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CA AB2510

Bill

Official Source

Status

Introduced

2/19/2020

Primary Sponsor

Ken Cooley

Click for details

Origin

State Assembly

2019-2020 Session

AI Summary

  • Amends Section 22352 of the Education Code to authorize the State Teachers' Retirement System (STRS) board to contract with investment advisers in addition to investment managers
  • Requires the board to find that necessary investment expertise is not available within existing civil service classifications and obtain State Personnel Board approval before contracting
  • Authorizes the board to establish competitive bidding processes and specify contract terms and conditions it deems necessary and prudent for hiring qualified investment managers and advisers
  • Defines investment advisers by reference to Section 22143 of the Education Code
  • Applies to contractors with demonstrated expertise in managing or advising management of large and diverse investment portfolios

Legislative Description

State teachers’ retirement: investment managers and investment advisers: contracts.

Last Action

In committee: Set, first hearing. Hearing canceled at the request of author.

5/4/2020

Committee Referrals

Public Employment and Retirement2/27/2020

Full Bill Text

No bill text available