Expands the CalSTRS Collaborative Model, an investment strategy to reduce costs, control risks and increase expected returns by managing more assets internally and leveraging external partnerships. Grants the Teachers’ Retirement Board prudent flexibility to contract with investment managers and advisers under policies it adopts.

Authorizes CalSTRS to offer a traditional (tax-deferred) Individual Retirement Account (IRA) in addition to a Roth IRA and accept rollovers from any eligible retirement plan to those IRAs. It also enables CalSTRS to receive contributions from IRA participants and allows spouses of those participants to contribute to a CalSTRS IRA plan.

Creates a rebuttable presumption for disability retirements due to a COVID-19-related illness that the disability arose out of the member’s employment…

Requires the CalSTRS and CalPERS boards, commencing March 1, 2023, to submit an annual report to the Legislature on the status of achieving…

Prohibits state trust money from being used to make additional or new investments or renew existing investments in investment vehicles issued or owned by the government of Turkey, its instrumentalities or political subdivisions. Indemnifies present, former and future board members, officers and employees of and investment managers under contract with those state trust funds for actions related to the bill. Also, provides that its provisions would no longer apply if the government of Turkey adopts a policy to acknowledge the Armenian Genocide and embark on a path of affording justice to its victims.

Requests the U.S. President and Congress to enact legislation that would repeal the Government Pension Offset and the Windfall Elimination Provision…

Removes the 12-year limitation for service credit earned by a member while on a compensated leave of absence for elected service under the Teachers’ Retirement Law and the Public Employees’ Retirement law.

Requires CalSTRS to provide a school district an option to elect an investment portfolio that does not contain investment vehicles that are issued or owned by the government of the Republic of Turkey. Also, extends the same provision to school districts and cities participating in CalPERS.

Makes various technical, conforming or minor changes to the Teachers’ Retirement Law to facilitate efficient administration of the State Teachers’ Retirement Plan, which includes the Defined Benefit Program, the Defined Supplement Program and the Cash Balance Benefit Program. Also makes various technical and conforming changes to the Public Employees’ Retirement Law and the County Employees Retirement Law.

Eliminates the Government Pension Offset and the Windfall Elimination Provision from the Social Security Act.

Establishes a permanent Climate Risk Advisory Committee on the Financial Stability Oversight Council (FSOC), Requires specified regulatory agencies to…