California 2019-2020 Regular Session Status: In Committee

SB 715 — University of California retirement plans: asset managers: contracts.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2019-2020 Regular Session. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 establishes the University of California as a public trust with full powers of organization and government, subject only to specified limitations. Under this independent constitutional authority, the University of California established retirement systems to provide various retirement benefits to its members. Existing law prohibits the University of California from contracting for services unless a contractor certifies that the services will be performed solely by workers within the United States or if the contractor's bid describes any work that will be performed by workers outside the United States. This bill would prohibit the University of California from contracting for services with an asset manager for a defined contribution plan if that plan is a stand-alone optional plan that is not a complement to a defined benefit pension plan. The bill would apply this prohibition to a contract entered into on or after January 1, 2015.

Bill Text

Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. April 24 set for first hearing. Failed passage in committee. (Ayes 2. Noes 4. Page 796.) Reconsideration granted.

  3. Set for hearing April 24.

  4. Re-referred to Com. on ED.

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

  6. Referred to Com. on RLS.

  7. Read first time.

  8. From printer. May be acted upon on or after March 27.

  9. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

  • Galgiani · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Galgiani

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

Failed 2 Yea · 4 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 1100
Unaffiliated 1301
Total 2401
% of votes cast 29%57%0%14%
How each member voted (7)
Member Party Vote
Leyva — Yea
Chang — Nay
Wilk — Nay
Glazer — Nay
Pan — Not Voting
Durazo, Maria Elena Democratic Yea
McGuire, Mike Democratic Nay

Official roll call →

Subjects

finance labor education
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 715 do?
The California Constitution establishes the University of California as a public trust with full powers of organization and government, subject only to specified limitations. Under this independent constitutional authority, the University of California established retirement systems to provide various retirement benefits to its members. Existing law prohibits the University of California from contracting for services unless a contractor certifies that the services will be performed solely by workers within the United States or if the contractor's bid describes any work that will be performed by workers outside the United States. This bill would prohibit the University of California from contracting for services with an asset manager for a defined contribution plan if that plan is a stand-alone optional plan that is not a complement to a defined benefit pension plan. The bill would apply this prohibition to a contract entered into on or after January 1, 2015.
Who sponsors SB 715?
SB 715 is sponsored by Galgiani.
What is the current status of SB 715?
This bill died with 2019-2020 Regular Session. It reached “In Committee” 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 715?
Track SB 715 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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