AB 1874

Bill Subjects

Abstract

The Legislators' Retirement Law (LRL) provides pension benefits based in part upon credited service. The LRL also authorizes the Insurance Commissioner and every legislative statutory officer and every elective officer of the state whose office is provided for by the California Constitution, except judges, to become a member of the Legislators' Retirement System (LRS) . This bill would prohibit anyone who first becomes, on or after January 1, 2013, the Insurance Commissioner, a legislative statutory officer, or an elective officer of the state whose office is provided for by the California Constitution from becoming a member of the LRS. Existing law creates the Public Employees' Retirement System (PERS) , which provides a defined benefit to its members based on age at retirement, service credit, and final compensation. Existing law provides optional membership in the Public Employees' Retirement System to elective officers, as defined, as well as to specified appointed persons exempt from civil service by the California Constitution. This bill would prohibit a person who first becomes, on or after January 1, 2013, the Governor, Lieutenant Governor, Insurance Commissioner, Secretary of State, Controller, Treasurer, Superintendent of Public Instruction, Attorney General, or any member of the Board of Equalization from becoming a member of PERS. The bill would also permit any officer of the Senate or Assembly who is elected by vote of the members of either or both of the houses of the Legislature on or after January 1, 2013, to opt to become a member of PERS. The bill would also make related technical changes.