CA SB459

Requires the California Public Employees' Retirement System (CalPERS) board of administration to adopt an investment policy by July 1, 2019 regarding companies that retail or wholesale weapons banned in California.

Mandates a limited engagement period with companies to voluntarily remove banned weapons from their inventory, followed by proxy voting against non-compliant companies.

Requires CalPERS to divest from companies that fail to cease banned weapons sales by no later than July 1, 2021.

Mandates divestment action within 60 days if a company that voluntarily ceased banned weapons sales subsequently reinitiates such sales.

Provides indemnification to CalPERS board members and employees from liability related to divestment actions taken under the policy, provided such actions are consistent with fiduciary responsibilities.