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2023 legislation

Each year the Legislature introduces legislation that affects CalSTRS, its members, or their beneficiaries. Below is a listing of legislation for which the Teachers' Retirement Board has taken a position. 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.

SB 252 (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, 2031, unless and only until January 1, 2035, an unforeseeable event creates conditions that materially impact normal market mechanisms for pricing assets. Commencing February 1, 2025, 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 an investment managers under contract with those retirement systems for actions related to the bill.

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SB 261 (Stern) – Climate-related financial risk reporting

Requires a covered entity, as defined, to annually report their climate-related financial risks in accordance with the Task Force on Climate-Related Financial Disclosures’ recommendations commencing on or before December 31, 2024. Also requires the Climate-Related Risk Disclosure Advisory Group to review and analyze those reports, identify inadequate reports, propose policy changes to implement best practices relating to disclosure, convene representatives to offer input on disclosure and monitor certain federal regulatory actions. In addition, it establishes a civil penalty of up to $500,000 per violation for covered entities that are found to violate the requirements of the bill.

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