This content is from: Innovation

CA To Pass Two Bills For CalSTRS, CalPERS

California Controller, John Chang, is sponsoring two new bills for CalSTRS and CalPERS.

California Controller, John Chang, is sponsoring two new bills for CalSTRS and CalPERS, Pensions & Investments reports. One of the bills will toughen post-employment restrictions for board members and employees of the $226.5 billion CalPERS, Sacramento, and the $146.4 billion CalSTRS, West Sacramento, requiring a two-year wait after leaving before working with a firm that does business with the funds.

The second bill will lower the amount of gifts board members for both systems and CalSTRS employees can receive to $50 a year, down from $420 currently. CalPERS employees have been barred from receiving any gifts since 2009. The bills follow proposals made two months ago by Philip Khinda, a Washington lawyer with Steptoe & Johnson.

Click here for the story from Pensions & Investments.

Related Content