California 2017-2018 Regular Session Status: Enacted 2 D cosponsors

SB 964 — Public Employees' Retirement Fund and Teachers' Retirement Fund: investments: climate-related financial risk.

Last action — Chaptered by Secretary of State. Chapter 731, Statutes of 2018.

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

This bill has been enacted into law. Introduced January 31, 2018. Enacted.

Prognosis

Likely to advance 82% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 6 sponsors

    1 primary, 5 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (2 D).

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

The California Constitution requires members of the retirement board of a public pension or retirement system to discharge their duties with respect to the system solely in the interest of, and for the exclusive purposes of providing benefits to, participants and their beneficiaries, minimizing employer contributions thereto, and defraying reasonable expenses of administering the system. Existing statutory law establishes various public employee retirement systems and provides for the administration of the State Teachers' Retirement System by the Teachers' Retirement Board and for the administration of the Public Employees' Retirement System, among other public employee retirement systems, by the Board of Administration of the Public Employees' Retirement System. This bill would, until January 31, 2035, require climate-related financial risk, as defined, to be analyzed to the extent the boards identify the risk as a material risk to the Public Employees' Retirement Fund or the Teachers' Retirement Fund. The bill, by January 1, 2020, and every 3 years thereafter, would require each board to publicly report on the climate-related financial risk of its public market portfolio, including alignment of the Public Employees' Retirement Fund and the Teachers' Retirement Fund with a specified climate agreement and California climate policy goals and the exposure of the fund to long-term risks, as specified. The bill would provide that it does not require either board to take action unless the board determines in good faith that the action is consistent with its fiduciary responsibilities. The bill would make related legislative findings and declarations.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 731, Statutes of 2018.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4 p.m.

  4. In Senate. Ordered to engrossing and enrolling.

  5. Read third time. Passed. (Ayes 53. Noes 25. Page 6962.) Ordered to the Senate.

  6. Read second time. Ordered to third reading.

  7. Coauthors revised.

  8. From committee: Do pass. (Ayes 12. Noes 5.) (August 16).

  9. August 8 set for first hearing. Placed on APPR. suspense file.

  10. From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (June 20). Re-referred to Com. on APPR.

  11. Coauthors revised.

  12. Referred to Com. on P.E., R., & S.S.

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

  14. Read third time. Passed. (Ayes 27. Noes 11. Page 4346.) Ordered to the Assembly.

  15. Read second time. Ordered to third reading.

  16. From committee: Do pass. (Ayes 5. Noes 2. Page 4300.) (May 25).

  17. Set for hearing May 25.

  18. April 16 hearing: Placed on APPR. suspense file.

  19. Set for hearing April 16.

  20. From committee: Do pass and re-refer to Com. on APPR. (Ayes 3. Noes 2. Page 4605.) (April 9). Re-referred to Com. on APPR.

  21. Set for hearing April 9.

  22. Re-referred to Com. on P.E. & R.

  23. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  24. Referred to Com. on RLS.

  25. From printer. May be acted upon on or after March 3.

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

Sponsors

  • Benjamin Allen · Primary
  • Portantino · Cosponsor
  • Ash Kalra · Cosponsor
  • Monning · Cosponsor
  • Skinner · Cosponsor
  • Thurmond · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 5 co-sponsors · 116 not signed on · 12 voted No

Sponsors (1)

Co-sponsors (5)

  • Portantino
  • Kalra, Ash Democratic
  • Monning
  • Skinner
  • Thurmond

Not signed on (116)

116 members have not signed on to this bill.

Show all 116 →

"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

SB 964 Allen Senate Third Reading By KALRA

Passed 53 Yea · 25 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 381802
Democratic 15100
Republican 0600
Total 532502
% of votes cast 66%31%0%3%
How each member voted (80)
Member Party Vote
Acosta — Nay
Baker — Yea
Bigelow — Nay
Bloom — Yea
Brough — Nay
Maienschein — Yea
Mathis — Nay
Rodriguez — Yea
Thurmond — Yea
Wood — Yea
Frazier — Yea
Gonzalez Fletcher — Yea
Holden — Yea
Salas — Yea
Burke — Yea
Jones-Sawyer — Yea
Rubio — Yea
Rivas — Yea
Kamlager-Dove — Yea
Levine — Yea
Low — Yea
Chau — Yea
Chu — Yea
Cooley — Yea
McCarty — Yea
Medina — Yea
Mullin — Yea
Nazarian — Yea
Quirk — Yea
Rendon — Yea
Santiago — Yea
Ting — Yea
Weber — Yea
Fong — Nay
Gray — Nay
Harper — Nay
Kiley — Nay
Mayes — Nay
Chiu — Yea
Melendez — Nay
Chávez — Nay
O'Donnell — Yea
Cooper — Not Voting
Obernolte — Nay
Steinorth — Nay
Voepel — Nay
Waldron — Nay
Eggman — Yea
Cunningham — Nay
Daly — Not Voting
Friedman — Yea
Gloria — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Nay
Mark Stone — Yea
Travis Allen — Nay
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Berman, Marc Democratic Yea
Bonta, Mia Democratic Yea
Caballero, Anna M. Democratic Nay
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Chen, Phillip Republican Nay
Choi, Steven S. Republican Nay
Dahle, Megan Republican Nay
Flora, Heath Republican Nay
Gallagher, James Republican Nay
Lackey, Tom Republican Nay

Official roll call →

Do pass.

Passed 12 Yea · 5 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9400
Democratic 3000
Republican 0100
Total 12500
% of votes cast 71%29%0%0%
How each member voted (17)
Member Party Vote
Bigelow — Nay
Bloom — Yea
Brough — Nay
Quirk — Yea
Gonzalez Fletcher — Yea
Friedman — Yea
Fong — Nay
Nazarian — Yea
Chau — Yea
Obernolte — Nay
Eggman — Yea
Eduardo Garcia — Yea
Wendy Carrillo — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Gallagher, James Republican Nay

Official roll call →

3rd Reading

Passed 27 Yea · 11 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 231001
Democratic 4100
Total 271101
% of votes cast 69%28%0%3%
How each member voted (39)
Member Party Vote
Anderson — Nay
Bradford — Yea
Hernandez — Yea
Leyva — Yea
Moorlach — Nay
Nielsen — Nay
Galgiani — Yea
Cannella — Nay
Fuller — Nay
Portantino — Yea
Allen — Yea
Glazer — Yea
Atkins — Yea
Mitchell — Yea
De León — Yea
Dodd — Yea
Hertzberg — Yea
Hill — Yea
Bates — Nay
Beall — Yea
Hueso — Yea
Lara — Yea
Monning — Yea
Morrell — Nay
Newman — Yea
Pan — Yea
Roth — Yea
Skinner — Yea
Vidak — Nay
Wieckowski — Yea
Wilk — Yea
Beth Gaines — Nay
Bill Berryhill — Not Voting
Mark Stone — Nay
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Nay
Stern, Henry I. Democratic Yea
Wiener, Scott D. Democratic Yea

Official roll call →

Do pass

Passed 5 Yea · 2 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4200
Democratic 1000
Total 5200
% of votes cast 71%29%0%0%
How each member voted (7)
Member Party Vote
Bates — Nay
Bradford — Yea
Hill — Yea
Lara — Yea
Nielsen — Nay
Beall — Yea
Wiener, Scott D. Democratic Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 6000
Democratic 1000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Beall — Yea
Bradford — Yea
Lara — Yea
Nielsen — Yea
Hill — Yea
Bates — Yea
Wiener, Scott D. Democratic Yea

Official roll call →

Subjects

finance environment labor
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 964 do?
The California Constitution requires members of the retirement board of a public pension or retirement system to discharge their duties with respect to the system solely in the interest of, and for the exclusive purposes of providing benefits to, participants and their beneficiaries, minimizing employer contributions thereto, and defraying reasonable expenses of administering the system. Existing statutory law establishes various public employee retirement systems and provides for the administration of the State Teachers' Retirement System by the Teachers' Retirement Board and for the administration of the Public Employees' Retirement System, among other public employee retirement systems, by the Board of Administration of the Public Employees' Retirement System. This bill would, until January 31, 2035, require climate-related financial risk, as defined, to be analyzed to the extent the boards identify the risk as a material risk to the Public Employees' Retirement Fund or the Teachers' Retirement Fund. The bill, by January 1, 2020, and every 3 years thereafter, would require each board to publicly report on the climate-related financial risk of its public market portfolio, including alignment of the Public Employees' Retirement Fund and the Teachers' Retirement Fund with a specified climate agreement and California climate policy goals and the exposure of the fund to long-term risks, as specified. The bill would provide that it does not require either board to take action unless the board determines in good faith that the action is consistent with its fiduciary responsibilities. The bill would make related legislative findings and declarations.
Who sponsors SB 964?
SB 964 is sponsored by Allen, Benjamin (Democratic), Portantino, Kalra, Ash (Democratic), Monning, Skinner, and Thurmond.
What is the current status of SB 964?
This bill has been enacted into law. Introduced January 31, 2018. Enacted.
Where can I track SB 964?
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