Public employees’ retirement.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Enrolled
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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 makes changes to the Teachers’ Retirement Law (STRS) to clarify how ‘retired member activities’ are defined, adjust the calculation of sick leave days, revise investment diversification requirements, shorten notification timelines for employee membership options, and modify provisions related to disability allowances and retirement benefits. It also includes appropriations and updates to various sections of the Government Code and Education Code to align with current law and address specific issues related to retirement contributions and benefits.
Key provisions
- Redefines ‘retired member activities’ to include all service performed by retirees within the California public school system, regardless of employment type.
- Changes the calculation of sick leave days, eliminating a previous hourly conversion method and using a daily equivalent.
- Revises the investment diversification requirement for STRS, prioritizing risk minimization unless clearly prudent to maximize returns.
- Shortens the timeframe for employers to notify employees about membership options in the Defined Benefit Program to 10 working days.
- Modifies the process for receiving applications for service retirement allowances, requiring timely submission within 30 days of the member’s signature.
- Adjusts provisions regarding service credit for reinstatements and prior disability retirements.
- Specifies limits on retirement benefits under federal law, subject to annual adjustments based on the consumer price index.
Bill text
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Sponsors
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1 on record
Primary sponsor
Committee on Public Employment and Retirement
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