California Public Pension and Retirement Systems Required to Invest in California Businesses (2012)
|Not on Ballot|
| This measure did not or |
will not appear on a ballot
The letter requesting a title and summary for the proposed initiative was signed by Michael Lee Madsen, Sr.
Text of measure
- "Requires all State and local public pension or retirement systems to invest and maintain at least 85 percent of their assets in California businesses in which at least 70 percent of the employees are employed within California by January 1, 2016."
Summary of estimated fiscal impact:
(This is a summary of the initiative's estimated "fiscal impact on state and local government" prepared by the California Legislative Analyst's Office and the Director of Finance.)
- "Potential increase in state and local pension contribution costs of billions of dollars per year (as measured in today’s dollars), depending on how this measure is implemented. Unknown, but likely not significant, net long-term change in state economic activity and related state and local revenues."