BILL NUMBER: SCR 105INTRODUCED BILL TEXT INTRODUCED BY Senator Negrete McLeod (Coauthors: Assembly Members Allen and Furutani) AUGUST 22, 2012 Relative to the State Teachers' Retirement System. LEGISLATIVE COUNSEL'S DIGEST SCR 105, as introduced, Negrete McLeod. State Teachers' Retirement System. This measure would encourage the State Teachers' Retirement System to develop and submit to the Legislature, before February 15, 2013, 3 options that would address the long-term funding needs of the Defined Benefit Program. The measure would also state the intent of the Legislature to enact legislation to address the long-term funding needs of the Defined Benefit Program of the State Teachers' Retirement Plan. Fiscal committee: yes. WHEREAS, The Defined Benefit Program of the State Teachers' Retirement Plan has an unfunded liability primarily as a result of market downturns in the last 10 years and the total contributions made by members of the Defined Benefit Program, school employers, and the state have been insufficient since the 2001-02 fiscal year to reduce the unfunded liability in accordance with governmental accounting standards; and WHEREAS, Any change in contributions to the Defined Benefit Program requires the enactment of legislation; now, therefore, be it Resolved by the Senate of the State of California, the Assembly thereof concurring, That the Legislature encourages the State Teachers' Retirement System, in consultation with affected stakeholders, including, but not limited to, the Department of Finance and organizations representing members and school employers, to develop at least three options to address the long-term funding needs of the Defined Benefit Program in a manner that allocates any increased contributions among members of the system, school employers, and the state, consistent with the contractual rights of existing members, and submit those options to the Legislature before February 15, 2013; and be it further Resolved, That it is the intent of the Legislature to enact legislation during the 2013-14 Regular Session that addresses the long-term funding needs of the Defined Benefit Program of the State Teachers' Retirement Plan; and be it further Resolved, That the Secretary of the Senate transmit copies of this resolution to the author for appropriate distribution.