This law requires that any city in California with a population of at least 1,000,000 must ensure that their pension and retirement plans do not charge men and women different contribution rates for the same service beginning January 1, 1975. It emphasizes that contributions must be equal regardless of gender. Importantly, it does not mandate raising anyone's contribution rate, and it does not apply to the Public Employees’ Retirement System.

This law applies only to the City of San Diego. It requires San Diego to provide Social Security coverage to city employees who don’t have a defined benefit retirement plan. A defined benefit plan is like a traditional pension. This rule doesn't affect existing defined contribution plans, which are a different type of retirement savings plan, unless those plans are being changed to replace current pension plans that were in place on July 1, 2012.

This law is all about making sure public retirement systems in California stay financially healthy. It says that public agencies with retirement plans should get their financial health checked regularly. Parts of this law empower the State Controller to collect data and evaluate the financial status of these systems to keep everything in check.

The California Controller is responsible for reviewing the financial health of state and local public retirement systems. This involves looking closely at their annual financial reports and three-year financial projections. The focus is on how well-funded they are and various assumptions like salary growth due to inflation, and rates of retirement and return on investments.

To ensure thorough evaluations, the Controller must set up an advisory committee with qualified actuaries and retirement system administrators.

This law requires all state and local public retirement systems to create an annual report following standard accounting rules.

This law requires all state and local public retirement systems in California to hire an actuary at least every three years to evaluate their pension plans. The actuary must use appropriate methods and, if their methods differ from those expected by the organization, they need to explain why. Additionally, these systems must have their financial statements audited by a qualified professional such as a certified public accountant or county auditor. They must submit these audited statements to the Controller within six months after the fiscal year ends, although this deadline can be postponed by the Controller in the first year until proper forms are developed. Failure to comply results in a penalty unless there's a valid reason for being late, which can lead to the penalty being waived.

The Controller is also responsible for compiling and publishing an annual report on the financial health of these retirement systems, using collected data, within 12 to 18 months after the relevant fiscal year ends.

Every public retirement system in the state must allow benefit recipients to have their payments directly deposited into their bank, savings and loan, or credit union accounts. Once the payment is made to the designated account, the public agency has fulfilled its payment obligations.

This law allows anyone receiving benefits from a California state retirement system to have those benefits directly deposited into a bank account of their choice. By choosing direct deposit, the state's responsibility to make that payment is considered fulfilled.

This law allows the California Controller to set up agreements with banks and financial institutions to offer direct deposit services for people receiving benefits from state retirement systems. Those eligible can choose to have their benefits directly deposited into their preferred bank account using electronic fund transfer, after any required withholdings and deductions are made.

This law requires that when the California Legislature or local government bodies, like community college boards, consider changing retirement or postemployment benefits, they must get an actuary to analyze and report the financial impact of these changes. The results must be made public in advance of any decision, particularly if the changes affect costs by more than 0.5% of what's currently spent on benefits.

Some exceptions exist, such as small insurance premium increases (up to 3%) or changes required by higher government authorities. These public discussions can't be tucked into a 'consent calendar' for automatic approval, instead needing a full public airing. School districts and county education offices follow different rules for these kinds of changes.

The California Actuarial Advisory Panel is a group established to provide unbiased and independent advice on pensions and other retirement benefits to public agencies in California. It meets quarterly and focuses on defining best practices and standards related to public retirement plans. The panel consists of eight experienced actuaries appointed by various state entities, serving three-year terms, with the initial term exceptions for some members. The panel is based in the Controller's office, which provides staff support.

Its tasks include setting standards for actuarial practices, pricing, quality control, and answering policy questions for public retirement systems. While providing valuable advice, the panel's opinions are advisory only and cannot be used for legal actions. Members are reimbursed for expenses by their appointing authority, and the panel reports annually to the Legislature.

This law requires the University of California Regents to inform the California Legislature about any planned changes to the university's retirement benefits, contribution rates by employers or employees, or assumptions used to calculate benefits. They must provide this notice 60 days before the changes take effect. The notice should include a detailed explanation of each change and how it impacts future costs.

If you're a retired member of certain state retirement systems in California, you are allowed to serve on a public board or commission and get paid for attending meetings, plus receive travel expenses. This won't affect your retirement benefits, as long as you don't attend more than 50 meetings a year. However, this rule doesn't apply if the board or commission position has an annual salary set by another specific law.

This law section states that if someone has served on the board or as an executive, like an administrator or lawyer, of a public pension or retirement system in California, they cannot, for two years after leaving their position, represent or work for others in ways that influence actions or decisions of that retirement system. They can only work for the same public entity that runs the pension system. This restriction includes any formal or informal interactions intended to sway administrative or legislative decisions, or dealings with permits, licenses, or contracts related to the pension system.

This law says that the usual limits on interest rates set by the California Constitution do not apply to loans or delays in repayment by state or local public retirement systems. This includes systems like the State Teachers’ Retirement or Public Employees’ Retirement. These retirement systems are considered an exempt group when it comes to interest rate restrictions. A "local agency" can cover a variety of government entities like cities, counties, school districts, or other public bodies within the state.

This law details how public retirement systems in California handle property investments. If a public retirement system invests in real estate for income in a city or county, it must pay an annual fee for governmental services, based on a difference in potential property taxes if the property was normally taxed. However, this doesn’t apply to local government retirement systems that can already invest in property or state public retirement systems.

When state public retirement systems lease this property, the lessee might owe property taxes based on their interest, and the lease must state this clearly. These properties are taxed like privately owned property, but the lessee’s tax is managed as unsecured property tax. If the retirement system invests through another business, it's not considered a direct property investment for tax purposes. Fees charged before July 1992 are valid, but claims after aren't collectible. This law applies to taxes from July 1992 onward, with specific rules for prorating taxes if tenancy doesn’t last a full year.

This law requires the boards managing California's public employee and teacher retirement funds to analyze and report on financial risks posed by climate change to their investment portfolios. Specifically, they must assess factors like severe weather, rising sea levels, and policies addressing climate change, and determine their impact on long-term financial security. Reports, updated every three years, should cover how well investments align with the Paris climate agreement and California's climate goals. They also must detail engagement with major carbon-emitting companies and actions taken to mitigate risks. The actions should align with fiduciary duties, and the requirement is effective until January 31, 2035.

This law allows public retirement systems, fiduciaries, employers, and employee organizations to buy insurance that covers liabilities or losses due to fiduciary actions or omissions. However, if a fiduciary breaches their obligations, the insurance must allow the insurer to take action against them. Fiduciaries can also buy insurance for themselves, and employers or employee organizations can insure those handling employee benefit plans.

This law requires state and local public pension or retirement systems to provide an annual report on their investments and earnings to any member who requests it, starting 90 days after their annual audit is completed. Members may have to pay a fee for the report. The report should be presented in a cost-effective format. Local systems can charge a fee to cover the costs of preparing and sending the report.

This law ensures that if a person is part of a state or local retirement plan that follows federal tax rules (Section 401(a)(31) of the Internal Revenue Code), they have the right to move their retirement money directly from one plan to another qualified retirement plan, like a 401(k) or an IRA. This is called a "direct rollover," and it's a way to transfer retirement savings without the need to cash out and potentially face taxes.

The law's intent is to make sure these retirement systems comply with federal rules that require offering this option for some retirement distributions.

This California law requires the Teachers' Retirement Board and Public Employees' Retirement System Board to check if U.S. and international companies in Northern Ireland, where they invest, follow nondiscrimination and fair workplace practices. They must report yearly to the Legislature by March 1st.

The boards compile a list of such companies and evaluate if they work towards goals like increasing diverse workforce representation, providing adequate security, banning provocative symbols at work, advertising job openings publicly, and implementing fair employment procedures. They should also ensure proper training programs and affirmative action efforts are in place.

Whenever possible, they should support initiatives encouraging companies to follow affirmative action policies in Northern Ireland, balancing this with their financial responsibilities.

This law requires that California's public employee retirement funds avoid investing in companies with business operations in Sudan, especially those involved in oil-related activities or complicit in the Darfur genocide, unless the companies take significant action against the Sudanese government. It prohibits investment in companies supplying military equipment in Sudan, with exceptions for humanitarian activities. The law mandates hiring research firms to identify relevant companies and encompasses detailed procedures for monitoring, notifying, and disengaging from such investments. Annual reports to the Legislature are required to disclose investment details. Exemptions apply to companies alleviating human suffering or engaged in U.S.-sanctioned activities in Sudan. The law remains effective until Sudan halts the Darfur genocide or the U.S. lifts sanctions.

This law, called the California Public Divest from Iran Act, mandates that the boards overseeing public employee retirement funds in California must not invest in companies with business operations in Iran, particularly those involved in Iran's energy or defense sectors or linked to terrorism. It requires annual reviews of investment portfolios, and if a company is found to meet these criteria and does not take corrective action, the boards must divest from them within 18 months. The boards must report annually to the Legislature detailing their investments in such companies and outline any investment changes made in response to these criteria. The board is not required to divest if it determines that doing so would compromise its fiduciary responsibilities. This act will no longer operate if specific certifications by the U.S. President are made under federal law.

This section defines key terms related to public pension or retirement systems in California. It specifies what a 'Board' is, referring to the governing body of a retirement system. An 'External manager' is someone managing a portfolio or offering investment fund ownership to this Board. An 'Investment fund' includes various types of funds primarily investing or trading assets, but excludes registered companies offering public securities. An 'Investment vehicle' is an entity organized to invest with other managers, where the Board has a majority stake. A 'Person' includes individuals and many types of business entities. Finally, a 'Placement agent' is someone who, for a fee, helps facilitate sales or management services for the Board, excluding certain employees of the external manager who spend significant time managing assets.

This law requires anyone acting as a placement agent, which is someone who helps with investment opportunities, to report all campaign contributions and gifts they have given to any board members of a pension system. This disclosure must cover the two years before they start working with the board and include any additional contributions or gifts while they are working with the board.

This section defines certain terms related to California's public employee retirement funds and outlines reporting requirements for investments in companies involved with the Dakota Access Pipeline. By April 1, 2018, the Board in charge of these funds had to report to the Legislature and Governor about their investments in these companies, detailing their interactions and any agreements made with them. The law also encourages the Board to consider tribal sovereignty and indigenous rights in their investment policies. However, the Board is not obligated to act unless it aligns with their financial responsibilities.

This law outlines the conditions under which California's public employee retirement funds must stop investing in the government of Turkey. If the U.S. federal government imposes sanctions on Turkey for not acknowledging the Armenian Genocide, the state retirement boards must stop new investments and sell off existing ones within 18 months, unless doing so conflicts with their fiduciary duties. They must report to the state government about the divestments made and any investments retained due to fiduciary responsibilities. The boards need to reassess the impact of divestment by 2035 and report on whether it should continue. This rule ends if Turkey acknowledges the genocide, or by 2035, whichever comes first.

California's government has identified coal burning as a major cause of climate change and is taking action to address it. This law requires the Public Employees’ Retirement System and the State Teachers’ Retirement System to stop investing in companies that make most of their money from thermal coal, which is coal used to produce electricity. The goal is to help move the state towards cleaner energy sources.

The term 'thermal coal company' refers to companies that get 50% or more of their revenue from mining thermal coal. These retirement systems must sell off their investments in such companies by July 1, 2017, unless engaged companies are transitioning to cleaner energy. A report of these activities was due by January 1, 2018, to be shared with both the Legislature and the Governor. However, these actions must align with the boards' fiduciary duties, meaning they must not harm the financial interests of the retirement funds.

This law requires a policy for disclosing payments to placement agents involved with investment managers, effective by June 30, 2010. The policy must include details such as relationships between managers and agents, resumes of placement agents, any compensation they receive, services they provide, and their registration status with financial regulatory bodies or as lobbyists.

If this policy is violated, the external manager or agent cannot solicit new investments for five years, unless the board decides otherwise due to good cause. Agreements can only be made with managers agreeing to follow this policy, and actions must align with the board's fiduciary duties.

Basically, if someone wants to act as a placement agent for investment deals involving a California state public retirement system, they need to be registered as a lobbyist. This means they have to follow the rules set out in the Political Reform Act of 1974 for lobbyists. However, there are exceptions that are referenced from another section.

This law requires anyone acting as a placement agent for a potential investment with a local public retirement system to file reports and meet other requirements from local agencies that oversee lobbyists. However, it doesn't apply to certain individuals associated with external managers. These exceptions include employees or partners who spend a significant amount of time managing investments, and employees or leaders of investment firms that are registered with the appropriate securities regulators, have participated or been selected through a fair bidding process, and agree to a high standard of care when managing public retirement assets.

If you're a board member or employee, you can't sell or offer any investment products to California's public retirement systems outside of your board duties. Essentially, don't mix personal interests with board responsibilities.

This section clarifies specific terms for understanding retirement benefits under California's Public Employees' Retirement System. "Actuarial equivalent" refers to benefits of equal value based on mortality tables and interest rates set by the retirement board. A "beneficiary" is someone or an entity designated to receive benefits after a member or retiree's death. "Salary" refers only to wages paid, excluding additional benefits like health insurance or vacation pay. An "unmodified pension" is the maximum retirement allowance, including any cost-of-living adjustments, before opting for different settlement options.

This law allows state or local public retirement systems in California to invest in foreign government bonds or similar debt instruments, as long as those foreign governments have a good track record of paying back such debts. The investments must follow a standard for prudent investing as per the California Constitution. Additionally, parts of these investments can be specifically directed towards bonds or notes guaranteed by Canada, Israel, Mexico, or South Africa, regardless of their credit rating.

This law allows state and local public retirement systems in California to invest in financial products such as bonds, notes, or obligations from selected international financial institutions, like the African and Asian Development Banks, as long as these investments meet certain standards for prudent investing. The U.S. must be a member of these organizations, and the investments should have a history of meeting payment obligations on time.

This section of the law addresses how certain boards, like those managing state retirement systems, can approach investing in infrastructure projects. A board is allowed to prioritize investments in infrastructure projects within California, like transportation or utilities, over similar projects outside the state. However, they must ensure these investments align with their duties to invest wisely and minimize risk. The law suggests prioritizing in-state projects as long as it doesn't conflict with the board's responsibility to protect investments and maximize returns. Lastly, boards are not mandated to make any decisions that go against their primary fiduciary obligations.

This law allows California's state pension systems to create programs that help state and local governments, as well as other public finance entities, get better loan terms. They can do this by improving the credit of the financial products like bonds and notes. However, these programs must follow specific investment rules and adhere to certain federal tax laws.

This law says that if you're in a retirement system like the Public Employees’ Retirement System or the State Teachers’ Retirement System, and you move to another retirement system, there's usually a time limit for how soon you have to start working again to keep your retirement benefits. But if you were a full-time elected official after November 6, 1990, and you join another retirement system within 120 days after leaving the elected position, that time spent in the elected office counts towards that time limit.

This California law requires public investment funds to ensure transparency by having alternative investment vehicles disclose certain financial details annually. These disclosures include fees, expenses, and carried interest distributed to fund managers. Public investment funds must then report this information, along with the investment vehicles' performance, in a public meeting. This law applies to new and some existing contracts and aims to provide public awareness and accountability in investments involving public money.

Alternative investments, like private equity and hedge funds, are specifically defined and the responsibilities of both the investment funds and managers are laid out. The law took effect from January 1, 2017, and is focused on ensuring that proper disclosures are made for contracts entered or capital commitments made after this date.