WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments of public employee retirement funds in a private prison company, as defined, and requires liquidation of such investments on or before July 1, 2020, subject to the fiduciary duty of the boards. Requires the boards to engage with those companies to establish if the company is transitioning its business model to another industry. 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.
Requires the CalSTRS and CalPERS boards to submit an annual report to the Legislature on the status of achieving appropriate objectives and initiatives regarding participation of emerging managers within the retirement systems’ investment portfolios. The report must include the names of all emerging managers providing investment portfolio or asset management services and the amount managed by each emerging manager.
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.
Removes the three-year limit within which an academic employee of a community college district must transfer unused sick leave to another employer. Upon retirement, unused sick leave is reported to CalSTRS, converted to service credit and included in the calculation of the member’s lifetime benefit.
Version: Introduced 2/19/2019
Sponsor: Faculty Association of California Community Colleges
Prohibits the CalSTRS and CalPERS boards from making additional or new investments or renewing existing investments in any investment vehicle issued, owned, controlled or managed by the government of Turkey, immediately upon passage of a federal law that imposes sanctions on the government of Turkey for failure to acknowledge its responsibility for the Armenian Genocide, and requires divestment from such investments within 18 months of the passage of such a federal law, subject to the fiduciary duty of the boards.
Requires the boards, within one year of the passage of such a federal law, to report to the Legislature any investments in a Turkish investment vehicle and other 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.
Also provides for repeal of its provisions on the earlier of either a determination that the government of Turkey has officially acknowledged its responsibility for the Armenian Genocide or January 1, 2025.
Directs the Securities and Exchange Commission (SEC) to carry out a study of Rule 10b5-1 and consider certain types of amendments that may clarify and enhance existing prohibitions against insider trading and the potential impacts of such amendments. The bill also requires the SEC to report the findings to Congress and revise regulations consistent with the results of the study.
Version: Amended 1/16/2019
Location: Senate Banking, Housing and Urban Affairs Committee
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