Today's Law As Amended


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SB-715 University of California retirement plans: asset managers: contracts.(2019-2020)



As Amends the Law Today


SECTION 1.

 The heading of Chapter 3.9 (commencing with Section 12147) of Part 2 of Division 2 of the Public Contract Code is amended to read:

CHAPTER  3.9. University of California and California State University Contracts

SEC. 2.

 Section 12148 is added to the Public Contract Code, to read:

12148.
 (a) The University of California shall not enter into a contract for services with an asset manager for a defined contribution plan if that plan is a stand-alone optional plan that is not a complement to a defined benefit pension plan. This prohibition shall not apply to a defined contribution plan that is offered as a complement to a defined benefit pension plan.
(b) This section shall apply to a contract entered into on or after January 1, 2015.