California Assembly Bill AB2606 Introduced / Bill

 BILL NUMBER: AB 2606INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Mendoza FEBRUARY 24, 2012 An act to amend Section 21623 of the Government Code, relating to public employees' retirement. LEGISLATIVE COUNSEL'S DIGEST AB 2606, as introduced, Mendoza. Public employees' retirement: postretirement death benefits. The Public Employees' Retirement Law requires that, upon the death of any state or school member after retirement and while receiving a retirement allowance, the sum of $2,000 be paid to the member's designated beneficiary, except as specified. This bill would make technical, nonsubstantive changes to that provision. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 21623 of the Government Code is amended to read: 21623. (a) In lieu of benefits provided by Section 21620 or 21622, upon the death of any retired state or school member, after retirement and while receiving a retirement allowance from this system, there shall be paid to the beneficiary whom he or she shall nominate by written designation duly executed and filed with the board, the sum of two thousand dollars ($2,000), to be provided from contributions by the employer. (b) For the purposes of this section, all contributions, liabilities, actuarial interest rates, and other valuation factors shall be determined on the basis of actuarial assumptions and methods that, in the aggregate, are reasonable and that, in combination, offer the actuary's best estimate of anticipated experience under this system. (c) The additional employer contributions required under this section shall be computed as a level percentage of member compensation. (d) This section shall apply to  a   any  school employer and  a   any  retired school member whose death after retirement occurs on or after January 1, 2001. This section shall not apply to any contracting agency or local member, except those contracting agencies that are school employers and those school districts or community college districts as defined in subdivision (i) of Section 20057.