9144.5.
(a) The Legislative Analyst shall prepare a pension fiscal impact analysis on any measure introduced on or after January 1, 2024, that is referred to the Senate Labor, Public Employment and Retirement Committee, or any successor committee of the Senate that becomes responsible for the same jurisdictional remit related to pensions, and that requires any of the following of a public retirement system as defined pursuant to subdivision (j) of Section 7522.04:(1) The cessation of, or prohibition from, investing in a particular asset or asset class.
(2) The divestiture of an existing investment.
(3) The imposition of any required activity that requires the pension board of trustees to assess whether the activity is consistent with the board’s fiduciary duty.
(4) The study, investigation, or research of any activity described in paragraphs (1) to (3), inclusive.
(b) In preparing the analysis required in subdivision (a), the Legislative Analyst shall have the assistance of the California Actuarial Advisory Panel established pursuant to Section 7507.2 and the affected public retirement system.
(c) The Legislative Analyst shall develop criteria to include in the analysis required in subdivision (a), but, at a minimum, shall include the effect the measure would have on the public retirement system’s funding status, employer and employee contribution rates, the state’s contribution rate, if any, and the likely costs to the General Fund of implementing the measure's provisions.
(d) When displaying the costs to the General Fund, the Legislative Analyst shall segment the information by short-term and long-term impact.
(e) For purposes of this section, the following definitions apply:
(1) “Long term” means 10 fiscal years after the measure’s effective date or a similar period recommended by the California Actuarial Advisory Panel.
(2) “Short term” means three fiscal years beginning with the fiscal year of the measure’s effective date.