California 2015-2016 Regular Session Status: Passed Assembly

AB 1052 — State Teachers' Retirement System: board of administration: investments.

Last action — Ordered to inactive file at the request of Assembly Member Cooley.

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

This bill died with 2015-2016 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 pension or retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the system, as specified. The California Constitution also requires the retirement board of a public pension or retirement system, consistent with the exclusive fiduciary responsibilities vested in it, to have the sole and exclusive power to provide for actuarial services in order to assure the competency of the assets of the public pension or retirement system. The Teachers' Retirement Law creates the State Teachers' Retirement System for the provision of service, disability, and other benefits to members. The law requires the assets of the plan, including, but not limited to, employee contributions, employer contributions, and investment income, to be deposited into the Teachers' Retirement Fund, and continuously appropriates the fund for, among other things, the payment of member benefits. The Teachers' Retirement Law authorizes the board to appoint investment managers to manage the assets of the fund. This bill would provide that, without regard to state contracting laws, except as specified, the board is authorized to contract for services for the investment of the fund under the terms and conditions and utilizing the processes the board deems necessary and consistent with its fiduciary duties. The bill would require the board's processes to be competitive, except as specified, and would prescribe standards for those processes. The bill would grant an investment manager, as specified, who is not selected in the course of a noncompetitive contract process for investment services to have the opportunity to protest. The bill would also make conforming changes.

Bill Text

Action History

  1. Ordered to inactive file at the request of Assembly Member Cooley.

  2. In Assembly. Concurrence in Senate amendments pending.

  3. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 5419.).

  4. Read second time. Ordered to third reading.

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

  6. Ordered to third reading.

  7. Action rescinded whereby the bill was read third time, passed, and to Assembly.

  8. In Senate. Held at Desk.

  9. Ordered to the Senate.

  10. In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 30 pursuant to Assembly Rule 77.

  11. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2198.).

  12. Read second time. Ordered to third reading.

  13. From committee: Be placed on second reading file pursuant to Senate Rule 28.8.

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

  15. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (July 13). Re-referred to Com. on APPR.

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

  17. In committee: Hearing postponed by committee.

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

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

  20. Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1349.)

  21. Read second time. Ordered to Consent Calendar.

  22. From committee: Do pass. To Consent Calendar. (Ayes 17. Noes 0.) (April 29).

  23. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (April 22). Re-referred to Com. on APPR.

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

  25. From printer. May be heard in committee March 29.

  26. Read first time. To print.

Sponsors

  • Cooley · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Cooley

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

3rd Reading AB1052 Cooley By Pan

Passed 39 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 36000
Democratic 3000
Total 39000
% of votes cast 100%0%0%0%
How each member voted (39)
Member Party Vote
Anderson — Yea
Bates — Yea
Beall — Yea
Hertzberg — Yea
Mendoza — Yea
Nielsen — Yea
Pavley — Yea
Roth — Yea
Galgiani — Yea
Hueso — Yea
Huff — Yea
Leyva — Yea
Monning — Yea
Vidak — Yea
Cannella — Yea
Fuller — Yea
Glazer — Yea
Hall — Yea
Allen — Yea
Hernandez — Yea
Hill — Yea
Mitchell — Yea
De León — Yea
Block — Yea
Lara — Yea
Leno — Yea
Liu — Yea
Moorlach — Yea
Morrell — Yea
Pan — Yea
Wieckowski — Yea
Wolk — Yea
Hancock — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

3rd Reading AB1052 Cooley By Pan

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 36001
Democratic 3000
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Anderson — Yea
Beall — Yea
Hernandez — Yea
Lara — Not Voting
Monning — Yea
Nielsen — Yea
Fuller — Yea
Glazer — Yea
Galgiani — Yea
Allen — Yea
Cannella — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Hall — Yea
Bates — Yea
Block — Yea
Hancock — Yea
Hertzberg — Yea
Hill — Yea
Hueso — Yea
Huff — Yea
Leno — Yea
Leyva — Yea
Liu — Yea
Mendoza — Yea
Moorlach — Yea
Morrell — Yea
Pan — Yea
Pavley — Yea
Roth — Yea
Vidak — Yea
Wieckowski — Yea
Wolk — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

AB 1052 COOLEY Consent Calendar Second Day

Passed 77 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 67003
Democratic 4000
Republican 6000
Total 77003
% of votes cast 96%0%0%4%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Baker — Yea
Bloom — Yea
Brough — Yea
Kim — Yea
Low — Yea
Maienschein — Yea
Mathis — Yea
Thurmond — Yea
Waldron — Yea
Chau — Yea
Eggman — Yea
Daly — Yea
Frazier — Yea
Chu — Yea
Salas — Yea
Gomez — Yea
Harper — Yea
Cooper — Yea
Brown — Yea
Linder — Yea
Mayes — Yea
Nazarian — Yea
O'Donnell — Yea
Obernolte — Yea
Olsen — Yea
Perea — Yea
Rendon — Yea
Rodriguez — Yea
Weber — Yea
Wilk — Yea
Williams — Yea
Gatto — Yea
Gordon — Yea
Burke — Yea
Holden — Yea
Jones-Sawyer — Yea
Levine — Yea
Gray — Yea
McCarty — Yea
Medina — Yea
Atkins — Yea
Campos — Not Voting
Chang — Yea
Bonilla — Yea
Lopez — Yea
Melendez — Yea
Bigelow — Yea
Chiu — Yea
Chávez — Yea
Cooley — Yea
Dababneh — Yea
Dodd — Yea
Mullin — Yea
Quirk — Yea
Ridley-Thomas — Yea
Santiago — Yea
Steinorth — Not Voting
Ting — Yea
Wagner — Yea
Wood — Yea
Gonzalez — Yea
Hadley — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Mark Stone — Yea
Roger Hernández — Not Voting
Travis Allen — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea
Patterson, Joe Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 17 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 13000
Democratic 2000
Republican 2000
Total 17000
% of votes cast 100%0%0%0%
How each member voted (17)
Member Party Vote
Bloom — Yea
Quirk — Yea
Wood — Yea
Eggman — Yea
Gomez — Yea
Chang — Yea
Holden — Yea
Bigelow — Yea
Daly — Yea
Rendon — Yea
Wagner — Yea
Weber — Yea
Eduardo Garcia — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

Subjects

finance labor education
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Frequently asked questions

What does AB 1052 do?
The California Constitution grants the retirement board of a public pension or retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the system, as specified. The California Constitution also requires the retirement board of a public pension or retirement system, consistent with the exclusive fiduciary responsibilities vested in it, to have the sole and exclusive power to provide for actuarial services in order to assure the competency of the assets of the public pension or retirement system. The Teachers' Retirement Law creates the State Teachers' Retirement System for the provision of service, disability, and other benefits to members. The law requires the assets of the plan, including, but not limited to, employee contributions, employer contributions, and investment income, to be deposited into the Teachers' Retirement Fund, and continuously appropriates the fund for, among other things, the payment of member benefits. The Teachers' Retirement Law authorizes the board to appoint investment managers to manage the assets of the fund. This bill would provide that, without regard to state contracting laws, except as specified, the board is authorized to contract for services for the investment of the fund under the terms and conditions and utilizing the processes the board deems necessary and consistent with its fiduciary duties. The bill would require the board's processes to be competitive, except as specified, and would prescribe standards for those processes. The bill would grant an investment manager, as specified, who is not selected in the course of a noncompetitive contract process for investment services to have the opportunity to protest. The bill would also make conforming changes.
Who sponsors AB 1052?
AB 1052 is sponsored by Cooley.
What is the current status of AB 1052?
This bill died with 2015-2016 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 1052?
Track AB 1052 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 2 months ago · updated continuously

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