A bill prohibiting California corporations from paying dividends to shareholders unless their pension plans were fully funded was killed Wednesday in the California Senate's Committee on Banking, Finance and Insurance. The bill failed to get the required seven votes, said Rebecca Marcus, chief of staff for Assemblyman Johan Klehs, who sponsored the bill.
Mr. Klehs' term is up in December, and another Assembly member has been approached about sponsoring a similar bill next year, Ms. Marcus said. She declined to offer more specifics.
The bill was introduced in February.