Bill Text: CA AB1519 | 2011-2012 | Regular Session | Chaptered

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Bill Title: County employee retirement boards.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2012-06-15 - Chaptered by Secretary of State - Chapter 15, Statutes of 2012. [AB1519 Detail]

Download: California-2011-AB1519-Chaptered.html

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BILL NUMBER: AB 1519	CHAPTERED
	BILL TEXT

	CHAPTER  15
	FILED WITH SECRETARY OF STATE  JUNE 15, 2012
	APPROVED BY GOVERNOR  JUNE 15, 2012
	PASSED THE SENATE  JUNE 4, 2012
	PASSED THE ASSEMBLY  APRIL 9, 2012
	AMENDED IN ASSEMBLY  MARCH 6, 2012

INTRODUCED BY   Assembly Member Wieckowski

                        JANUARY 17, 2012

   An act to add Section 31522.8 to the Government Code, relating to
county employees' retirement.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1519, Wieckowski. County employee retirement boards.
   The County Employees Retirement Law of 1937 prescribes the rights,
benefits, and duties of members of the retirement systems
established pursuant to its provisions. The act vests the management
of these systems in retirement boards, and sets forth the membership
and qualifications of the boards. Existing law authorizes the board
of supervisors of any county in which the assets of the retirement
system exceed $800,000,000 to, by resolution, establish a board of
investments, which would be responsible for all investments of the
retirement system.
   This bill would require a retirement board and a board of
investments to adopt a policy for providing education for members of
retirement boards, as specified, and would require all board members
to receive a minimum of 24 hours of board member education within the
first 2 years of assuming office and for every subsequent 2-year
period in which the person serves on the board. The bill would
require each board to maintain a record of a board member's
compliance with the policy and to post the policy and an annual
report on board member compliance on the retirement system's Internet
Web site.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 31522.8 is added to the Government Code, to
read:
   31522.8.  A board of retirement and a board of investments subject
to this article shall adopt a policy for providing education to
board members. The policy, at a minimum, shall do the following:
   (a) Identify appropriate topics for board member education, which
may include, but is not limited to, the following:
   (1) Fiduciary responsibilities.
   (2) Ethics.
   (3) Pension fund investments and investment program management.
   (4) Actuarial matters.
   (5) Pension funding.
   (6) Benefits administration.
   (7) Disability evaluation.
   (8) Fair hearings.
   (9) Pension fund governance.
   (10) New board member orientation.
   (b) Establish a means for determining the programs, training, and
educational sessions that qualify as board member education.
Educational seminars sponsored by the state or national public
pension fund organizations and seminars sponsored by accredited
academic institutions shall be deemed to meet board member education
requirements.
   (c) Require that all board members receive a minimum of 24 hours
of board member education within the first two years of assuming
office and for every subsequent two-year period the board member
continues to hold membership on the board.
   (d) Require each board to maintain a record of board member
compliance with the policy. The policy and an annual report on board
member compliance shall be placed on the Internet Web site of the
retirement system.