California 2011-2012 Regular Session Status: Passed Senate

SB 903 — Public retirement systems: investments: Iran.

Last action — Set, second hearing. Held in committee and under submission.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2011-2012 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

The California Constitution provides that the Legislature may by statute prohibit retirement board investments if it is in the public interest to do so, and providing that the prohibition satisfies specified fiduciary standards. The California Public Divest from Iran Act prohibits the Public Employees' Retirement System and the State Teachers' Retirement System from investing public employee retirement funds in a company with business operations in Iran that is invested in or engaged in business operations with entities in the defense or nuclear sectors of Iran, or the company is invested or engaged in business operations with entities involved in the development of petroleum or natural gas resources of Iran, and that company is subject to sanctions under federal law, as specified, or the company is engaged in business operations with an Iranian organization that has been labeled as a terrorist organization by the United States government. Existing law requires the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board of the State Teachers' Retirement System to sell or transfer any investments in a company with business operations in Iran, until Iran is removed from the United States Department of State's list of countries that have been determined to repeatedly provide support for acts of international terrorism and the President of the United States determines and certifies that Iran has ceased its efforts to design, develop, manufacture, or acquire a nuclear explosive device or related materials and technology, as specified. Existing law provides that nothing in those provisions requires the Board of Administration of the Public Employees' Retirement System or the Teachers' Retirement Board of the State Teachers' Retirement System to take action as described in those provisions unless the board determines, in good faith, that the action is consistent with the fiduciary responsibilities of the board as described in a specified provision of the California Constitution. This bill would instead provide that nothing in those provisions requires either board to take action described in this section if the board determines, in good faith, that the action would be a breach of the fiduciary responsibilities of the board as described in the provision of the California Constitution. The bill would require that any determination that an action would be a breach of fiduciary duty be made in a public hearing of the full board after proper public notice and an opportunity for public comment. This bill would become operative only if AB 1151 is enacted and takes effect on or before January 1, 2012.

Bill Text

Action History

  1. Set, second hearing. Held in committee and under submission.

  2. Set, first hearing. Referred to APPR. suspense file.

  3. Read second time and amended. Re-referred to Com. on APPR.

  4. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (June 28).

  5. From committee: Do pass and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 22). Re-referred to Com. on JUD.

  6. Referred to Coms. on P.E., R. & S.S. and JUD.

  7. In Assembly. Read first time. Held at Desk.

  8. Read third time. Passed. (Ayes 39. Noes 0. Page 1180.) Ordered to the Assembly.

  9. Read second time. Ordered to third reading.

  10. From committee: Do pass. (Ayes 9. Noes 0. Page 1014.) (May 16).

  11. Set for hearing May 16.

  12. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 861.) (May 3). Re-referred to Com. on APPR.

  13. From committee: Do pass and re-refer to Com. on JUD. (Ayes 5. Noes 0. Page 809.) (May 2). Re-referred to Com. on JUD.

  14. Set for hearing May 3 in JUD. pending receipt.

  15. Set for hearing May 2.

  16. Referred to Coms. on P.E. & R. and JUD.

  17. From printer. May be acted upon on or after March 21.

  18. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Anderson · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Anderson

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

3rd Reading

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 36001
Republican 1000
Democratic 2000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Yee — Yea
Hancock — Yea
Wolk — Yea
Wyland — Yea
Runner — Yea
Lowenthal — Yea
De León — Yea
Negrete McLeod — Yea
Evans — Yea
Rubio — Yea
Harman — Yea
Dutton — Yea
Anderson — Yea
Blakeslee — Yea
Hernandez — Yea
Kehoe — Yea
Leno — Yea
Lieu — Yea
Pavley — Yea
Price — Yea
Simitian — Yea
Walters — Yea
Wright — Yea
Alquist — Yea
Huff — Yea
Liu — Yea
Steinberg — Yea
Vargas — Yea
Cannella — Yea
Corbett — Yea
Emmerson — Yea
Correa — Yea
DeSaulnier — Yea
Fuller — Yea
Beth Gaines — Yea
Bill Berryhill — Not Voting
La Malfa — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass.

Passed 9 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Total 9000
% of votes cast 100%0%0%0%
How each member voted (9)
Member Party Vote
Runner — Yea
Price — Yea
Walters — Yea
Alquist — Yea
Kehoe — Yea
Lieu — Yea
Pavley — Yea
Steinberg — Yea
Emmerson — Yea

Official roll call →

Subjects

public-safety finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 903 do?
The California Constitution provides that the Legislature may by statute prohibit retirement board investments if it is in the public interest to do so, and providing that the prohibition satisfies specified fiduciary standards. The California Public Divest from Iran Act prohibits the Public Employees' Retirement System and the State Teachers' Retirement System from investing public employee retirement funds in a company with business operations in Iran that is invested in or engaged in business operations with entities in the defense or nuclear sectors of Iran, or the company is invested or engaged in business operations with entities involved in the development of petroleum or natural gas resources of Iran, and that company is subject to sanctions under federal law, as specified, or the company is engaged in business operations with an Iranian organization that has been labeled as a terrorist organization by the United States government. Existing law requires the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board of the State Teachers' Retirement System to sell or transfer any investments in a company with business operations in Iran, until Iran is removed from the United States Department of State's list of countries that have been determined to repeatedly provide support for acts of international terrorism and the President of the United States determines and certifies that Iran has ceased its efforts to design, develop, manufacture, or acquire a nuclear explosive device or related materials and technology, as specified. Existing law provides that nothing in those provisions requires the Board of Administration of the Public Employees' Retirement System or the Teachers' Retirement Board of the State Teachers' Retirement System to take action as described in those provisions unless the board determines, in good faith, that the action is consistent with the fiduciary responsibilities of the board as described in a specified provision of the California Constitution. This bill would instead provide that nothing in those provisions requires either board to take action described in this section if the board determines, in good faith, that the action would be a breach of the fiduciary responsibilities of the board as described in the provision of the California Constitution. The bill would require that any determination that an action would be a breach of fiduciary duty be made in a public hearing of the full board after proper public notice and an opportunity for public comment. This bill would become operative only if AB 1151 is enacted and takes effect on or before January 1, 2012.
Who sponsors SB 903?
SB 903 is sponsored by Anderson.
What is the current status of SB 903?
This bill died with 2011-2012 Regular Session. It reached “Passed Senate” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 903?
Track SB 903 free on One Click Politics — get push/email alerts when it moves.

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