Sabrina Cervantes
- Democratic
- Assemblymember
- District 58
Author
The Public Employees' Retirement Law establishes the Public Employees' Retirement System, which is funded by employer and employee contributions and investment earnings. Existing law creates the Public Employees' Retirement Fund, a trust fund, which the Board of Administration of the Public Employees' Retirement System administers for support of the system. The Teachers' Retirement Law establishes the State Teachers' Retirement System, which is funded by employer and employee contributions, state contributions, and investment earnings. Existing law creates the Teachers' Retirement Fund, a trust fund, which the Teachers' Retirement Board administers for support of the system. The California Constitution grants a retirement board sole and exclusive responsibility over the assets of a public retirement system and its administration, as specified. This bill, until January 1, 2028, would require the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board to provide reports to the Legislature, commencing March 1, 2023, and annually thereafter, on the status of achieving objectives and initiatives, to be defined by the boards, regarding participation of emerging managers or diverse managers responsible for asset management within each retirement system's portfolio of investments. The bill would require the reports to contain specified information and would require the boards to define "emerging manager" and "diverse manager" for purposes of these reports. The bill would require that the reports be based on contracts that the system enters into on and after January 1, 2022, and be based on information from the prior fiscal year.
Chaptered by Secretary of State - Chapter 472, Statutes of 2021.
Approved by the Governor.
Enrolled and presented to the Governor at 4:30 p.m.
In Assembly. Ordered to Engrossing and Enrolling.
Read third time. Passed. Ordered to the Assembly. (Ayes 27. Noes 8. Page 2117.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 2.) (July 15).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (July 5). Re-referred to Com. on APPR.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 10. Page 1773.)
Read second time. Ordered to third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 13. Noes 3.) (May 20).
In committee: Set, first hearing. Referred to APPR. suspense file.
Received by the Desk April 30 pursuant to Joint Rule 61(a)(2).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (April 29). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E. & R. Read second time and amended.
From printer. May be heard in committee March 20.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB890 | HTML |
| 02/17/21 - Introduced | |
| 03/11/21 - Amended Assembly | |
| 05/24/21 - Amended Assembly | |
| 08/27/21 - Enrolled | |
| 10/04/21 - Chaptered |
| Document | Format |
|---|---|
| 04/28/21- Assembly Committee on Public Employment and Retirement | |
| 05/10/21- Assembly Appropriations | |
| 05/25/21- ASSEMBLY FLOOR ANALYSIS | |
| 07/01/21- Senate Committee on Labor, Public Employment and Retirement | |
| 07/13/21- Senate Appropriations | |
| 08/18/21- Sen. Floor Analyses |
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