California 2021-2022 Regular Session

California Assembly Bill AB539 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Assembly Bill No. ~~539 CHAPTER 619~~ An act to amend Section 22352 of the Education Code, relating to state teachers retirement. ~~[ Approved by Governor October 07, 2021. Filed with Secretary of State October 07, 2021. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 539, Cooley. State teachers retirement: investment managers and investment advisers: contracts.The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 22352 of the Education Code is amended to read:22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
	1	+	Enrolled September 10, 2021 Passed IN Senate September 08, 2021 Passed IN Assembly May 06, 2021 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 539Introduced by Assembly Member Cooley(Coauthor: Assembly Member Cervantes)February 10, 2021 An act to amend Section 22352 of the Education Code, relating to state teachers retirement. LEGISLATIVE COUNSEL'S DIGESTAB 539, Cooley. State teachers retirement: investment managers and investment advisers: contracts.The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 22352 of the Education Code is amended to read:22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
2	2
3		-	Assembly Bill No. ~~539 CHAPTER 619~~ An act to amend Section 22352 of the Education Code, relating to state teachers retirement. ~~[ Approved by Governor October 07, 2021. Filed with Secretary of State October 07, 2021. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 539, Cooley. State teachers retirement: investment managers and investment advisers: contracts.The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
	3	+	Enrolled September 10, 2021 Passed IN Senate September 08, 2021 Passed IN Assembly May 06, 2021 CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 539Introduced by Assembly Member Cooley(Coauthor: Assembly Member Cervantes)February 10, 2021 An act to amend Section 22352 of the Education Code, relating to state teachers retirement. LEGISLATIVE COUNSEL'S DIGESTAB 539, Cooley. State teachers retirement: investment managers and investment advisers: contracts.The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers. Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
4	4
5		-	Assembly ~~Bill No.~~ ~~539 CHAPTER 619~~
	5	+	Enrolled September 10, 2021 Passed IN Senate September 08, 2021 Passed IN Assembly May 06, 2021
6	6
7		-	Assembly Bill No. 539
	7	+	Enrolled September 10, 2021
	8	+	Passed IN Senate September 08, 2021
	9	+	Passed IN Assembly May 06, 2021
8	10
9		-	CHAPTER 619
	11	+	CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
	12	+
	13	+	Assembly Bill
	14	+
	15	+	No. 539
	16	+
	17	+	Introduced by Assembly Member Cooley(Coauthor: Assembly Member Cervantes)February 10, 2021
	18	+
	19	+	Introduced by Assembly Member Cooley(Coauthor: Assembly Member Cervantes)
	20	+	February 10, 2021
10	21
11	22		An act to amend Section 22352 of the Education Code, relating to state teachers retirement.
12		-
13		-	[ Approved by Governor October 07, 2021. Filed with Secretary of State October 07, 2021. ]
14	23
15	24		LEGISLATIVE COUNSEL'S DIGEST
16	25
17	26		## LEGISLATIVE COUNSEL'S DIGEST
18	27
19	28		AB 539, Cooley. State teachers retirement: investment managers and investment advisers: contracts.
20	29
21	30		The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers.
22	31
23	32		The California Constitution provides that the civil service includes every officer and employee in the state except as otherwise provided in the Constitution, and existing statutory law, the State Civil Service Act, prescribes a comprehensive civil service personnel system for the state.
24	33
25	34		Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law authorizes the board, upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with approval of the State Personnel Board, to contract with qualified investment managers, as provided.
26	35
27	36		This bill would additionally authorize the board to contract with investment advisers, as defined, upon the same finding by the board and approval by the State Personnel Board. The bill would, pursuant to a policy adopted by the board, authorize the board to establish a competitive bidding process and to specify the contract terms and conditions the board solely deems necessary and prudent to contract with qualified investment managers and investment advisers.
28	37
29	38		## Digest Key
30	39
31	40		## Bill Text
32	41
33	42		The people of the State of California do enact as follows:SECTION 1. Section 22352 of the Education Code is amended to read:22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
34	43
35	44		The people of the State of California do enact as follows:
36	45
37	46		## The people of the State of California do enact as follows:
38	47
39	48		SECTION 1. Section 22352 of the Education Code is amended to read:22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
40	49
41	50		SECTION 1. Section 22352 of the Education Code is amended to read:
42	51
43	52		### SECTION 1.
44	53
45	54		22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
46	55
47	56		22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
48	57
49	58		22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.
50	59
51	60
52	61
53	62		22352. Upon a finding by the board that necessary investment expertise is not available within existing civil service classifications, and with the approval of the State Personnel Board, the board may, pursuant to policy adopted by the board, establish competitive bidding processes, and specify the contract terms and conditions it solely deems necessary and prudent to contract with qualified investment managers and investment advisers, as defined in Section 22143, having demonstrated expertise in managing, or advising the management of, large and diverse investment portfolios to render service in connection with the investment program of the board.