California 2011-2012 Regular Session Status: Passed Assembly

AB 2099 — Public employees: annuities and mutual fund custodial accounts.

Last action — Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(c).

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

This bill died with 2011-2012 Regular Session. It reached “Passed Assembly” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Existing law prohibits state and local agencies from negotiating life and disability insurance or requiring the placing of that insurance through particular agents, brokers, or companies, except to the extent that the state has a direct financial interest in the subject of the insurance, as specified. Existing law excepts from these provisions a tax-sheltered annuity under an annuity plan that meets the requirements of Section 403(b) of the Internal Revenue Code to be placed or purchased for an employee, as specified. Existing law requires an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code to be offered to all employees of any state agency who are members of the State Teachers' Retirement Plan, any employee of a local public agency or political subdivision of the state that employs persons to perform creditable service subject to coverage by the plan, and eligible state employees of a state employer under the uniform state payroll system, excluding the California State University System. The Teachers' Retirement Law provides a registration process for information relating to tax-deferred retirement investment products. This bill, until January 1, 2018, would authorize a pilot project that would allow the Los Angeles Unified School District and the Los Angeles Community College District to select specific 403(b) products offered by 4 or more vendors of tax-deferred retirement investment products described in Section 403(b) of the Internal Revenue Code or establish a list of preferred vendors that are recommended to employees, through a due diligence and competitive review process, as specified. The bill would make a related statement of legislative intent.

Bill Text

Action History

  1. Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(c).

  2. Read second time. Ordered to third reading.

  3. Read third time and amended. Ordered to second reading.

  4. Read second time. Ordered to third reading.

  5. From committee: Do pass. (Ayes 5. Noes 1.) (June 13).

  6. Referred to Com. on L. & I.R.

  7. In Senate. Read first time. To Com. on RLS. for assignment.

  8. Read third time. Passed. Ordered to the Senate. (Ayes 50. Noes 25. Page 4764.)

  9. Read second time. Ordered to third reading.

  10. From committee: Do pass. (Ayes 5. Noes 1.) (March 28).

  11. Referred to Com. on L. & E.

  12. From printer. May be heard in committee March 25.

  13. Read first time. To print.

Sponsors

  • Cedillo · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 4 voted No

Sponsors (1)

  • Cedillo

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

Do pass.

Passed 5 Yea · 1 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 4101
Democratic 1000
Total 5101
% of votes cast 71%14%0%14%
How each member voted (7)
Member Party Vote
Yee — Yea
Wyland — Nay
Runner — Not Voting
Lieu — Yea
Leno — Yea
DeSaulnier — Yea
Padilla, Stephen C. Democratic Yea

Official roll call →

AB 2099 CEDILLO Assembly Third Reading

Passed 50 Yea · 25 Nay · 5 Other
Party YeaNayPresentNot Voting
Republican 0200
Unaffiliated 492305
Democratic 1000
Total 502505
% of votes cast 63%31%0%6%
How each member voted (80)
Member Party Vote
Hall — Yea
Yamada — Yea
Butler — Yea
Feuer — Yea
Galgiani — Yea
Fong — Yea
Garrick — Nay
Allen — Yea
Gordon — Yea
Gorell — Nay
Hagman — Nay
Campos — Yea
Portantino — Yea
John A. Pérez — Yea
Mitchell — Yea
Halderman — Nay
Harkey — Nay
Carter — Yea
Hayashi — Yea
Bonilla — Yea
Atkins — Yea
Hill — Yea
Huber — Yea
Cedillo — Yea
Huffman — Yea
Ammiano — Yea
Beall — Yea
Conway — Nay
Cook — Nay
Davis — Yea
Dickinson — Yea
Knight — Nay
Lara — Yea
Mendoza — Yea
Miller — Nay
Monning — Yea
Nestande — Nay
Nielsen — Nay
Pan — Yea
Perea — Yea
Skinner — Yea
Smyth — Nay
Swanson — Yea
Torres — Yea
Wagner — Nay
Wieckowski — Yea
Fletcher — Not Voting
Chesbro — Not Voting
Donnelly — Nay
Jeffries — Not Voting
Morrell — Nay
Olsen — Not Voting
Achadjian — Nay
Alejo — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hueso — Yea
Logue — Nay
Ma — Yea
Mansoor — Nay
Norby — Nay
Silva — Nay
Solorio — Yea
Valadao — Nay
Williams — Yea
Eng — Yea
Fuentes — Yea
Furutani — Not Voting
Gatto — Yea
Beth Gaines — Nay
Bill Berryhill — Nay
Bonnie Lowenthal — Yea
Roger Hernández — Yea
V. Manuel Pérez — Yea
Calderon, Lisa Democratic Yea
Grove, Shannon Republican Nay
Jones, Brian W. Republican Nay

Official roll call →

Do pass.

Passed 5 Yea · 1 Nay
Party YeaNayPresentNot Voting
Unaffiliated 5100
Total 5100
% of votes cast 83%17%0%0%
How each member voted (6)
Member Party Vote
Allen — Yea
Alejo — Yea
Morrell — Nay
Swanson — Yea
Yamada — Yea
Furutani — Yea

Official roll call →

Subjects

finance labor education
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Frequently asked questions

What does AB 2099 do?
Existing law prohibits state and local agencies from negotiating life and disability insurance or requiring the placing of that insurance through particular agents, brokers, or companies, except to the extent that the state has a direct financial interest in the subject of the insurance, as specified. Existing law excepts from these provisions a tax-sheltered annuity under an annuity plan that meets the requirements of Section 403(b) of the Internal Revenue Code to be placed or purchased for an employee, as specified. Existing law requires an annuity contract and custodial account as described in Section 403(b) of the Internal Revenue Code to be offered to all employees of any state agency who are members of the State Teachers' Retirement Plan, any employee of a local public agency or political subdivision of the state that employs persons to perform creditable service subject to coverage by the plan, and eligible state employees of a state employer under the uniform state payroll system, excluding the California State University System. The Teachers' Retirement Law provides a registration process for information relating to tax-deferred retirement investment products. This bill, until January 1, 2018, would authorize a pilot project that would allow the Los Angeles Unified School District and the Los Angeles Community College District to select specific 403(b) products offered by 4 or more vendors of tax-deferred retirement investment products described in Section 403(b) of the Internal Revenue Code or establish a list of preferred vendors that are recommended to employees, through a due diligence and competitive review process, as specified. The bill would make a related statement of legislative intent.
Who sponsors AB 2099?
AB 2099 is sponsored by Cedillo.
What is the current status of AB 2099?
This bill died with 2011-2012 Regular Session. It reached “Passed Assembly” 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 AB 2099?
Track AB 2099 free on One Click Politics — get push/email alerts when it moves.

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