summary
Introduced
02/17/2022
02/17/2022
In Committee
06/02/2022
06/02/2022
Crossed Over
05/25/2022
05/25/2022
Passed
Dead
08/31/2022
08/31/2022
Introduced Session
2021-2022 Session
Bill Summary
An act to amend Section 16642 of, and to add Section 7513.76 to, the Government Code, relating to public retirement systems.
AI Summary
This bill prohibits the boards of the Public Employees' Retirement System (PERS) and the State Teachers' Retirement System (STRS) from making new investments or renewing existing investments in fossil fuel companies, defined as the 200 largest publicly traded fossil fuel companies. The bill requires the boards to liquidate investments in fossil fuel companies by July 1, 2030, with a temporary suspension of this requirement if the board determines that certain market conditions materially impact normal asset pricing. The bill also requires the boards to report annually on their fossil fuel divestment activities and provides indemnification for board members and employees for actions taken to comply with the bill's requirements.
Committee Categories
Budget and Finance, Justice, Labor and Employment
Sponsors (2)
Last Action
Assembly Public Employment And Retirement Hearing (09:00 6/22/2022 State Capitol, Room 444) (on 06/22/2022)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...