CA AB1597

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 controlled investment vehicles, effective upon passage of federal sanctions on Turkey for failing to acknowledge the Armenian Genocide.

Requires PERS and STRS to liquidate existing Turkish government investments within 6 months of the triggering federal law being enacted.

Mandates boards file a report to the Legislature and Governor within one year detailing liquidated investments and any 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.

Provides indemnification from the General Fund for board members, officers, employees, and investment managers for actions taken under this law and repeals the section if Turkey officially acknowledges responsibility for the Armenian Genocide.