California Public Employees’ Retirement System (CalPERS) has signed a five-year contract with CVS Caremark to provide outpatient prescription drug benefits for approximately 587,000 members enrolled in basic or Medicare HMO and PPO plans. This agreement replaces the previous Pharmacy Benefit Manager OptumRx. The move affects a large portion of CalPERS members and marks a significant shift in the management of prescription drug benefits for the public pension fund’s healthcare plans.