Public employees' retirement: pension fund management.

The County Employees Retirement Law of 1937 authorizes counties to establish retirement systems, as specified, in order to provide pension benefits to county, city, and district employees. The California Constitution confers upon the retirement boards of public retirement systems plenary authority and fiduciary responsibility for the investment of moneys of those systems. Existing law authorizes the Board of Administration of the Public Employees' Retirement System and the Teachers' Retirement Board of the State Teachers' Retirement System, consistent with their fiduciary duties and the standard for prudent investment, to prioritize investment in an in-state infrastructure project over a comparable out-of-state infrastructure project. This bill would extend the authorization to prioritize investment in an in-state infrastructure project, as described above, to the board of retirement or the board of investments of a retirement system established pursuant to the County Employees Retirement Law of 1937.