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CA SB1089
Bill
AI Summary
- Extends the sunset date for divestment restrictions on Turkish government investments from January 1, 2025 to January 1, 2035
- Prohibits the Public Employees' Retirement System and State Teachers' Retirement System from making new investments or renewing existing investments in Turkish government-issued or Turkish government-owned investment vehicles, contingent upon passage of federal sanctions legislation regarding the Armenian Genocide
- Requires boards to liquidate prohibited Turkish investments within 18 months of federal sanctions legislation passage
- Mandates boards file reports with the Legislature and Governor within one year describing liquidated investments and any investments retained based on fiduciary responsibility determinations
- Repeals the section when either the sunset date (January 1, 2035) is reached or Turkey officially acknowledges responsibility for the Armenian Genocide, whichever occurs first
Legislative Description
Public employee retirement systems: prohibited investments: Turkey.
Last Action
Chaptered by Secretary of State. Chapter 541, Statutes of 2022.
9/25/2022
Committee Referrals
Appropriations6/28/2022
Public Safety6/15/2022
Health5/27/2022
Appropriations4/27/2022
Public Safety3/31/2022
Health2/23/2022
Rules2/16/2022
Full Bill Text
No bill text available