Bill Text: CA AB946 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 946 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: State public retirement systems: divestiture: border wall construction companies.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Failed) 2018-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB946 Detail]

Download: California-2017-AB946-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 946

Introduced by Assembly Member Ting

February 16, 2017

An act to amend Section 20150 of the Government Code, relating to public employees’ retirement.

LEGISLATIVE COUNSEL'S DIGEST

AB 946, as introduced, Ting. Public Employees’ Retirement System.

Existing law, the Public Employees’ Retirement Law, establishes the Public Employees’ Retirement System (PERS), which provides a defined benefit to members of the system, based on final compensation, credited service, and age at retirement, subject to certain variations. PERS is governed by its board of administration, and members or employees of the board are prohibited from, among other things, having an interest in investments or profits accruing from them.

This bill would make nonsubstantive changes in the provisions regulating the interests of members and employees of the board.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

Section 20150 of the Government Code is amended to read:

20150.

A board member or employee of the board shall not, directly or indirectly:

(a) Have ~~any~~ an interest in the making of ~~any investment,~~ an investment or in the gains or profits accruing ~~therefrom.~~ from them.

(b) For himself or herself or as an agent or partner of others, borrow ~~any~~ funds or deposits of this ~~system,~~ system nor use those funds or deposits ~~in any manner~~ except to make current and necessary payments authorized by the board.