State teachers' retirement: executive and managerial positions.

The State Teachers' Retirement Law, which is administered by the Teachers' Retirement Board, prescribes a comprehensive system of rights and benefits for its members, including disability benefits, retirement benefits, and death benefits. Existing law requires the Teachers' Retirement Board to fix the compensation of specified executive and managerial positions, including that of the chief executive officer, system actuary, general counsel, chief investment officer, and other investment officers and portfolio managers whose positions are designated as managerial, and to whom specified procedures and conflict-of-interest provisions apply. This bill would add the positions of chief operating officer and chief financial officer to those positions for which the board is required to fix the compensation and would make the individuals holding those positions subject to those conflict-of-interest provisions. The bill would also prohibit the salaries of the chief operating officer and chief financial officer from exceeding 150 percent of the prevailing salary for the Governor, as specified. The bill would additionally remove the position of chief of staff from those positions that are subject to conflict-of-interest provisions that limit postemployment appearances before, or communication to, the board.