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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 biennially report their climate-related financial risks in accordance with the Task Force on Climate-Related Financial Disclosures’ recommendations commencing on or before January 1, 2026. Also requires a climate reporting organization, as defined, to review and analyze a subset of the reports, identify inadequate reports, convene representatives to offer input on disclosure and monitor certain federal regulatory actions. In addition, requires covered entities to pay an annual fee to cover the California Air Resources Board’s (CARB) costs to administer and implement this bill and requires CARB to seek administrative penalties of up to $50,000 per reporting year from covered entities that are found to violate the requirements of the bill.

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SB 765 (Portantino) – Postretirement Earnings Limitations

Increases the CalSTRS annual postretirement earnings limit from one-half to 70% of the median final compensation of all members who retired for service during the fiscal year ending in the previous calendar year. Also modifies the process for obtaining an already-available exemption from the CalSTRS 180-calendar day separation-from-service requirement. Makes these provisions effective from July 1, 2024, through June 30, 2026, and requires CalSTRS to submit a report to the appropriate policy committees of the Legislature on postretirement work.

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