California 2015-2016 Regular Session Status: In Committee

AB 996 — State Teachers' Retirement System: investment products.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 requires the Teachers' Retirement Board to establish a vendor registration process through which information about tax-deferred retirement investment products shall be made available for consideration by public employees of all local school districts, community college districts, and county offices of education, among others. Existing law requires the board to maintain an impartial investment information bank, via an Internet Web site, with specified information about the retirement investment products offered and objective comparisons of vendors. Existing law also prohibits specified personnel from receiving consideration for promoting a particular vendor's products. The bill would require the investment information bank to include a side-by-side comparison of each registered vendor. The bill would also require all local school districts, community college districts, and county offices of education to adopt a policy addressing the solicitation of 403(b) products, as defined, by vendors on school campuses. Because the bill would require local agencies to perform additional duties it would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions.

Bill Text

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Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Article IV, Sec. 10(c) of the Constitution.

  3. In committee: Held under submission.

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

  5. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (April 22). Re-referred to Com. on APPR.

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

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

  8. Read first time. To print.

Sponsors

  • Medina · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Medina

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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.

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Votes

Subjects

finance education
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Frequently asked questions

What does AB 996 do?
Existing law requires the Teachers' Retirement Board to establish a vendor registration process through which information about tax-deferred retirement investment products shall be made available for consideration by public employees of all local school districts, community college districts, and county offices of education, among others. Existing law requires the board to maintain an impartial investment information bank, via an Internet Web site, with specified information about the retirement investment products offered and objective comparisons of vendors. Existing law also prohibits specified personnel from receiving consideration for promoting a particular vendor's products. The bill would require the investment information bank to include a side-by-side comparison of each registered vendor. The bill would also require all local school districts, community college districts, and county offices of education to adopt a policy addressing the solicitation of 403(b) products, as defined, by vendors on school campuses. Because the bill would require local agencies to perform additional duties it would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions.
Who sponsors AB 996?
AB 996 is sponsored by Medina.
What is the current status of AB 996?
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 996?
Track AB 996 free on One Click Politics — get push/email alerts when it moves.

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