CA AB1052

Authorizes the State Teachers' Retirement System board to contract for investment services without complying with state contracting laws, except Section 8546.7 of the Government Code, under terms and conditions the board deems necessary and consistent with its fiduciary duties.

Requires the board's investment service procurement processes to be competitive, including standardized solicitation documents, minimum qualifications, public advertisement, and opportunity for protest.

Permits non-competitive contracting for investment services when competitive bids are not required under Public Contract Code Section 10340(b) or when contracting with emerging investment managers as defined by the board.

Grants investment managers not selected through noncompetitive processes the opportunity to protest any selection made for emerging investment manager positions.

Clarifies that board members selecting and monitoring investment managers with care, skill, prudence, and diligence are not liable for the acts or omissions of those investment managers.