Public employees’ retirement: service credit: payments.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill modifies how public employees’ retirement contributions and service credits are handled, particularly regarding death benefits and installment payments. It clarifies that a provision allowing a retiree to reduce their allowance by the actuarial equivalent of unpaid balances doesn’t apply to industrial disability payments. The bill also establishes stricter deadlines for receiving payments from retirees and their survivors, with a reduction in service credit if payments aren’t made on time, and limits the option to reduce allowances for certain elections made after January 1, 2020.
Key provisions
- Specifies that a provision allowing a retiree to reduce their allowance for unpaid balances does not apply to industrial disability payments.
- Requires retirees or their survivors to receive payments from the system within 90 days of the retirement effective date or notification of a balance due.
- Reduces service credit if payments are not received within the specified timeframe.
- Limits the option to reduce allowances for elections made on or after January 1, 2020, with an initial effective date prior to January 1, 2028.
- Requires the system to reduce the allowance by the actuarial equivalent of any balance remaining unpaid.
- Amends sections related to death benefits and installment payments for service credit.
- Makes technical and nonsubstantive changes to existing provisions.
- Clarifies the application of Tier 1 retirement formulas.
Who is affected
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours