The California Public Employees' Retirement System's chief investment officer advised the pension fund on Monday to prepare for "greater uncertainty and volatility" until U.S. president-elect Donald Trump and Congress implement their policy plans.

Ted Eliopoulos told a meeting of the fund's investment board that Trump's plans would likely be "positive for growth and corporate earnings," but "the devil will be in the details, and we don't know the details."

Trump has indicated he would prioritize a broad mix of policies, including tax cuts, infrastructure spending, the repeal or lessening of Dodd-Frank financial regulation, and changes to global trade arrangements.

Decisions made by the new administration and Congress will have "a significant impact on matters small and large" for CalPERS and for investors globally, Eliopoulos said during a live Webcast of the meeting, the board's first since the U.S. presidential election last week.

But it is "much too early to talk with precision about these implications since we know very little," Eliopoulos added.

"We do need to be prepared to address a much different policy environment, new economic and investment challenges and opportunities and be ready to adjust, act, and govern ourselves accordingly," said Eliopoulos.

CalPERS is the nation's largest public pension fund with approximately $300.7 billion of total fund market value.