CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 946Introduced by Assembly Member TingFebruary 16, 2017 An act to amend Section 20150 of the Government Code, relating to public employees retirement. LEGISLATIVE COUNSEL'S DIGESTAB 946, as introduced, Ting. Public Employees Retirement System.Existing law, the Public Employees Retirement Law, establishes the Public Employees Retirement System (PERS), which provides a defined benefit to members of the system, based on final compensation, credited service, and age at retirement, subject to certain variations. PERS is governed by its board of administration, and members or employees of the board are prohibited from, among other things, having an interest in investments or profits accruing from them.This bill would make nonsubstantive changes in the provisions regulating the interests of members and employees of the board.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 20150 of the Government Code is amended to read:20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 946Introduced by Assembly Member TingFebruary 16, 2017 An act to amend Section 20150 of the Government Code, relating to public employees retirement. LEGISLATIVE COUNSEL'S DIGESTAB 946, as introduced, Ting. Public Employees Retirement System.Existing law, the Public Employees Retirement Law, establishes the Public Employees Retirement System (PERS), which provides a defined benefit to members of the system, based on final compensation, credited service, and age at retirement, subject to certain variations. PERS is governed by its board of administration, and members or employees of the board are prohibited from, among other things, having an interest in investments or profits accruing from them.This bill would make nonsubstantive changes in the provisions regulating the interests of members and employees of the board.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Assembly Bill No. 946
Introduced by Assembly Member TingFebruary 16, 2017
Introduced by Assembly Member Ting
February 16, 2017
An act to amend Section 20150 of the Government Code, relating to public employees retirement.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 946, as introduced, Ting. Public Employees Retirement System.
Existing law, the Public Employees Retirement Law, establishes the Public Employees Retirement System (PERS), which provides a defined benefit to members of the system, based on final compensation, credited service, and age at retirement, subject to certain variations. PERS is governed by its board of administration, and members or employees of the board are prohibited from, among other things, having an interest in investments or profits accruing from them.This bill would make nonsubstantive changes in the provisions regulating the interests of members and employees of the board.
Existing law, the Public Employees Retirement Law, establishes the Public Employees Retirement System (PERS), which provides a defined benefit to members of the system, based on final compensation, credited service, and age at retirement, subject to certain variations. PERS is governed by its board of administration, and members or employees of the board are prohibited from, among other things, having an interest in investments or profits accruing from them.
This bill would make nonsubstantive changes in the provisions regulating the interests of members and employees of the board.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 20150 of the Government Code is amended to read:20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 20150 of the Government Code is amended to read:20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
SECTION 1. Section 20150 of the Government Code is amended to read:
### SECTION 1.
20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
20150. A board member or employee of the board shall not, directly or indirectly:(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.(c) Become an indorser, surety surety, or obligor on investments by the board.
20150. A board member or employee of the board shall not, directly or indirectly:
(a) Have any an interest in the making of any investment, an investment or in the gains or profits accruing therefrom. from them.
(b) For himself or herself or as an agent or partner of others, borrow any funds or deposits of this system, system nor use those funds or deposits in any manner except to make current and necessary payments authorized by the board.
(c) Become an indorser, surety surety, or obligor on investments by the board.