California Assembly Bill AB962 Introduced / Bill

 BILL NUMBER: AB 962INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Mansoor FEBRUARY 18, 2011 An act to amend Section 7501 of the Government Code, relating to retirement. LEGISLATIVE COUNSEL'S DIGEST AB 962, as introduced, Mansoor. Retirement systems: solvency. Existing law declares the intent of the Legislature to safeguard the solvency of all public retirement systems and funds. Existing law declares that it is the purpose of specified provisions to enable the Controller to gather information to compare and evaluate the financial condition of the retirement systems and to make the comparisons and evaluations. 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 7501 of the Government Code is amended to read: 7501. It is the intent and purpose of the Legislature, in enacting this chapter, to safeguard the solvency of all public retirement systems and funds. The Legislature finds and declares that public agencies maintaining retirement systems can benefit from periodic and independent analysis of their financial condition. It is the purpose of Sections 7502, 7503, and 7504 to enable the  State  Controller to gather information to compare and evaluate the financial condition of  such   those  systems and to make  such   those  comparisons and evaluations.