AB 1054
Public employees’ retirement: deferred retirement option program.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a deferred retirement option program within the Public Employees’ Retirement System (PERS) for eligible safety members of State Bargaining Units 5 (Highway Patrol) and 8 (Firefighters). To ensure cost neutrality, the program requires an actuarial analysis and board regulation adoption before implementation. Participants who elect to participate would receive a lump-sum payment upon retirement, but would waive certain employment-related rights. The bill also mandates annual reporting on program account values and establishes a process for spouses to acknowledge their understanding of the program’s impact on potential benefits.
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