California Proposition 6, Investment of Public Pension and Retirement Funds Amendment (1982)
| California Proposition 6 | |
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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 6 was on the ballot as a legislatively referred constitutional amendment in California on November 2, 1982. It was defeated.
A “yes” vote supported increasing the limit on the investment of public pension or retirement funds to 60%, allowing up to 50% of the investment of public pension or retirement funds to be invested in common stocks that do not meet the current requirements, and allowing up to 0.5% of the investment of public pension or retirement funds to be in non-publicly traded companies. |
A “no” vote opposed increasing the limit on the investment of public pension or retirement funds to 60%, allowing up to 50% of the investment of public pension or retirement funds to be invested in common stocks that do not meet the current requirements, and allowing up to 0.5% of the investment of public pension or retirement funds to be in non-publicly traded companies. |
Election results
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California Proposition 6 |
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| Result | Votes | Percentage | ||
| Yes | 2,650,290 | 39.20% | ||
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4,110,123 | 60.80% | ||
Text of measure
Ballot title
The ballot title for Proposition 6 was as follows:
| “ | Public Pension Fund Investment. | ” |
Ballot summary
The ballot summary for this measure was:
| “ | PUBLIC PENSION FUND INVESTMENT. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Constitution presently permits Legislature to authorize public pension and retirement funds to invest up to 25 percent in common stock of corporations meeting prescribed standards. This measure permits authorizing public pension and retirement systems to instead invest up to 60 percent in such common stock and, within the 60 percent, 5 percent in stock of corporations not meeting certain present standards. Permits Legislature, within both limitations, to authorize 0.5 percent investment in corporations whose assets are in nonpublicly traded equity instruments. Provides assets of public pension or retirement funds are trust funds. Prescribes fiduciary standards for their investment. Summary of Legislative Analyst's estimate of net state and local government fiscal impact: If implemented, could result in opportunities for increased earnings through higher dividends and capital gains, accompanied by greater risk to the participating public pension or retirement funds, which could entail capital losses to the funds. | ” |
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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