Adds Chief Operating Officer and Chief Financial Officer to those positions for which the Teachers’ Retirement Board has authority to establish desired competencies, set terms and conditions of employment and fix the compensation levels.
Clarifies the definition of service that can be reported to CalSTRS, remedies membership issues for individuals in classified positions who were erroneously reported to CalSTRS and revises the definition of “compensation earnable” for outgrowth activities.
Consistent with existing authority set forth in the California State Constitution, authorizes the boards of the California State Teachers’ Retirement System and the California Public Employees’ Retirement System to contract for investment-related services under the boards’ terms and conditions and, except under specified circumstances, utilizing competitive processes, in lieu of state contracting requirements.
Seeks to encourage the government of Turkey to acknowledge, and to reach resolution on reparations for survivors of, the Armenian Genocide by requiring the CalSTRS and CalPERS boards to divest of any investment vehicle issued by, owned, controlled or managed by the government of Turkey. Requires these boards, on or before January 1, 2017, and annually thereafter, to report to the Legislature any investments in a Turkish investment vehicle and the sale or transfer of those investments, subject to the fiduciary duty of these boards. Also indemnifies from the General Fund and holds harmless the present, former and future board members, officers and employees of and investment managers under contract with those retirement systems.
Version: Introduced 2/27/2015
Sponsor: Armenian National Committee of America – Western Region
Requires the CalSTRS and CalPERS boards to engage with thermal coal companies, as defined, and to divest the public employee retirement funds of any investments in thermal coal companies and prohibits additional or new investments or the renewal of existing investments in thermal coal companies.
Requests the President and the Congress of the United States to enact legislation repealing the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) from the Social Security Act.
Version: Chaptered (Resolution Chapter 92, Statutes of 2015)
Establishes a new formula for the treatment of non-covered earnings in determining Social Security benefits to replace the Windfall Elimination Provision (WEP) for individuals who turn age 62 after 2016 and prescribes a rebate to lessen the effects of the WEP for current beneficiaries. Also directs the Commissioner of Social Security to recover overpayments from certain individuals.
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