AB 539

  • California Assembly Bill
  • 2021-2022 Regular Session
  • Introduced in Assembly
  • Passed Assembly May 06, 2021
  • Senate
  • Governor

State teachers' retirement: investment managers and investment advisers: contracts.

Abstract

The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state. Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers' Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided. This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers.

Bill Sponsors (2)

Votes


Actions


May 06, 2021

Senate

In Senate. Read first time. To Com. on RLS. for assignment.

Assembly

Read third time. Passed. Ordered to the Senate.

Apr 29, 2021

Assembly

Read second time. Ordered to Consent Calendar.

Apr 28, 2021

Assembly

From committee: Do pass. To Consent Calendar. (Ayes 16. Noes 0.) (April 28).

Apr 19, 2021

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 15). Re-referred to Com. on APPR.

  • Committee-Passage
  • Committee-Passage-Favorable
  • Referral-Committee
Com. on APPR.

Apr 16, 2021

Assembly

Coauthors revised.

Feb 18, 2021

Assembly

Referred to Com. on P.E. & R.

  • Referral-Committee
Com. on P.E. & R.

Feb 11, 2021

Assembly

From printer. May be heard in committee March 13.

Feb 10, 2021

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB539 HTML
02/10/21 - Introduced PDF

Related Documents

Document Format
No related documents.

Sources

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