Two major public pension funds joined the drive for Bank of America shareholders to oppose a corporate bylaw change that would let Brian Moynihan serve as both chief executive and chairman.

California Public Employees' Retirement System and California State Teachers' Retirement System sent a letter to the bank Monday disclosing they will vote against the change. Calpers and Calstrs are the biggest and second-biggest pension funds in the US by assets. Together, the two funds own 63.6 million Bank of America shares, valued at about $1 billion and representing less than 1% of the total shares outstanding.