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California Proposition 21, Investments of Public Retirement Systems Funds (June 1984)
| California Proposition 21 | |
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| Election date |
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| Topic Public employee retirement funds |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
California Proposition 21 was on the ballot as a legislatively referred constitutional amendment in California on June 5, 1984. It was approved.
A “yes” vote supported allowing the legislature to authorize the investment of public retirement systems' funds in any investment. |
A “no” vote opposed allowing the legislature to authorize the investment of public retirement systems' funds in any investment. |
Election results
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California Proposition 21 |
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| Result | Votes | Percentage | ||
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2,440,568 | 53.18% | ||
| No | 2,148,729 | 46.82% | ||
Text of measure
Ballot title
The ballot title for Proposition 21 was as follows:
| “ | Public Pension Fund Investments. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | PUBLIC PENSION FUND INVESTMENTS. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Deletes constitutional provisions specifying percentage and type of stocks and corporations in which public pension funds may invest. Substitutes provisions empowering Legislature to authorize investment of public pension funds by fiduciary who must discharge duties solely in interest and for exclusive purposes of providing benefits to participants and their beneficiaries, minimizing employer contributions, and defraying reasonable administrative expenses; discharge duties pursuant to specified prudent person standard; and diversify investments pursuant to specified standard. Declares public pension funds assets are trust funds held for exclusive purpose of providing benefits and defraying reasonable administrative expenses. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: This measure would have no direct fiscal effect on the state or local governments. The indirect fiscal effect of this measure would depend on the extent to which the rate of return on the investments of public retirement funds is higher or lower than what it would have been in the absence of the additional flexibility authorized by this measure. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the California Constitution
A two-thirds vote was needed in each chamber of the California State Legislature to refer the constitutional amendment to the ballot for voter consideration.
See also
External links
Footnotes
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State of California Sacramento (capital) |
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