CalPERS

California's Senate passed a bill requiring health insurers to cover GLP-1 weight-loss drugs like Ozempic for public employees, but CalPERS opposes it due to projected $437 million premium increases and $187 million state fund costs. Sen. Laura Richardson advocates for a five-year pilot program to cover chronic weight management treatments, citing potential long-term savings from reduced healthcare costs.

Strive (ASST) acquired 2,500 BTC ($185.2 million) through a SEC filing, increasing its total holdings to 19,000 BTC. The company, formed via a 2025 merger with Asset Entities Inc., plans to expand fundraising by $4.2 billion to accelerate Bitcoin accumulation.

A probe has found that CalPERS, the nation's largest public pension fund, is plagued by secrecy and underperformance issues. The investigation reveals systemic problems in transparency and investment returns at the California-based retirement system.

The California Newsom administration allegedly knew of a $2 billion budget error tied to CalPERS for months, which could reduce a projected $3 billion deficit but still faces long-term annual deficits of $20-$35 billion. The Legislative Analyst’s Office identified the error as double-counting retirement contributions and miscalculations, with the administration disputing the characterization as an 'error' and calling it a revised estimation method.