SACRAMENTO, Calif. — A bill being sent to the governor encourages the state's major public pension funds to put a priority on California projects when deciding where to place money for infrastructure investments.
SB955 asks the California Public Employees Retirement System and California State Teachers Retirement System to invest in California projects over comparable ones in other states. It passed the Senate on 36-0 vote Wednesday.
The projects would have to conform to the boards' regular fiduciary standards.
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The bill's authors, Democratic Sens. Fran Pavley and Michael Rubio, say the legislation will provide a foundation for job growth at a time of high unemployment.
CalPERS has plans to invest up to $800 million in infrastructure projects, while CalSTRS has pledged to invest up to $650 million.
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