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.
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