YOU HAVE FOUND OUR OLD WEB SITE. BE SURE TO CHECK OUT OUR NEW AND IMPROVED SITE!     AB 2506 Passes Out of Senate Appropriations on an 8-1 vote     AB 2506, which seeks to establish a registration process for vendors wishing to offer retirement investment products to employees of local school districts, community college districts and county offices of education in California, passed out of Senate Appropriations on a vote of 8-1 on August 5. The bill requires the State Teachers' Retirement System (CalSTRS) to establish the registration process by January 1, 2004. CalSTRS estimates start-up costs of approximately $500,000 with minor on-going costs of approximately $75,000. These costs would eventually be recaptured through fees charged to vendors.   Sponsored by Darrell Steinberg (D-Sacramento), the bill is supported by: United Teachers of Los Angeles, California Teachers Association, California School Employees Association, Faculty Association of California Community Colleges, AFT College Faculty Guild, Local 1521, Small School Districts' Association, TIAA-CREF, Association of California School Administrator, California School Boards Association, Meridian Wealth Management and 403(b)wise. It is opposed by: California Federation of Teachers.   From here AB 2506 goes to the Senate floor where it is expected to pass before moving on to Governor Davis for signing. For more information click CalSTRS Bill Documents     Home | Disclaimer | © 2002 bWise Guys, LLC. All rights reserved.