Bill Text: CA SB1413 | 2017-2018 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Public employees’ retirement: pension prefunding.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-09-21 - Chaptered by Secretary of State. Chapter 665, Statutes of 2018. [SB1413 Detail]

Download: California-2017-SB1413-Introduced.html

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CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill

No. 1413

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Introduced by Senator Nielsen

February 16, 2018

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An act to amend Section 7522.15 of the Government Code, relating to public employees’ retirement.

LEGISLATIVE COUNSEL'S DIGEST

SB 1413, as introduced, Nielsen. Public employees’ retirement.

The California Public Employees’ Pension Reform Act of 2013 (PEPRA) generally requires a public retirement system, as defined, to modify its plan or plans to comply with the act. PEPRA explicitly requires public employers and public retirement systems to offer specified defined benefit plans to new members, as defined.

This bill would make nonsubstantive changes to these provisions.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 7522.15 of the Government Code is amended to read:

7522.15.

 Except as provided in subdivisions (d) and (e) of Section 7522.02, each a public employer and each or public retirement system that offers a defined benefit plan shall offer only the defined benefit formulas established pursuant to Sections 7522.20 and 7522.25 to new members.