CA AB161

Amends Section 7514.2 of the Government Code to require Public Employees' Retirement System infrastructure investment staff to work with state agencies to produce an annual list of priority in-state infrastructure projects suitable for funding by retirement boards.

Allows retirement boards (including PERS, Teachers' Retirement Board, and county retirement systems) to prioritize investment in comparable in-state infrastructure projects over out-of-state projects, consistent with fiduciary duties and prudent investment standards.

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

Defines "suitable" projects as those less likely to be impeded by prohibited transaction and exclusive benefit rules under federal pension regulations.

Removes provisions from the original bill that would have created a "Reinvesting in California Special Fund" with guaranteed rates of return on PERS infrastructure investments.