Proposition Summary

Legislative Constitutional Amendment. Provides Legislature may authorize investment of moneys of and public pension or retirement fund, except Teachers' Retirement Fund, in stock or shares of any corporation or a diversified management; investment company; provided that not to exceed 25% of the assets of the fund may be so invested and there is compliance with specified requirements as to registration of the stock in an exchange, financial condition of the corporation, and the percentage of stock which may be acquired in anyone corporation.

Proposition Number




Document Type




Popular Vote Results

Y: 3279258; A: 59.6; N: 2219383; B: 40.4

Election Type

General Election

Proposition Type

Assembly Constitutional Amendment

Relevant Case

Powers v. City of Richmond: 10 Cal. 4th 85, 1995; Betts v. Board of Admin. of the Pub. Employees Retirement Sys.: 21 Cal. 3d 859, 1978; People v. Anderson: 6 Cal. 3d 628, 1972; California Gillnetters Ass'n v. Department of Fish & Game: 39 Cal. App. 1145, 1995; Allen v. Board of Admin. of the Pub. Employees Retirement Sys.: 137 Cal. App. 3d 652, 1982; People v. Hawes: 129 Cal. App. 3d 930, 1982; Jones v. Superior Ct. of Orange County: 114 Cal. App. 3d 725, 1981; Alex v. County of Los Angeles: 35 Cal. App. 3d 994, 1973; Lyon v. Flournoy: 271 Cal. App. 2d 774, 1969

Code Sections Affected

Amended Cal. Const. art. XII, section 13

For Author

Assemblyman Don A. Allen, Sr., Chairman Joint Legislative Retirement Committee, California Legislature; Assemblyman E. Richard Barnes, Member Joint Legislative Retirement Committee, California Legislature; Louis B. Lundborg, Chairman, Californians for Yes on No. 1 Chairman, Board of Directors, Bank of America

Against Author

Parke L. Boneysteele, Registered Professional Engineer 3151 Plymouth Road, Lafayette; John R. Gillanders, Registered Professional Engineer 797 Castle Hill Road, Redwood City