Lawmakers approved HB 40-72 to create a statutory taxpayer endowment trust funded initially with a $200 million transfer and a 25% diversion of certain future gross-production overages; members pressed for investment limits and governance safeguards.

The Senate voted down SB 14‑76, a Commissioner of Land Office (CLO) reform package that would have added online sales, allowed limited private equity/credit investments and a 25‑year lease cap for investment properties; opponents warned the bill broadened investment risk and could harm agricultural lessees and local taxing districts.

A CalPERS leadership representative said the board voted this week to adopt a total portfolio approach to investing, prioritizing overall fund health with a July 1 start; the remarks highlighted climate portfolio growth, private equity performance and allocations to diverse managers.

After a day of presentations, public comment and debate, the CalPERS Investment Committee approved a shift to a Total Portfolio Approach with a 75% equity / 25% bond reference portfolio and a 400-basis-point active risk limit; staff will implement related policy and reporting changes and hold stakeholder webinars.