CA SB955

Authorizes the Public Employees' Retirement System (CalPERS) Board and State Teachers' Retirement System (CalSTRS) Board to prioritize investment in in-state infrastructure projects over comparable out-of-state projects, consistent with their fiduciary duties and prudent investment standards.

Defines "infrastructure" to include telecommunications, power, transportation, ports, petrochemical, and utilities.

Establishes that CalPERS has planned to invest up to $800 million in infrastructure and CalSTRS has committed up to $650 million to infrastructure investments.

Encourages both boards to prioritize in-state infrastructure investments if those investments are consistent with their fiduciary duty to minimize risk and maximize rate of return.

Clarifies that nothing in the law requires boards to take actions inconsistent with their constitutional fiduciary responsibilities and plenary authority over investment decisions.