Bill Text: CA AB962 | 2011-2012 | Regular Session | Introduced

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Bill Title: Retirement systems: solvency.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2012-02-01 - Died at Desk. [AB962 Detail]

Download: California-2011-AB962-Introduced.html

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BILL NUMBER: AB 962	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Mansoor

                        FEBRUARY 18, 2011

   An act to amend Section 7501 of the Government Code, relating to
retirement.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 962, as introduced, Mansoor. Retirement systems: solvency.
   Existing law declares the intent of the Legislature to safeguard
the solvency of all public retirement systems and funds. Existing law
declares that it is the purpose of specified provisions to enable
the Controller to gather information to compare and evaluate the
financial condition of the retirement systems and to make the
comparisons and evaluations.
   This bill would make technical, nonsubstantive changes to that
provision.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


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

  SECTION 1.  Section 7501 of the Government Code is amended to read:

   7501.  It is the intent and purpose of the Legislature, in
enacting this chapter, to safeguard the solvency of all public
retirement systems and funds. The Legislature finds and declares that
public agencies maintaining retirement systems can benefit from
periodic and independent analysis of their financial condition. It is
the purpose of Sections 7502, 7503, and 7504 to enable the 
State  Controller to gather information to compare and
evaluate the financial condition of  such  
those  systems and to make  such   those
 comparisons and evaluations.