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AB 2506, which seeks to establish a registration process for vendors offering
403(b) retirement investment products to employees of local school districts, community college districts and county
offices of education in California, is now in the hands of California Governor Gray Davis. The California Assembly
voted 43-20 Friday, August 23 to concur with the Senate amendments to AB 2506. The bill now goes to the
Governor for enrollment (signing) or veto.
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. |