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.

Statutes affected:
AB979: 7522.30 GOV, 22760 GOV, 22814 GOV, 75506.7 GOV, 75521 GOV, 75522 GOV, 75523 GOV, 75553 GOV, 75570 GOV, 75571.5 GOV, 75590 GOV, 75601 GOV, 75602 GOV
02/21/19 - Introduced: 7522.30 GOV, 22760 GOV, 22814 GOV, 75506.7 GOV, 75521 GOV, 75522 GOV, 75523 GOV, 75553 GOV, 75570 GOV, 75571.5 GOV, 75590 GOV, 75601 GOV, 75602 GOV
01/06/20 - Amended Assembly: 7522.30 GOV, 22760 GOV, 22814 GOV, 75506.7 GOV, 75521 GOV, 75522 GOV, 75523 GOV, 75553 GOV, 75570 GOV, 75571.5 GOV, 75590 GOV, 75601 GOV, 75602 GOV