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.
Beginning August 1, 2013, and through 2017, requires the board to annually participate in a legislative hearing on the ethnicity and gender of the investment managers who participate in managing their portfolios and on the ethnicity and gender of the brokerage firms that provide brokerage services.
Changes the postretirement earnings limit to one-half of the median final compensation of all recently retired members. Excludes an employee of a third party, as specified, from the postretirement employment requirements. Extends a narrowly applied exemption for one year, with additional requirements for substantiating eligibility. These changes would apply to the 2012-13 fiscal year. Allows service retired members who reinstate on or after July 17, 2012, to re-retire within a year of reinstating and requires those members to keep the same option and beneficiaries, or unmodified benefit, that were in effect before reinstatement for one year after reinstatement.
Version: Chaptered (Chapter 135, Statutes of 2012)
Requires a lessee of state lands, who files with the State Lands Commission a written request for the commission to approve a quitclaim or relinquishment of all rights under an oil, gas or mineral lease, to continue to pay rents before and during the reclamation process.
Provides that the Teachers’ Retirement Board member who is either a retired member of the Defined Benefit Program or a retired participant of the Cash Balance Benefit Program be elected by retired members and participants of those programs.
Authorizes the Teachers’ Retirement Board to establish the desired competencies, set conditions of employment and performance standards, and establish the compensation, as specified, for the Chief Operating Officer and Chief Financial Officer, and allows the board to recruit for these positions from broader sources.
Prohibits persons employed by the state, whose base salary is greater than $100,000 per year, from receiving a salary increase or a bonus while employed in that same position or classification. Requires the savings to be credited to the General Fund and appropriated to the Office of AIDS.
Beginning January 1, 2013, prohibits a person appointed or publicly elected to a local office that is less than full time from becoming a member of a pension system by virtue of the position into which he or she was first elected or appointed.
Encourages CalSTRS and CalPERS to prioritize investment in California infrastructure projects over alternative out-of-state projects if the investments are consistent with their fiduciary responsibility.
Version: Chaptered (Chapter 760, Statutes of 2012)
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