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.
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. Requires the board to report to the fiscal committees of the Legislature, as specified, on the improvements and cost savings realized because of these new positions.
Prohibits CalSTRS and CalPERS from investing in companies that manufacture firearms or ammunition for a recipient other than the U.S. military, subject to a process specified in the bill and consistent with previous divestment legislation, but subject to the board’s fiduciary duties.
Authorizes CalSTRS to provide the annual Retirement Progress Report along with various other retirement communications electronically in lieu of mailing them, unless the member, nonmember spouse, participant, nonparticipant spouse or beneficiary to whom that communication is addressed specifically requests to continue receiving the communication by mail.
Version: Chaptered (Chapter 459, Statutes of 2013)
Makes various technical and conforming changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan.
Version: Chaptered (Chapter 558, Statutes of 2013)
Makes various technical corrections and conforming changes that align the Teachers’ Retirement Law with the provisions of the Public Employees’ Pension Reform Act of 2013 (PEPRA), as enacted in AB 340 (Furutani).
Version: Chaptered (Chapter 559, Statutes of 2013)
Require state and local government employee pension plan sponsors to report their respective financial data to the U.S. Secretary of the Treasury each plan year beginning on or after January 1, 2014, utilizing existing valuation methods and calculation assumptions, as well as alternative methods and assumptions prescribed by the Secretary, including use of a “risk free rate of return” to discount plan liabilities. Failure to comply with the reporting requirements would result in the forfeiture of federal tax benefits to bonds issued by the state or political subdivisions for which the plan benefits until noncompliance is remedied. Also, direct the Secretary to create and maintain a public website to post the information received from the reporting plans and specify that the U.S. government will not be liable for obligations related to current or future shortfalls in state or local government employee pension plans.
Version: Introduced 4/18/13 and 4/23/13, respectively
Sponsor: Authors
Location: House Ways and Means Committee and Senate Finance Committee, respectively
AB 125 (Wieckowski) – Board Authority over Senior Management Classifications
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. Requires the board to report to the fiscal committees of the Legislature, as specified, on the improvements and cost savings realized because of these new positions.
AB 761 (Dickinson) – Public Retirement Investments in Firearm-Related Companies
Prohibits CalSTRS and CalPERS from investing in companies that manufacture firearms or ammunition for a recipient other than the U.S. military, subject to a process specified in the bill and consistent with previous divestment legislation, but subject to the board’s fiduciary duties.
AB 989 (Mullin) – Electronic Communication Authorization
Authorizes CalSTRS to provide the annual Retirement Progress Report along with various other retirement communications electronically in lieu of mailing them, unless the member, nonmember spouse, participant, nonparticipant spouse or beneficiary to whom that communication is addressed specifically requests to continue receiving the communication by mail.
AB 1379 (PER&SS) – Technical Housekeeping Bill
Makes various technical and conforming changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan.
AB 1381 (PER&SS) – Public Employees’ Pension Reform Act Conforming Bill
Makes various technical corrections and conforming changes that align the Teachers’ Retirement Law with the provisions of the Public Employees’ Pension Reform Act of 2013 (PEPRA), as enacted in AB 340 (Furutani).
SB 13 (Beall) – Public Employees’ Pension Reform Act Clean-Up
Makes various conforming and clarifying changes to the Public Employees’ Pension Reform Act of 2013 (PEPRA).
HR 1628 (Nunes)/S 779 (Burr) – Public Employee Pension Transparency Act
Require state and local government employee pension plan sponsors to report their respective financial data to the U.S. Secretary of the Treasury each plan year beginning on or after January 1, 2014, utilizing existing valuation methods and calculation assumptions, as well as alternative methods and assumptions prescribed by the Secretary, including use of a “risk free rate of return” to discount plan liabilities. Failure to comply with the reporting requirements would result in the forfeiture of federal tax benefits to bonds issued by the state or political subdivisions for which the plan benefits until noncompliance is remedied. Also, direct the Secretary to create and maintain a public website to post the information received from the reporting plans and specify that the U.S. government will not be liable for obligations related to current or future shortfalls in state or local government employee pension plans.