Allen
Author
The California Constitution requires members of the retirement board of a public pension or retirement system to discharge their duties with respect to the system solely in the interest of, and for the exclusive purposes of providing benefits to, participants and their beneficiaries, minimizing employer contributions thereto, and defraying reasonable expenses of administering the system. Existing statutory law establishes various public employee retirement systems and provides for the administration of the State Teachers' Retirement System by the Teachers' Retirement Board and for the administration of the Public Employees' Retirement System, among other public employee retirement systems, by the Board of Administration of the Public Employees' Retirement System. This bill would, until January 31, 2035, require climate-related financial risk, as defined, to be analyzed to the extent the boards identify the risk as a material risk to the Public Employees' Retirement Fund or the Teachers' Retirement Fund. The bill, by January 1, 2020, and every 3 years thereafter, would require each board to publicly report on the climate-related financial risk of its public market portfolio, including alignment of the Public Employees' Retirement Fund and the Teachers' Retirement Fund with a specified climate agreement and California climate policy goals and the exposure of the fund to long-term risks, as specified. The bill would provide that it does not require either board to take action unless the board determines in good faith that the action is consistent with its fiduciary responsibilities. The bill would make related legislative findings and declarations.
Chaptered by Secretary of State. Chapter 731, Statutes of 2018.
Approved by the Governor.
Enrolled and presented to the Governor at 4 p.m.
Read third time. Passed. (Ayes 53. Noes 25. Page 6962.) Ordered to the Senate.
In Senate. Ordered to engrossing and enrolling.
Read second time. Ordered to third reading.
Coauthors revised.
From committee: Do pass. (Ayes 12. Noes 5.) (August 16).
August 8 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (June 20). Re-referred to Com. on APPR.
Coauthors revised.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 27. Noes 11. Page 4346.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 2. Page 4300.) (May 25).
Set for hearing May 25.
April 16 hearing: Placed on APPR. suspense file.
Set for hearing April 16.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 3. Noes 2. Page 4605.) (April 9). Re-referred to Com. on APPR.
Set for hearing April 9.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 3.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB964 | HTML |
| 01/31/18 - Introduced | |
| 03/14/18 - Amended Senate | |
| 09/05/18 - Enrolled | |
| 09/23/18 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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