtesy of CORPaTH
How I work

Fiduciary duty is the job

I do not treat board service as ceremony. I read the material. I test the tradeoffs. I vote in public. And I remember whose money and future are on the line.

What I bring to expert work

I have had to make decisions in public, explain them to members, and weigh what works now against what will still hold up years from now.

Pension governanceFunding, benefits, fiduciary oversight, and board judgment
Member perspectivePlain language, access, and retirement security
Labor lensWorker voice belongs in institutional decisions
01

I start with the member

People should be able to understand their costs, benefits, and choices.

02

I test the tradeoff

I ask what a decision fixes today and what it may cost tomorrow.

03

I respect labor

Workers know their jobs and their communities. I listen to that lived experience.

The work behind the title

Decisions with real consequences

Public pension governance is a narrow field. It calls for judgment across funding, benefits, performance, and risk. This is the work I know.

01

Funding and benefit decisions

I reviewed and voted on actuarial assumptions, funding policy, pension rules, health plans, and benefit design. These choices have to hold up for decades, not just one budget year.

02

Performance and compensation

I chaired the committee overseeing executive performance and pay. I pushed for clear measures, honest comparisons, and a link between compensation, results, and risk.

03

Members and workers

I brought a labor voice to the board table. I worked on language access, health coverage, long-term care, and the day-to-day systems members count on.

My background

Training, service, and selected work

Degrees and education

  • B.S., EconomicsSanta Clara University, 1989
  • B.S., Biological SciencesCalifornia State University, East Bay, 1999
  • Certificate of Advanced Accounting Proficiency (CAAP)Santa Clara University, 2009
  • Georgetown University GEMS certificate2000
  • Medical preclinical studiesUniversity of Wisconsin–Madison, 2001–2007

Programs and certificates

  • Certificate of Achievement in Public Plan Policy (CAPPP)2024
  • Harvard Kennedy School Trustee Leadership Forum2024
  • Institutional Limited Partners Association (ILPA) — Private Equity for the Trustee2022
  • Harvard Business School Online — Alternative Investments2021
  • NCPERS Accredited FiduciaryNational Conference on Public Employee Retirement Systems

Professional association

I am a member of CalCPA
California Society of Certified Public Accountants

Career timeline

  • 1998

    Minority staff, U.S. Senate Committee on Health, Education, Labor and Pensions (HELP Committee), under the late Senator Edward M. Kennedy — economics and policy analysis work, including an authored policy paper on the Small Business Innovation Research (SBIR) program, written for policy-level readers

  • 2000

    Technology Catalyst, Falls Church, Virginia — economics analysis and technology-catalysts analysis work

  • 2015

    Joins the Latinas Contra Cancer board; CSEA Chapter 363 Executive Board service begins

  • 2018–2025

    Director and Vice Chair, Mirastar Federal Credit Union Board; Chair, Information Technology Security Committee

  • 2019–2023

    Voting Delegate, South Bay AFL-CIO Labor Council

  • 2021–2022

    President, CSEA Chapter 363

  • 2022–2026

    Member-at-Large, CalPERS Board of Administration (elected statewide); Chair, Performance, Compensation & Talent Management Committee (Feb 2023 – Feb 2024); Vice Chair, Pension & Health Benefits Committee (Mar 2023 – Feb 2024)

  • 2023–2024

    Immediate Past President, CSEA Chapter 363

  • 2026

    Chair, Latinas Contra Cancer; President, RPEA Chapter 41; Santa Clara University Alumni Board of Directors

Get in touch

If the work is serious, let’s talk.

I am available for work in public pension governance, fiduciary judgment, and the training of AI systems that need to understand both.