Shannon Grove
- Republican
- Senator
- District 12
Author
Existing law creates the Public Employees' Retirement System which provides a defined benefit to its members based on age at retirement, service credit, and final compensation. This bill would require the Board of Administration of the Public Employees' Retirement System to create a hybrid retirement plan for public employees who become members on or after January 1, 2012, that offers a defined contribution plan and defined benefit plan for retirement for service and a defined benefit plan for retirement for disability or for death. The bill would prohibit those plans from creating a vested property right for the member with respect to any employer contributions before retirement, as specified. The bill would prohibit those members from being eligible to enroll in the defined benefit plan for retirement for service that existed before January 1, 2012.
No votes to display
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
In committee: Set, first hearing. Hearing canceled at the request of author.
From committee chair, with author's amendments: Amend, and re-refer to Com. on P.E., R. & S.S. Read second time and amended.
From printer. May be heard in committee March 20.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB870 | HTML |
| 02/17/11 - Introduced | |
| 03/31/11 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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