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.


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)



May 06, 2021


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


Read third time. Passed. Ordered to the Senate.

Apr 29, 2021


Read second time. Ordered to Consent Calendar.

Apr 28, 2021


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

Apr 19, 2021


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


Coauthors revised.

Feb 18, 2021


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

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

Feb 11, 2021


From printer. May be heard in committee March 13.

Feb 10, 2021


Read first time. To print.

Bill Text

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

Related Documents

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