California 2021-2022 Regular Session Status: Enacted 3 D cosponsors

AB 890 — Public employee retirement systems: investment management: reports.

Last action — Chaptered by Secretary of State - Chapter 472, Statutes of 2021.

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

This bill has been enacted into law. Introduced February 17, 2021. Enacted.

Prognosis

Likely to advance 76% · 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.

  • 3 sponsors

    1 primary, 2 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (3 D).

  • Cleared a recorded vote

    Passed 6 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 Public Employees' Retirement Law establishes the Public Employees' Retirement System, which is funded by employer and employee contributions and investment earnings. Existing law creates the Public Employees' Retirement Fund, a trust fund, which the Board of Administration of the Public Employees' Retirement System administers for support of the system. The Teachers' Retirement Law establishes the State Teachers' Retirement System, which is funded by employer and employee contributions, state contributions, and investment earnings. Existing law creates the Teachers' Retirement Fund, a trust fund, which the Teachers' Retirement Board administers for support of the system. The California Constitution grants a retirement board sole and exclusive responsibility over the assets of a public retirement system and its administration, as specified. This bill, until January 1, 2028, would require the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board to provide reports to the Legislature, commencing March 1, 2023, and annually thereafter, on the status of achieving objectives and initiatives, to be defined by the boards, regarding participation of emerging managers or diverse managers responsible for asset management within each retirement system's portfolio of investments. The bill would require the reports to contain specified information and would require the boards to define "emerging manager" and "diverse manager" for purposes of these reports. The bill would require that the reports be based on contracts that the system enters into on and after January 1, 2022, and be based on information from the prior fiscal year.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 472, Statutes of 2021.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 4:30 p.m.

  4. In Assembly. Ordered to Engrossing and Enrolling.

  5. Read third time. Passed. Ordered to the Assembly. (Ayes 27. Noes 8. Page 2117.).

  6. Read second time. Ordered to third reading.

  7. From committee: Do pass. (Ayes 5. Noes 2.) (July 15).

  8. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (July 5). Re-referred to Com. on APPR.

  9. Referred to Com. on L., P.E. & R.

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

  11. Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 10. Page 1773.)

  12. Read second time. Ordered to third reading.

  13. Read second time and amended. Ordered returned to second reading.

  14. From committee: Amend, and do pass as amended. (Ayes 13. Noes 3.) (May 20).

  15. In committee: Set, first hearing. Referred to APPR. suspense file.

  16. Received by the Desk April 30 pursuant to Joint Rule 61(a)(2).

  17. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (April 29). Re-referred to Com. on APPR.

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

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

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

  21. From printer. May be heard in committee March 20.

  22. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 2 co-sponsors · 119 not signed on · 8 voted No

Sponsors (1)

Co-sponsors (2)

Not signed on (119)

119 members have not signed on to this bill.

Show all 119 →

"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 AB890 Cervantes et al. By Bradford

Passed 27 Yea · 8 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 14405
Democratic 13000
Republican 0400
Total 27805
% of votes cast 68%20%0%13%
How each member voted (40)
Member Party Vote
Kamlager — Yea
Eggman — Yea
Pan — Yea
Skinner — Yea
Atkins — Yea
Min — Yea
Leyva — Yea
Portantino — Yea
Roth — Yea
Glazer — Yea
Hueso — Yea
Gonzalez — Yea
Bradford — Yea
Rubio — Yea
Nielsen — Nay
Bates — Nay
Wilk — Nay
Melendez — Nay
Newman — Not Voting
Dodd — Not Voting
Wieckowski — Not Voting
Borgeas — Not Voting
Hertzberg — Not Voting
Allen, Benjamin Democratic Yea
Archuleta, Bob Democratic Yea
Becker, Josh Democratic Yea
Caballero, Anna M. Democratic Yea
Cortese, Dave Democratic Yea
Durazo, Maria Elena Democratic Yea
Hurtado, Melissa Democratic Yea
Laird, John Democratic Yea
Limón, Monique Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Nay
Grove, Shannon Republican Nay
Jones, Brian W. Republican Nay
Ochoa Bogh, Rosilicie Republican Nay

Official roll call →

Do pass

Passed 5 Yea · 2 Nay
Party YeaNayPresentNot Voting
Unaffiliated 4100
Democratic 1000
Republican 0100
Total 5200
% of votes cast 71%29%0%0%
How each member voted (7)
Member Party Vote
Wieckowski — Yea
Portantino — Yea
Bradford — Yea
Kamlager — Yea
Bates — Nay
Laird, John Democratic Yea
Jones, Brian W. Republican Nay

Official roll call →

AB 890 Cervantes Assembly Third Reading

Passed 65 Yea · 10 Nay · 4 Other
Party YeaNayPresentNot Voting
Democratic 27001
Unaffiliated 36500
Republican 2503
Total 651004
% of votes cast 82%13%0%5%
How each member voted (79)
Member Party Vote
Bloom — Yea
Friedman — Yea
Cooley — Yea
Chiu — Yea
Rendon — Yea
Mullin — Yea
Holden — Yea
Villapudua — Yea
Salas — Yea
Jones-Sawyer — Yea
Santiago — Yea
Maienschein — Yea
Rodriguez — Yea
Quirk — Yea
Mayes — Yea
Nazarian — Yea
Wood — Yea
Ting — Yea
Low — Yea
Frazier — Yea
O'Donnell — Yea
Levine — Yea
Waldron — Yea
Daly — Yea
McCarty — Yea
Medina — Yea
Gray — Yea
Burke — Yea
Cunningham — Yea
Cooper — Yea
Chau — Yea
Smith — Nay
Voepel — Nay
Kiley — Nay
Mathis — Nay
Bigelow — Nay
Cristina Garcia — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Luz Rivas — Yea
Mark Stone — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Bennett, Steve Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bryan, Isaac G. 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
Lee, Alex Democratic Yea
Muratsuchi, Al Democratic Yea
Nguyen, Stephanie Democratic Not Voting
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Ward, Christopher M. Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Not Voting
Choi, Steven S. Republican Nay
Dahle, Megan Republican Nay
Davies, Laurie Republican Nay
Flora, Heath Republican Yea
Gallagher, James Republican Nay
Lackey, Tom Republican Nay
Patterson, Joe Republican Not Voting
Seyarto, Kelly Republican Not Voting
Valladares, Suzette Martinez Republican Yea

Official roll call →

Do pass as amended.

Passed 13 Yea · 3 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7100
Democratic 6000
Republican 0200
Total 13300
% of votes cast 81%19%0%0%
How each member voted (16)
Member Party Vote
Levine — Yea
Holden — Yea
Quirk — Yea
Chau — Yea
Bigelow — Nay
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Luz Rivas — Yea
Calderon, Lisa Democratic Yea
Carrillo, Juan Democratic Yea
Fong, Mike Democratic Yea
Gabriel, Jesse Democratic Yea
Rivas, Robert Democratic Yea
Weber Pierson, M.D., Akilah Democratic Yea
Dahle, Megan Republican Nay
Davies, Laurie Republican Nay

Official roll call →

Subjects

finance 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 AB 890 do?
The Public Employees' Retirement Law establishes the Public Employees' Retirement System, which is funded by employer and employee contributions and investment earnings. Existing law creates the Public Employees' Retirement Fund, a trust fund, which the Board of Administration of the Public Employees' Retirement System administers for support of the system. The Teachers' Retirement Law establishes the State Teachers' Retirement System, which is funded by employer and employee contributions, state contributions, and investment earnings. Existing law creates the Teachers' Retirement Fund, a trust fund, which the Teachers' Retirement Board administers for support of the system. The California Constitution grants a retirement board sole and exclusive responsibility over the assets of a public retirement system and its administration, as specified. This bill, until January 1, 2028, would require the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board to provide reports to the Legislature, commencing March 1, 2023, and annually thereafter, on the status of achieving objectives and initiatives, to be defined by the boards, regarding participation of emerging managers or diverse managers responsible for asset management within each retirement system's portfolio of investments. The bill would require the reports to contain specified information and would require the boards to define "emerging manager" and "diverse manager" for purposes of these reports. The bill would require that the reports be based on contracts that the system enters into on and after January 1, 2022, and be based on information from the prior fiscal year.
Who sponsors AB 890?
AB 890 is sponsored by Cervantes, Sabrina (Democratic), Rubio, Blanca E. (Democratic), and Caballero, Anna M. (Democratic).
What is the current status of AB 890?
This bill has been enacted into law. Introduced February 17, 2021. Enacted.
Where can I track AB 890?
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Last checked for changes 3 months ago · updated continuously

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