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2022 legislation

Each year the Legislature introduces legislation that affects CalSTRS. Listings of CalSTRS legislation include the bill number, authors, CalSTRS’ bill analyses, bill summary, the board’s official position and the bill’s status in the Legislature. Also included is the text of the current and any prior versions of the bill and analyses of bills by the various legislative committees.

SB 1173 (Gonzalez) – Fossil fuel divestment

Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in a fossil fuel company, as defined, and requires divestment from such investments by July 1, 2030, unless and only until January 1, 2035, an unforeseeable event creates conditions that materially impact normal market mechanisms for pricing assets. Commencing February 1, 2024, also requires an annual report to be submitted to the Legislature and Governor with specified information. Also indemnifies present, former and future board members, officers and employees of and investment managers under contract with those retirement systems for actions related to the bill.

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SB 1328 (McGuire) – Russia and Belarus divestment

Prohibits the boards of specified state and local retirement systems from investing in companies with business operations in Russia or Belarus if the companies: provide revenue to the governments of those countries; are engaged in oil-related activities or energy or power-related operations or contract with another company with business operations in the oil, energy and power sectors of those countries, and the company failed to curtail business in those countries; have demonstrated complicity in the invasion of Ukraine; or supply military equipment to Russia or Belarus. Also prohibits all state agencies from investing in investment vehicles issued or owned by the governments of Russia or Belarus. Establishes reporting requirements and criteria for determining whether a company is subject to divestiture, but only when such divestment is consistent with fiduciary responsibilities. In addition, prohibits companies that conduct business with the governments of Russia or Belarus from bidding on contracts with state agencies.

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SB 1343 (Leyva) – Mandatory charter school participation in CalSTRS and CalPERS

Requires charter schools authorized on and after January 1, 2023, to participate in CalSTRS and CalPERS. Requires employers that report directly to CalSTRS to requisition up to three months of estimated charter school contributions from the charter school’s apportionment for the purpose of paying contributions, as well as amounts necessary to pay penalties and interest, and requires those employers to use unencumbered funds, legally available for this purpose, to pay for any amounts due to CalSTRS that remain unpaid.  Also requires the chartering authority to notify CalSTRS and CalPERS of specified events within 30 calendar days of each occurrence.

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SB 1402 (Umberg) –  Military service credit purchase

Permits members of the Defined Benefit Program to elect to purchase additional service credit for up to four years of service prior to membership in the U.S. Armed Forces or in the U.S. Merchant Marine. The bill allows members to purchase up to one year of service credit for each five years of credited service with CalSTRS and requires a member electing to purchase this service credit to have at least 10 years of service with CalSTRS on the date of election.

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