2015 Legislation

Assembly Bill

AB 736 (Cooley) – Expand Board’s Authority over COO and CFO

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. Imposes limits on annual salary increases paid to a person who served in either position on January 1, 2016, and who does not separate from service prior to the increase. Limits the number of each of the positions under the board’s authority, except for investment officers, to one.

  • Version: Chaptered (Chapter 553, Statutes of 2016)
  • Sponsor: CalSTRS
  • Location: Signed by Governor
  • Board Position: Sponsor 
Assembly Bill

AB 963 (Bonilla) – Membership Issues Clean Up

Clarifies the definition of service that can be reported to CalSTRS and remedies membership issues for individuals in classified positions who were erroneously reported to CalSTRS.

  • Version: Chaptered (Chapter 782, Statutes of 2015)
  • Sponsor: CalSTRS
  • Location: Signed by Governor
  • Board Position: Sponsor 
Assembly Bill

AB 1052 (Cooley) – Investment Procurement Process

Consistent with existing authority set forth in the California State Constitution, authorizes the board of the California State Teachers’ Retirement System to contract for specified investment-related services under the board’s terms and conditions and, except under specified circumstances, utilizing competitive processes, in lieu of state contracting requirements. 

  • Version: Amended 8/19/2016
  • Sponsor: CalSTRS
  • Location: Senate Floor
  • Board Position: Sponsor 
Assembly Bill

AB 1410 (Nazarian) – Public Divestiture of Turkish Investment Vehicles

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
  • Location: Assembly Appropriations
  • Board Position: Oppose 
Senate Bill

SB 185 (De León) – Public Divestiture of Thermal Coal Companies Act

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.

  • Version: Chaptered (Chapter 605, Statutes of 2015)
  • Sponsor: Author
  • Location: Signed by Governor
  • Board Position: No position
Senate Bill

SJR 1 (Beall) – WEP/GPO Repeal

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)
  • Sponsor: ACSA, CalRTA, CTA, FACCC
  • Location: Chaptered by the Secretary of State
  • Board Position: Support 
House of Representatives Bill

HR 711 (Brady) – Equal Treatment of Public Servants Act 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.

  • Version: Introduced 2/4/2015
  • Sponsor: Author
  • Location: House Ways and Means Committee
  • Board Position: Watch