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 California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board. Existing law prohibits the boards of administration of the Public Employees' Retirement System and State Teachers' Retirement System from making investments in certain countries and in thermal coal companies, as specified, subject to the boards' plenary authority and fiduciary responsibility for investment of moneys and administration of the systems. This bill, upon the passage of a federal law that imposes sanctions on Turkey for failure to acknowledge the Armenian Genocide, would prohibit the boards of administration of the Public Employees' Retirement System and State Teachers' Retirement System from making additional or new investments, or renewing existing investments, of public employee retirement funds in an investment vehicle in Turkey that is issued by the government of Turkey or that is owned, controlled, or managed by the government of Turkey. The bill would require the boards to liquidate existing investments in Turkey in these types of investment vehicles within 6 months of the passage of a federal law imposing those sanctions on Turkey. The bill would require these boards, within one year of the passage of a federal law imposing those sanctions on Turkey, to make a specified report to the Legislature and the Governor regarding these actions. The bill would specify that its provisions do not require a board to take any action that the board determines in good faith is inconsistent with its constitutional fiduciary responsibilities to the retirement system. The bill would indemnify from the General Fund and hold harmless the present, former, and future board members, officers, and employees of, and investment managers under contract with, the boards, in connection with actions relating to these investments. The bill would repeal these provisions if a determination is made by the Department of State or the Congress of the United States, or another appropriate federal agency, that the government of Turkey has officially acknowledged its responsibility for the Armenian Genocide.
Sponsored bills
This measure would urge the Congress and the President of the United States to support the retention of, and investment in, the Amtrak National Network of passenger trains, specifically the California Zephyr, the Coast Starlight, the Southwest Chief, and the Sunset Limited, as vital components of the state's rail program and would also urge Congress to reject President Trump's proposed Fiscal Year 2019 federal budget cuts to Amtrak and restore full funding for the Amtrak National Network through the appropriations process.
This measure would proclaim the week of September 9, 2018, through September 15, 2018, as Suicide Prevention Week in California.
This measure would urge pet owners in the state to take specified actions to prevent harm to pets caused by fire, prepare for fire emergencies at home, and take precautions to ensure the safe location, rescue, care, and medical treatment of all pets in the event of a wildfire in or around a pet owner's home.
This measure would designate the month of November 2018 to be California's Sikh American Awareness and Appreciation Month. This measure would recognize and acknowledge the significant contributions made by Californians of Sikh heritage to our state and seeks to afford all Californians the opportunity to better understand, recognize, and appreciate the rich history and shared principles of Sikh Americans. This measure would condemn all hate crimes and bias incidents against Sikh Americans and encourage all Sikhs to practice their faith freely and fearlessly.
This measure would designate the month of September 2018 as California Computer Science Education Month. The measure would encourage schools, teachers, researchers, universities, business leaders, and policymakers to identify mechanisms for teachers to receive cutting-edge professional development to provide sustainable learning experiences in computer science education, and would encourage the exposure of pupils to computer science concepts. The measure would also encourage opportunities to be provided for females and underrepresented minorities in computer science.
This measure would proclaim the month of October 2018, and each following October, as Domestic Violence Awareness Month.
This measure would recognize September 2018 as PACE Month in California.
This measure would designate the month of October 2018 as Women's Small Business Month and encourage all citizens to recognize the economic importance of women's small businesses in California.
This measure would declare November 9, 2018, and each November 9 thereafter, as Dosan Ahn Chang Ho Day.