2020 Legislation
AB 2101 (PE&R) – Public employees retirement systems housekeeping
Makes various technical, conforming or minor changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan, which includes the Defined Benefit Program, the Defined Supplement Program and the Cash Balance Benefit Program. Also makes various technical and conforming changes to the Public Employees’ Retirement Law and the County Employees Retirement Law.
- Version: Chaptered (Chapter 275, Statutes of 2020)
- Sponsor: CalPERS
- Location: Signed by Governor
- Board Position: Support
AB 2219 (O’Donnell) – CalSTRS individual retirement accounts
Authorizes CalSTRS to offer a traditional (tax-deferred) Individual Retirement Account (IRA) in addition to a Roth IRA and accept rollovers from any eligible retirement plan to those IRAs. It also enables CalSTRS to receive contributions from IRA participants and allows spouses of those participants to contribute to a CalSTRS IRA plan.
- Version: Introduced 2/12/2020
- Sponsor: CalSTRS
- Location: Assembly Appropriations Committee
- Board Position: Sponsor
AB 2510 (Cooley) – CalSTRS investment procurement
Seeks to expand the Collaborative Model, a Teachers’ Retirement Board-sponsored effort to reduce costs by managing assets internally and expanding opportunities with external partners. Grants the board prudent flexibility to contract with investment managers and investment advisers under policies it adopts. Working closely with external managers and advisers would allow CalSTRS staff to cultivate knowledge of innovative investment strategies and to form lucrative, efficient and cost-effective investment partnerships.
- Version: Introduced 2/19/2020
- Sponsor: CalSTRS
- Location: Assembly PE&R Committee
- Board Position: Sponsor
AB 2998 (Kiley) – Defined contribution plan for California educators
The Rising Academic Instructor Salaries in Education (RAISE) Act, permits school districts to offer a defined contribution (DC) plan to certificated employees in lieu of the CalSTRS Defined Benefit (DB) Program. To incentivize participation in a DC plan, the bill allows school districts to offer higher salaries or lower contribution rates for those who opt into the plan and allows certificated employees to individually negotiate salaries and plan contribution rates outside of the salary schedule set forth in a collective bargaining agreement.
- Version: Amended 5/4/2020
- Sponsor: Author
- Location: Assembly PE&R Committee
- Board Position: Oppose
SB 993 (L,PE&R) – Housekeeping bill
Makes various technical, conforming or minor changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan, which includes the Defined Benefit Program, the Defined Supplement Program and the Cash Balance Benefit Program.
- Version: Introduced 2/12/2020
- Sponsor: CalSTRS
- Location: Senate L,PE&R Committee
- Board Position: Sponsor