Steve Bradford
- Democratic
- Senator
- District 35
Author
(1) Existing law creates various public pension systems and requires that all state and local public retirement systems secure the services of an enrolled actuary, not less than triennially, to perform a valuation of those systems. Existing law requires all state and local public retirement systems to submit audited financial statements to the Controller who is required to compile and publish a report annually on the financial condition of the systems. This bill, until January 1, 2017, would require a state or local pension system with assets over $4,000,000,000 to provide a report to the Controller on California investments, as defined, and California emerging market investments, as defined, that it obtains on and after July 1, 2012, and holds in its portfolio, and would permit a system to modify the definition to ensure consistency with adopted investment policies and limit reporting costs. The bill would also permit the report to include an estimate of the number of jobs created and retained as a result of the system's investment activity. (2) Existing law creates the California Economic Development Fund for the purpose of receiving federal, state, local, and private economic development funds, and receiving repayment of loans or grant proceeds and interest on those loans or grants. Existing law establishes certain definitions in this regard and defines economic development as including policies and programs expressly directed at improving the business climate in business finance, marketing, neighborhood development, small business development, business retention and expansion, technology transfer, and real estate redevelopment. This bill would require, for the 2011–12 and 2012–13 fiscal years, that the Board of Administration of the Public Employees' Retirement System together with the Teacher's Retirement Board of the State Teachers' Retirement System to share with other public pension systems streamlined and cost-effective methods for identifying investments within their portfolios that meet the definitions of California investment and California emerging market investment. The bill, until January 1, 2017, would authorize the Controller to compile and publish specified investment information supplied by state and local pension systems on the Controller's Internet Web site, as provided. (3) This bill would also make a statement of legislative findings and would declare the intent of the Legislature that retirement boards with sufficiently diversified portfolios, consistent with their plenary authority and their fiduciary responsibilities, adopt specified investment policies that meet their own unique investment objectives.
Vetoed by Governor.
Enrolled and presented to the Governor at 12:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 52. Noes 27. Page 3099.).
In Assembly. Concurrence in Senate amendments pending.
Read third time. Passed. Ordered to the Assembly. (Ayes 27. Noes 10. Page 2359.).
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 8. Noes 1.) (August 25).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on APPR.
Measure version as amended on June 23 corrected.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 3. Noes 2.) (June 27). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on P.E. & R.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on RLS.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 51. Noes 27. Page 1816.)
Read second time. Ordered to third reading.
From committee: Do pass as amended. (Ayes 12. Noes 5.) (May 27).
Read second time and amended. Ordered to second reading.
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (April 13). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E., R. & S.S. Read second time and amended.
From printer. May be heard in committee March 22.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1379 | HTML |
| 02/18/11 - Introduced | |
| 03/14/11 - Amended Assembly | |
| 05/27/11 - Amended Assembly | |
| 06/21/11 - Amended Senate | |
| 06/23/11 - Amended Senate | |
| 08/15/11 - Amended Senate | |
| 08/30/11 - Amended Senate | |
| 09/01/11 - Amended Senate | |
| 09/20/11 - Enrolled |
| Document | Format |
|---|---|
| No related documents. |
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