Bill Text: CA AB3150 | 2017-2018 | Regular Session | Introduced
Bill Title: Public employees’ retirement: annual audits.
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2018-03-12 - Referred to Com. on P.E., R., & S.S. [AB3150 Detail]
Download: California-2017-AB3150-Introduced.html
CALIFORNIA LEGISLATURE—
2017–2018 REGULAR SESSION
| Assembly Bill | No. 3150 |
| Introduced by Assembly Member Brough |
February 16, 2018 |
An act to amend Section 7512 of the Government Code, relating to public employees’ retirement.
LEGISLATIVE COUNSEL'S DIGEST
AB 3150, as introduced, Brough.
Public employees’ retirement: annual audits.
Existing law creates state and local public pension and retirement systems that provide pension benefits based on age at retirement, service credit, and final compensation. Existing law requires each state and local public pension or retirement system, on and after the 90th day following the completion of the annual audit of the system, to provide a concise annual report on the investments and earnings of the system, as specified, to any member who makes a request and pays a fee, if required, for the costs incurred in preparation and dissemination of that report.
This bill would also require each state and local pension or retirement system to post a concise annual audit of the information described above on that system’s Internet Web site no later than the 90th day following the audit’s completion. By imposing new duties on local retirement
systems, the bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 7512 of the Government Code is amended to read:7512.
(a) (1) Each state and local public pension or retirement system shall, on and after the 90th day following the completion of the annual audit of the system, mail or otherwise provide to any member who makes a request therefor and pays, if required, a fee, a concise annual report on the investments and earnings of the system and other related matters. The report shall be published in a low-cost format.Each
(2) Each local public pension or retirement system may impose a fee for each copy of the report in an amount sufficient to pay all costs incurred in the preparation and dissemination of the report.
(b) In addition to complying with subdivision (a), each state and local public pension or retirement system shall, no later than the 90th day following the completion of the annual audit of the system, post on its Internet Web site a concise annual report on the investments and earnings of the system and other related matters.
