AB 1439: Public retirement systems: development projects: labor standards.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

The California Constitution grants the retirement board of a public employee retirement system plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. These provisions qualify this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of a retirement board.

Existing law prohibits the boards of the Public Employees’ Retirement System (PERS) and the State Teachers’ Retirement System (STRS) from making certain new investments or renewing existing investments of public employee retirement funds, including in a thermal coal company, as defined. Existing law provides that a board is not required to take any action regarding those investments unless the board determines in good faith that the action is consistent with the board’s fiduciary responsibilities established in the California Constitution.

This bill would request the University of California, Berkeley, Labor Center to conduct an independent study to analyze the extent of labor standards protections in California real estate and infrastructure development projects funded through the real asset portfolios of PERS and STRS. The bill would request that the study and a report of its findings be completed and provided to the Legislature and the Department of Finance by January 1, 2028, as specified.

Sponsors

Sponsors by party (alphabetical): Democratic 3

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. September 20, 2026Chaptered by Secretary of State - Chapter 365, Statutes of 2026.
2. September 20, 2026Approved by the Governor.
3. September 4, 2026Enrolled and presented to the Governor at 4 p.m.
4. August 27, 2026Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 60. Noes 9. Page 6680.).
5. August 26, 2026In Assembly. Concurrence in Senate amendments pending.
6. August 26, 2026Read third time. Passed. Ordered to the Assembly. (Ayes 28. Noes 10.).
7. August 17, 2026Read second time. Ordered to third reading.
8. August 13, 2026Read second time and amended. Ordered returned to second reading.
9. August 13, 2026From committee: Amend, and do pass as amended. (Ayes 5. Noes 2.) (August 13).
10. June 22, 2026In committee: Referred to APPR. suspense file.
11. June 11, 2026Read second time and amended. Re-referred to Com. on APPR.
12. June 10, 2026From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 1.) (June 10).