California 2015-2016 Regular Session Status: In Committee 1 D cosponsors

AB 2283 — Public retirement system: investments: securitized rental homes.

Last action — In committee: Set, first hearing. Failed passage. Reconsideration granted.

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 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 “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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Existing law creates the State Teachers' Retirement System (STRS) and the Public Employees' Retirement System (PERS) for the purpose of providing pension and other benefits to teachers and public employees. These systems are funded by employee and employer contributions, investment returns and, in the case of STRS, additional state contributions. The California Constitution authorizes the Legislature to prohibit certain investments by a retirement board if doing so is in the public interest and satisfies the standards of fiduciary care and loyalty required of a retirement board. The California Constitution commits to the retirement board of a public pension or retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the system. This bill would require the Teachers' Retirement Board and the Board of Administration of the Public Employees' Retirement System, before either board chooses to invest in new securitized home rental properties or reinvest in an existing investment in securitized home rental properties and consistent with their fiduciary duties, to evaluate their investment in securitized home rental properties and ensure certain requirements are met, including that the property management group is in compliance with fair housing laws, as specified. The bill would define securitized home rental properties as single-family homes in California used as rental properties that are aggregated, either with properties in California or elsewhere, with the resulting income from the properties funding publicly traded investment products. The bill would also require each board to appoint an independent ombudsman to implement a system of oversight and enforcement of these provisions.

Bill Text

Action History

  1. In committee: Set, first hearing. Failed passage. Reconsideration granted.

  2. Re-referred to Com. on P.E., R., & S.S.

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

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

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

  6. Read first time. To print.

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

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

Sponsors (1)

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

Reconsideration.

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 1000
Unaffiliated 6000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Wagner — Yea
Cooper — Yea
Cooley — Yea
O'Donnell — Yea
Waldron — Yea
Cristina Garcia — Yea
Bonta, Mia Democratic Yea

Official roll call →

Subjects

finance housing 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 2283 do?
Existing law creates the State Teachers' Retirement System (STRS) and the Public Employees' Retirement System (PERS) for the purpose of providing pension and other benefits to teachers and public employees. These systems are funded by employee and employer contributions, investment returns and, in the case of STRS, additional state contributions. The California Constitution authorizes the Legislature to prohibit certain investments by a retirement board if doing so is in the public interest and satisfies the standards of fiduciary care and loyalty required of a retirement board. The California Constitution commits to the retirement board of a public pension or retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the system. This bill would require the Teachers' Retirement Board and the Board of Administration of the Public Employees' Retirement System, before either board chooses to invest in new securitized home rental properties or reinvest in an existing investment in securitized home rental properties and consistent with their fiduciary duties, to evaluate their investment in securitized home rental properties and ensure certain requirements are met, including that the property management group is in compliance with fair housing laws, as specified. The bill would define securitized home rental properties as single-family homes in California used as rental properties that are aggregated, either with properties in California or elsewhere, with the resulting income from the properties funding publicly traded investment products. The bill would also require each board to appoint an independent ombudsman to implement a system of oversight and enforcement of these provisions.
Who sponsors AB 2283?
AB 2283 is sponsored by Calderon, Lisa (Democratic).
What is the current status of AB 2283?
This bill died with 2015-2016 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 AB 2283?
Track AB 2283 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on AB 2283

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of AB 2283

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →