As introduced, would have:

1. Prohibit new or additional investments by the State Teachers’ Retirement Fund and the Public Employees’ Retirement Fund in tobacco companies on and after January 1, 1999; and
2. Required phased divestment of current holdings each year beginning January 1, 1999, and continuing until January 1, 2003. 

The amendments of April 27, 1998, require STRS and PERS to report to the Legislature on or after January 1, 2003, regarding the effect of the divestiture on employer contribution rates.

• Version: Amended 4/27/1998
• Sponsor: N/A
• Location: Assembly
• Board Position: Oppose

CalSTRS Analysis:

As amended 4/27/1998