BILL NUMBER: SB 1928	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Haynes

                        FEBRUARY 24, 2000

   An act relating to public retirement funds.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1928, as introduced, Haynes.  Capital Markets Task Force.
   Under existing law, the retirement boards of public pension or
retirement systems have plenary authority over the investment of
pension funds, subject to their fiduciary duties to the members of
the system.
   This bill would declare the Legislature's intent to create a
Capital Markets Task Force to oversee and review investments by the
Public Employees' Retirement System and the State Teachers'
Retirement System, as specified.
   Vote:  majority.  Appropriation:  no.  Fiscal committee:  no.
State-mandated local program:  no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:


  SECTION 1.  (a) It is the intent of the Legislature that a Capital
Markets Task Force shall be created to oversee pension fund
investments by the Public Employees' Retirement System and the State
Teachers' Retirement System.
   (b) The task force shall review potential investments by those
systems in international equity and debt holdings, in order to
identify human rights, national security, and other social concerns
that could be material to the performance of those investments.
   (c) The task force shall be comprised of appointed experts in the
fields of trade and national security.