CA AB2650

Prohibits the Public Employees' Retirement System (PERS) and State Teachers' Retirement System (STRS) from making new investments or renewing existing investments in Turkish government-issued or Turkish government-owned, controlled, or managed investment vehicles.

Requires PERS and STRS boards to liquidate existing Turkish investments within six months of passage of a federal law imposing sanctions on Turkey, while engaging with the Turkish government about accepting responsibility for the Armenian Genocide.

Mandates boards file a report to the Legislature and Governor within one year of federal sanctions passage, documenting liquidated investments, engagement with Turkey, and investments retained due to fiduciary concerns.

Exempts boards from divestment requirements if they determine in good faith that liquidation would violate their constitutional fiduciary responsibilities to the retirement systems.

Indemnifies present, former, and future board members, officers, employees, and investment managers from liability related to these investment restriction actions.