Bill Text: CA AB181 | 2019-2020 | Regular Session | Amended
Bill Title: Hazardous waste: cost reimbursement.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2019-10-12 - Chaptered by Secretary of State - Chapter 797, Statutes of 2019. [AB181 Detail]
Download: California-2019-AB181-Amended.html
Amended
IN
Senate
September 04, 2019 |
Amended
IN
Assembly
March 25, 2019 |
Introduced by Assembly Member |
January 09, 2019 |
LEGISLATIVE COUNSEL'S DIGEST
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 Public Employees’ Retirement Law creates the Public Employees’ Retirement Fund for the benefit of the members and retired members of this retirement system and their survivors and beneficiaries. The Board of Administration of the Public Employees’ Retirement System (PERS) has the exclusive control of the administration and investment of the retirement fund.
The Teachers’ Retirement Law establishes the State Teachers’ Retirement System (STRS) for the benefit of teachers and other persons employed in connection with the schools of this state. STRS is administered by the Teachers’
Retirement Board.
This bill would require the Board of Administration of the Public Employees’ Retirement System and the Teachers’ Retirement Board to each provide a report to the Legislature, commencing March 1, 2021, and annually thereafter, on the status of achieving appropriate objectives and initiatives, to be defined by the boards, regarding participation of emerging managers responsible for asset management within each system’s portfolio of investments.
The bill would require that the report be based on contracts that the system enters into on and after January 1, 2020, and be based on information from the prior fiscal year. The bill would require each report to include certain elements and would require the boards to define emerging manager for purposes of these provisions.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 25205.7 of the Health and Safety Code is amended to read:25205.7.
(a) (1) A person who applies for, or requests, any of the following shall enter into a written agreement with the department pursuant to which that person shall reimburse the department, pursuant to Article 9.2 (commencing with Section 25206.1), for the costs incurred by the department in processing the application or responding to the request:(3)Acknowledging a limited period of retroactive application of the elimination of the flat fee option pursuant to this subdivision, the Legislature finds and declares all of the following:
(A)The department expends a substantial amount of time and resources in processing permit applications and modifications.
(B)The former flat fee option paid by applicants was most often insufficient to cover actual costs to the department in reviewing and processing the applications and modifications.
(C)The applicant, being the primary beneficiary of the permit process, in fairness should pay the actual costs of the department in reviewing permit applications and modifications.
(D)The amendment to this section during the 2015–16 Regular Session eliminating the flat fee option and requiring applicants to enter into a written reimbursement agreement with the department is intended to apply to applications and modification requests filed on or after April 1, 2016, in order to remedy this financial inequity and to avoid an influx of the submission of applications to the department before amendment to this section goes into effect.
(3)Acknowledging a limited period of retroactive application of the elimination of the flat fee option pursuant to this subdivision, the Legislature finds and declares all of the following:
(A)The department expends a substantial amount of time and resources in processing permit applications and modifications.
(B)The former flat fee option paid by applicants was most often insufficient to cover actual costs to the department in reviewing and processing the applications and modifications.
(C)The applicant, being the primary beneficiary of the permit process, in fairness should pay the actual costs of the department in reviewing permit applications and modifications.
(D)The amendment to this section during the 2015–16 Regular Session eliminating the flat fee option and requiring applicants to enter into a written reimbursement agreement with the department is intended to apply to applications and modification requests filed on or after April 1, 2016, in order to remedy this financial inequity and to avoid an influx of the submission of applications to the department before amendment to this section goes into effect.
(a)Commencing March 1, 2021, and annually thereafter, the board shall submit a report to the Legislature on the status of achieving appropriate objectives and initiatives, as defined by the board, regarding participation of emerging managers responsible for asset management within its portfolio of investments.
The report shall be based on contracts that the system enters into on and after January 1, 2020.
(b)The report shall also identify and include all of the following:
(1)The name of each emerging manager
providing investment portfolio or asset management services at the end of the prior fiscal year, including, but not limited to, fund of funds contracts, for all asset classes, as applicable.
(2)The amount managed by each emerging manager by asset class at the end of the prior fiscal year.
(c)The board shall define the term “emerging manager” for purposes of this section.
(d)The report required by this section shall be submitted in compliance with Section 9795 of the Government Code.
(e)Nothing in this section shall require the board to take action unless the board determines in good faith that the action described in this section is consistent with the fiduciary responsibilities of the board as described in Section 17 of
Article XVI of the California Constitution.
(f)This section shall not require the board to disclose information that is excepted from disclosure under Section 6254.26 of the Government Code.
(a)Commencing March 1, 2021, and annually thereafter, the board shall submit a report to the Legislature on the status of achieving appropriate objectives and initiatives, as defined by the board, regarding participation of emerging managers responsible for asset management within
its portfolio of investments.
The report shall apply to contracts the system enters into on and after January 1, 2020.
(b)The report shall also identify and include all of the following:
(1)The name of each emerging manager providing investment portfolio or asset management services at the end of the prior fiscal year, including, but not limited to, fund of fund contracts, for all
asset classes, as applicable.
(2)The amount managed by each emerging manager by asset class at the end of the prior fiscal year.
(c)The board shall define the
term “emerging manager” for purposes of this section.
(d)The report required by this section shall be submitted in compliance with Section 9795.
(e)Nothing in this section shall require the board to take action unless the board determines in good faith that the action described in this section is consistent with the fiduciary responsibilities of the board as
described in Section 17 of Article XVI of the California Constitution.
(f)This section shall not require the board to disclose information that is excepted from disclosure under Section 6254.26.