WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
Establishes as a crime, making false material statements or representations in applying for CalSTRS benefits, or knowingly accepting a benefit payment to which the person is not entitled.
Prohibits a scrutinized company, as defined, that is involved in specified activities in Sudan, from entering into a contract with a state agency for goods and services. Stipulates that a state agency must require a company that submits a bid to self-certify that it is not a scrutinized company. Permits termination of a contract for false certification and requires the Attorney General to determine whether to bring civil actions to recover costs.
Allows the California Community Colleges to hire temporary part-time employees to teach up to 67 percent, rather than 60 percent, of the hours per week that constitute a regular, full-time assignment.
Provides that a certain percentage of creditable compensation shall be credited to the Supplemental Benefits Maintenance Account for purchasing power protection.
Requires each state agency to answer an incoming call with a live customer service agent or automated telephone answering equipment with an automated prompt that allows a caller to select the option to speak with a live customer service agent.
Increases the upper limit on the purchasing power benefit from 80 percent to 85 percent and gives the Teachers’ Retirement Board authority to adjust the benefit between 80 and 85 percent based on long-term actuarial projections. Reduces state General Fund payments into the Supplemental Benefit Maintenance Account by $66 million in 2008-09, $70 million in 2009-10, $71 million in 2010-11 and $72 million in 2011-12 and thereafter.
Makes it a crime for a person to make false material statements in connection with applying for and receiving public pension benefits. Requires public agencies to report to the State Contoller about the post-employment benefits they provide other than pensions (known as OPEBs), and requires the Controller to develop cost-efficient procedures to collect and report this information.
Prohibits CalSTRS and CalPERS from investing in a private equity company that is owned by a sovereign wealth fund, or in a fund managed directly or indirectly by a private equity company that is owned by a sovereign fund, if the country(ies) associated with that sovereign wealth fund does not meet specified human rights criteria.
Expands CalSTRS’ 403(b) programs – Pension2, 403bCompare and 403bComply – to state employees currently eligible to purchase 403(b) products through the State Controller.
Version: Chaptered (Chapter 230, Statutes of 2008)
Extends the sunset date on the post-retirement earnings limit until June 30, 2010, extends certain exemptions to members who retired for service on or before January 1, 2007, and permits members retired between 6/1/07 and 12/31/07 to purchase foreign service credit.
Version: Chaptered (Chapter 494, Statutes of 2008)
Identical to SBX3 6, this bill enacts legislation necessary to implement changes to the 2007-08 Budget and implement policy changes affecting the 2008-09 Budget. Specifies the 2008-09 SBMA General Fund transfer shall be made on November 1st.
Version: Chaptered (Chapter 6, Statutes of the Third Extraordinary Session of 2008)
Appropriates funds to pay for litigation costs incurred by CalSTRS and expresses the Legislature’s intent to appropriate funds in future fiscal years to pay the interest due to CalSTRS from underfunding the appropriation to the Supplemental Benefits Maintenance Account.
Requires the Legislature to secure the services of an actuary in determining the costs of other post-retirement benefits. Creates the California Actuarial Advisory panel to provide impartial and independent information on pensions, other post-employment benefits, and best practices to the Legislature, Governor and public agencies.
Makes various technical and conforming changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan.
Provides that a member shall not forfeit the 2 years of additional service credit received as an early retirement incentive if the member is reemployed within 5 years after retirement as a substitute teacher by the school district from which they retired with the retirement incentive.
Requires the Controller, in consultation with the investment community, to establish an investor-based climate change disclosure standard for use by publicly-held corporations doing business in California.
Identical to ABX3 8, this bill enacts legislation necessary to implement changes to the 2007-08 Budget and implement policy changes affecting the 2008-09 Budget. Specifies the 2008-09 General Fund transfer to the Supplemental Benefits Maintenance Account shall be made on November 1st.
AB 36 (Niello) – Benefit Fraud
Establishes as a crime, making false material statements or representations in applying for CalSTRS benefits, or knowingly accepting a benefit payment to which the person is not entitled.
CalSTRS Analysis:
As Introduced 12/04/2006
As Amended 5/5/2008
AB 498 (Hernandez) – State Contract Eligibility: Sudan
Prohibits a scrutinized company, as defined, that is involved in specified activities in Sudan, from entering into a contract with a state agency for goods and services. Stipulates that a state agency must require a company that submits a bid to self-certify that it is not a scrutinized company. Permits termination of a contract for false certification and requires the Attorney General to determine whether to bring civil actions to recover costs.
AB 591 (Dymally) – Community College Part-Time Employees
Allows the California Community Colleges to hire temporary part-time employees to teach up to 67 percent, rather than 60 percent, of the hours per week that constitute a regular, full-time assignment.
AB 789 (Mullin) – Contributions to the SBMA
Provides that a certain percentage of creditable compensation shall be credited to the Supplemental Benefits Maintenance Account for purchasing power protection.
CalSTRS Analysis:
Amended 06/14/2007
AB 865 (Davis) – State Agency Live Customer Service Act
Requires each state agency to answer an incoming call with a live customer service agent or automated telephone answering equipment with an automated prompt that allows a caller to select the option to speak with a live customer service agent.
CalSTRS Analysis:
Amended 04/23/2007
AB 1389 (Budget) – Omnibus State Government Trailer Bill
Increases the upper limit on the purchasing power benefit from 80 percent to 85 percent and gives the Teachers’ Retirement Board authority to adjust the benefit between 80 and 85 percent based on long-term actuarial projections. Reduces state General Fund payments into the Supplemental Benefit Maintenance Account by $66 million in 2008-09, $70 million in 2009-10, $71 million in 2010-11 and $72 million in 2011-12 and thereafter.
AB 1480 (Mendoza) – CalSTRS Roth IRA
Authorizes CalSTRS to offer a Roth IRA for the purposes of receiving funds converted from a Roth 403(b) account.
CalSTRS Analysis:
Amended 12/13/2007
Amended 01/14/2008
AB 1844 (Hernandez) – Benefit Fraud (Public Employee Benefits)
Makes it a crime for a person to make false material statements in connection with applying for and receiving public pension benefits. Requires public agencies to report to the State Contoller about the post-employment benefits they provide other than pensions (known as OPEBs), and requires the Controller to develop cost-efficient procedures to collect and report this information.
AB 1967 (Torrico) – Private Equity Investment Act
Prohibits CalSTRS and CalPERS from investing in a private equity company that is owned by a sovereign wealth fund, or in a fund managed directly or indirectly by a private equity company that is owned by a sovereign fund, if the country(ies) associated with that sovereign wealth fund does not meet specified human rights criteria.
CalSTRS Analysis:
Introduced 02/14/2008
AB 2191 (Mullin) – Expand 403(b) Program to State Employees
Expands CalSTRS’ 403(b) programs – Pension2, 403bCompare and 403bComply – to state employees currently eligible to purchase 403(b) products through the State Controller.
CalSTRS Analysis:
Amended 04/03/2008
AB 2390 (Karnette) – Post-Retirement Earnings Limit Exemptions
Extends the sunset date on the post-retirement earnings limit until June 30, 2010, extends certain exemptions to members who retired for service on or before January 1, 2007, and permits members retired between 6/1/07 and 12/31/07 to purchase foreign service credit.
CalSTRS Analysis:
Introduced 02/21/2008
Amended 06/19/2008
ABX3 8 (Budget) – 2007 State Budget Act
Identical to SBX3 6, this bill enacts legislation necessary to implement changes to the 2007-08 Budget and implement policy changes affecting the 2008-09 Budget. Specifies the 2008-09 SBMA General Fund transfer shall be made on November 1st.
SB 242 (Torlakson) – Claims Against the State
Appropriates funds to pay for litigation costs incurred by CalSTRS and expresses the Legislature’s intent to appropriate funds in future fiscal years to pay the interest due to CalSTRS from underfunding the appropriation to the Supplemental Benefits Maintenance Account.
SB 1123 (Wiggins) – California Actuarial Advisory Panel
Requires the Legislature to secure the services of an actuary in determining the costs of other post-retirement benefits. Creates the California Actuarial Advisory panel to provide impartial and independent information on pensions, other post-employment benefits, and best practices to the Legislature, Governor and public agencies.
SB 1376 (Wiggins) – Technical Housekeeping
Makes various technical and conforming changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan.
CalSTRS Analysis:
Introduced 2/21/2008
Amended 06/18/2008
Amended 08/08/2008
SB 1488 (Calderon) – Substitute Teacher Exemption
Provides that a member shall not forfeit the 2 years of additional service credit received as an early retirement incentive if the member is reemployed within 5 years after retirement as a substitute teacher by the school district from which they retired with the retirement incentive.
CalSTRS Analysis:
Introduced 2/21/2008
SB 1550 (Florez) – Corporate Climate Change Disclosure Statement
Requires the Controller, in consultation with the investment community, to establish an investor-based climate change disclosure standard for use by publicly-held corporations doing business in California.
CalSTRS Analysis:
Amended 07/02/2008
SBX3 6 (B&FR) – 2007 State Budget Act
Identical to ABX3 8, this bill enacts legislation necessary to implement changes to the 2007-08 Budget and implement policy changes affecting the 2008-09 Budget. Specifies the 2008-09 General Fund transfer to the Supplemental Benefits Maintenance Account shall be made on November 1st.