Scott Wilk
- Republican
- Senator
- District 21
Author
The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prohibits the boards of administration of the Public Employees' Retirement System and the State Teachers' Retirement System from making investments in certain countries and in thermal coal companies, as specified, subject to the boards' plenary authority and fiduciary responsibility for investment of moneys and administration of the systems. Existing law, upon the passage of a federal law that imposes sanctions on the government of Turkey for failure to officially acknowledge its responsibility for the Armenian Genocide, prohibits the boards of administration of the Public Employees' Retirement System and the State Teachers' Retirement System from making additional or new investments, or renewing existing investments, of public employee retirement funds in an investment vehicle in the government of Turkey that is issued by the government of Turkey or that is owned by the government of Turkey. Existing law repeals the above-described prohibited investment and reporting provisions on January 1, 2025, or if a determination is made by the board, the United States Department of State, the Congress of the United States, or another appropriate federal agency that the government of Turkey has officially acknowledged its responsibility for the Armenian Genocide, whichever occurs first. This bill would change the January 1, 2025, sunset date to January 1, 2035.
Chaptered by Secretary of State. Chapter 541, Statutes of 2022.
Approved by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
Read third time. Passed. Ordered to the Senate.
Assembly amendments concurred in. (Ayes 37. Noes 0. Page 5334.) Ordered to engrossing and enrolling.
In Senate. Concurrence in Assembly amendments pending.
Ordered to third reading.
Read third time and amended.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 12. Noes 0.) (August 11).
Joint Rule 62(a) suspended.
August 10 set for first hearing. Placed on suspense file.
August 3 hearing postponed by committee.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 28). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on PUB. S. (Ayes 13. Noes 0.) (June 14). Re-referred to Com. on PUB. S.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on HEALTH.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 37. Noes 0. Page 3880.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 6. Noes 0. Page 3783.) (May 19).
Set for hearing May 19.
May 9 hearing: Placed on APPR suspense file.
Set for hearing May 9.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 3519.) (April 26). Re-referred to Com. on APPR.
Set for hearing April 26.
Read second time and amended. Re-referred to Com. on PUB. S.
From committee: Do pass as amended and re-refer to Com. on PUB. S. (Ayes 10. Noes 0. Page 3273.) (March 30).
Set for hearing March 30.
From printer.
Article IV Section 8(a) of the Constitution and Joint Rule 55 dispensed with February 7, 2022, suspending the 30 calendar day requirement.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1089 | HTML |
| 02/16/22 - Introduced | |
| 04/04/22 - Amended Senate | |
| 06/06/22 - Amended Assembly | |
| 08/15/22 - Amended Assembly | |
| 08/23/22 - Amended Assembly | |
| 09/01/22 - Enrolled | |
| 09/25/22 - Chaptered |
| Document | Format |
|---|---|
| 03/28/22- Senate Health | |
| 04/22/22- Senate Public Safety | |
| 05/06/22- Senate Appropriations | |
| 05/21/22- Sen. Floor Analyses | |
| 06/21/22- Assembly Health | |
| 06/27/22- Assembly Public Safety | |
| 08/09/22- Assembly Appropriations | |
| 08/17/22- ASSEMBLY FLOOR ANALYSIS | |
| 08/23/22- ASSEMBLY FLOOR ANALYSIS | |
| 08/30/22- Sen. Floor Analyses |
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