California 2019-2020 Regular Session Status: Passed Assembly

AB 462 — Asset management: emerging managers.

Last action — From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on RLS.

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

This bill died with 2019-2020 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The Public Employees' Retirement Law creates the Public Employees' Retirement Fund for the benefit of the members and retired members of this retirement system and their survivors and beneficiaries. The Board of Administration of the Public Employees' Retirement System (PERS) has the exclusive control of the administration and investment of the retirement fund. The Teachers' Retirement Law establishes the State Teachers' Retirement System (STRS) for the benefit of teachers and other persons employed in connection with the schools of this state. STRS is administered by the Teachers' Retirement Board. This bill would require the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board to each provide a report to the Legislature, commencing March 1, 2021, and annually thereafter, on the status of achieving appropriate objectives and initiatives, to be defined by the boards, regarding participation of emerging managers responsible for asset management within each system's portfolio of investments. The bill would require that the report be based on contracts that the system enters into on and after January 1, 2020, and be based on information from the prior fiscal year. The bill would require each report to include certain elements and would require the boards to define emerging manager for purposes of these provisions.

Bill Text

Action History

  1. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on RLS.

  2. Referred to Com. on RLS.

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

  4. Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1255.)

  5. Read second time. Ordered to third reading.

  6. Ordered to second reading.

  7. Withdrawn from committee.

  8. From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 3). Re-referred to Com. on APPR.

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

  10. From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E. & R. Read second time and amended.

  11. In committee: Hearing postponed by committee.

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

  13. From printer. May be heard in committee March 14.

  14. Read first time. To print.

Sponsors

  • Rodriguez · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Rodriguez

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

AB 462 Rodriguez Assembly Third Reading

Passed 75 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 45003
Democratic 24001
Republican 6001
Total 75005
% of votes cast 94%0%0%6%
How each member voted (80)
Member Party Vote
Brough — Yea
Mayes — Yea
Salas — Yea
Mathis — Yea
Frazier — Yea
Bigelow — Yea
Cooley — Yea
Smith — Yea
Cunningham — Yea
Gonzalez — Yea
Diep — Yea
Chau — Yea
Gloria — Yea
Bloom — Yea
Rodriguez — Yea
Santiago — Yea
Obernolte — Yea
Voepel — Yea
Chiu — Yea
Gray — Yea
Holden — Yea
Daly — Yea
Eggman — Yea
Maienschein — Yea
Jones-Sawyer — Yea
Quirk — Yea
Mullin — Yea
Friedman — Yea
Ting — Yea
Kamlager-Dove — Yea
Levine — Yea
McCarty — Yea
Low — Yea
Nazarian — Yea
Burke — Yea
Cooper — Yea
Wood — Yea
Medina — Yea
Rendon — Yea
Chu — Yea
O'Donnell — Yea
Weber — Yea
Waldron — Yea
Kiley — Not Voting
Melendez — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Not Voting
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Not Voting
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Cervantes, Sabrina Democratic Yea
Fong, Mike 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
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Not Voting
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does AB 462 do?
The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The Public Employees' Retirement Law creates the Public Employees' Retirement Fund for the benefit of the members and retired members of this retirement system and their survivors and beneficiaries. The Board of Administration of the Public Employees' Retirement System (PERS) has the exclusive control of the administration and investment of the retirement fund. The Teachers' Retirement Law establishes the State Teachers' Retirement System (STRS) for the benefit of teachers and other persons employed in connection with the schools of this state. STRS is administered by the Teachers' Retirement Board. This bill would require the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board to each provide a report to the Legislature, commencing March 1, 2021, and annually thereafter, on the status of achieving appropriate objectives and initiatives, to be defined by the boards, regarding participation of emerging managers responsible for asset management within each system's portfolio of investments. The bill would require that the report be based on contracts that the system enters into on and after January 1, 2020, and be based on information from the prior fiscal year. The bill would require each report to include certain elements and would require the boards to define emerging manager for purposes of these provisions.
Who sponsors AB 462?
AB 462 is sponsored by Rodriguez.
What is the current status of AB 462?
This bill died with 2019-2020 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 462?
Track AB 462 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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