Bill Text: CA AB2456 | 2015-2016 | Regular Session | Amended

California Assembly Bill 2456 (Prior Session Legislation)

Bill Title: Public employee retirement benefits: prefunding.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2016-11-30 - From committee without further action. [AB2456 Detail]

Download: California-2015-AB2456-Amended.html

BILL NUMBER: AB 2456	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 17, 2016

INTRODUCED BY   Assembly Member Cooley

                        FEBRUARY 19, 2016

   An act to add Chapter 19 (commencing with Section 21710) to Part 3
of Division 5 of Title 2 of the Government Code, relating to public
employees' retirement.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2456, as amended, Cooley. Public employee retirement benefits:
prefunding.
   Existing law creates the Public Employees' Retirement System,
which provides defined retirement benefits to employees of the state
and to employees of other public agencies contracting with the Board
of Administration of the Public Employee's Retirement System for this
purpose. The benefits provided by the system are funded by employer
and employee contributions and investment returns.
   This bill would  state the intent of the Legislature
  require the Board of Administration of the Public
Employee's Retirement System to develop, establish, and administer
the California Employers' Pension Prefunding Trust Program in order
 to encourage state and local public employers that provide a
defined benefit pension plan to their employees to effectively manage
their pension  contributions payments by investing surplus
funds into a trust fund to be developed, established, and
administered by the board.   contributions. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


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

  SECTION 1.  Chapter 19 (commencing with Section 21710) is added to
Part 3 of Division 5 of Title 2 of the Government Code, to read:
      CHAPTER 19.  CALIFORNIA EMPLOYERS' PENSION PREFUNDING TRUST
PROGRAM


   21710.   It is the intent of the Legislature 
 In order  to encourage state and local public employers
that provide a defined benefit pension plan to their employees to
effectively manage their payments toward their annually required
pension  contributions by investing surplus funds into a
trust fund to be developed, established, and administered by
  contributions,  the Board of Administration of
the Public Employees' Retirement  System.  
System shall develop, establish, and administer the California
Employers' Pension Prefunding Trust Program.