Legislation Affects CalSTRS Members
Consistent with our mission, CalSTRS advocates in the legislative arena to ensure a secure future for our members. Summarized below are bills currently in the legislative process that may be of interest to active members. Positions taken by the Teachers’ Retirement Board are in italics at the end of each bill summary.
Assembly Bill 1480 (Mendoza)
This bill authorizes CalSTRS to offer a Roth IRA to members for the purposes of receiving assets converted from a Roth 403(b) account. Federal law requires holders of certain retirement savings accounts, including Roth 403(b) accounts, to accept an annual minimum distribution starting at age 70 ½ .
Sponsor
Assembly Bill 1967 (Torrico)
AB 1967 prohibits CalSTRS and CalPERS from renewing or making new or increased investments with certain private equity firms. These firms become prohibited by virtue of being owned partially or wholly by a sovereign wealth fund whose affiliated country does not meet specified human rights criteria.
AB 1967 sets up a test that foreign countries must pass if CalSTRS is to invest with private equity firms that are owned wholly or partially by those countries’ affiliated sovereign wealth funds.
The author has decided not to pursue this legislation at this time.
Oppose
Assembly Bill 2390 (Karnette)
AB 2390 replaces existing curriculum-specific exemptions to the post-retirement earnings limit with a single exemption for retired members over the age of 60 and recasts and extends the current exemption for all members who have not performed creditable service for 12 consecutive months since retirement. AB 2390 has an effective date of July 1, 2009, and an expiration date of June 30, 2014, unless extended by future legislation.
Sponsor
Senate Bill 1066 (Midgen), formerly SB 11 (Midgen)
This bill revises the criteria for establishment of a domestic partnership in California to allow opposite-sex couples over 18 years of age to register as domestic partners by removing the current limitation that at least one of the opposite-sex partners must be at least 62 years old.
Support if amended
For more information on specific bills and bill analyses, visit www.CalSTRS.com/Legislation.
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