Public employees’ retirement benefits: safety members.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill adjusts retirement benefits for California public safety employees, particularly firefighters and police officers. It modifies pension formulas to align with federal guidelines, specifically regarding compensation limits, and establishes new formulas for new hires starting in 2027. These new formulas offer earlier retirement eligibility (age 55) compared to existing plans. The bill also allows for collective bargaining agreements to potentially increase benefits and establishes a mechanism for sharing costs between employers and employees.
Key provisions
- Establishes new retirement formulas for safety employees hired on or after January 1, 2027, offering retirement at age 55 instead of 57.
- Adjusts pensionable compensation limits to align with federal limits, specifically for 2027.
- Authorizes collective bargaining agreements to increase retirement benefit formulas for safety members.
- Allows for memoranda of understanding between employers and employee organizations to agree on higher or lower safety plans, subject to collective bargaining requirements.
- Requires the state to adjust the formulas for service performed on or after January 1, 2027, to be closest to the formula offered in 2026.
- Modifies Section 7522.10 to adjust the pensionable compensation limits.
- Authorizes a joint powers authority to provide a defined benefit plan to employees of member agencies.
- Allows for cost-sharing agreements between employers and employees for retirement contributions.
Bill text
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