Dave Cortese
- Democratic
- Senator
- District 15
Author
Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers' Retirement Board. Existing law creates the Teachers' Retirement Fund and establishes within that fund a segregated account named the Supplemental Benefit Maintenance Account. Existing law continuously appropriates funds in the Supplemental Benefit Maintenance Account for expenditure for the purpose of restoring the purchasing power of the allowances of retired members and nonmember spouses, disabled members, and beneficiaries, and prescribes various schedules pursuant to which these allowances are augmented. This bill would prescribe additional benefits to be paid quarterly from the Supplemental Benefit Maintenance Account, beginning July 1, 2023, to retired members and nonmember spouses, disabled members, and beneficiaries, to be made pursuant to a specified schedule. By providing for additional payments to be made from a continuously appropriated fund, this bill would make an appropriation. The bill would require the amount of these increases to be determined on July 1, 2023, as specified, and would require that amount to be increased each year commencing on July 1, 2024, but not compounded. The bill would specify that these increases are not part of the base allowance, are payable only to the extent that funds are available from the Supplemental Benefit Maintenance Account, and would state the extent to which these payments would be vested. The bill would make additional conforming and nonsubstantive changes.
Chaptered by Secretary of State. Chapter 818, Statutes of 2022.
Approved by the Governor.
Enrolled and presented to the Governor at 2 p.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 62. Noes 2. Page 5933.) Ordered to the Senate.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 13. Noes 1.) (August 11).
August 3 set for first hearing. Placed on suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 22). Re-referred to Com. on APPR.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 29. Noes 2. Page 3834.) Ordered to the Assembly.
From committee: Do pass. (Ayes 5. Noes 1. Page 3772.) (May 19).
Read second time. Ordered to third reading.
Set for hearing May 19.
May 9 hearing: Placed on APPR suspense file.
Set for hearing May 9.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 3309.) (April 4). Re-referred to Com. on APPR.
Set for hearing April 4.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.
Art. IV. Sec. 8(a) of the Constitution dispensed with.
Joint Rule 55 suspended. (Ayes 31. Noes 6. Page 2880.)
(Ayes 31. Noes 6.)
From printer. May be acted upon on or after February 24.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB868 | HTML |
| 01/24/22 - Introduced | |
| 03/24/22 - Amended Senate | |
| 04/18/22 - Amended Senate | |
| 08/22/22 - Enrolled | |
| 09/29/22 - Chaptered |
| Document | Format |
|---|---|
| 03/31/22- Senate Committee on Labor, Public Employment and Retirement | |
| 05/06/22- Senate Appropriations | |
| 05/21/22- Sen. Floor Analyses | |
| 06/20/22- Assembly Committee on Public Employment and Retirement | |
| 08/01/22- Assembly Appropriations | |
| 08/17/22- ASSEMBLY FLOOR ANALYSIS |
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