California 2019-2020 Regular Session

California Assembly Bill AB2378 Compare Versions

Only one version of the bill is available at this time.

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1	1	CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2378Introduced by Assembly Member CooperFebruary 18, 2020 An act to add Section 21623.9 to the Government Code, relating to public employees retirement, and making an appropriation therefor.LEGISLATIVE COUNSEL'S DIGESTAB 2378, as introduced, Cooper. Public Employees Retirement System: postretirement death benefit. The Public Employees Retirement Law requires that, upon the death of certain members after retirement and while receiving a retirement allowance, a specified sum of money be paid to the members designated beneficiary. Existing law provides that the additional employer contributions required to fund these benefits be computed as a level percentage of member compensation, and requires the contributions to be deposited in the Public Employees Retirement Fund, a continuously appropriated fund.This bill would authorize the Board of Administration of the Public Employees Retirement System, beginning on or after January 1, 2021, to adjust the death benefit amounts following each actuarial valuation to reflect changes in the All Urban California Consumer Price Index, as specified. By authorizing the board to increase contributions deposited in the Public Employees Retirement Fund, this bill would make an appropriation. Digest Key Vote: MAJORITY Appropriation: YES Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 21623.9 is added to the Government Code, to read:21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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3	3	CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION Assembly Bill No. 2378Introduced by Assembly Member CooperFebruary 18, 2020 An act to add Section 21623.9 to the Government Code, relating to public employees retirement, and making an appropriation therefor.LEGISLATIVE COUNSEL'S DIGESTAB 2378, as introduced, Cooper. Public Employees Retirement System: postretirement death benefit. The Public Employees Retirement Law requires that, upon the death of certain members after retirement and while receiving a retirement allowance, a specified sum of money be paid to the members designated beneficiary. Existing law provides that the additional employer contributions required to fund these benefits be computed as a level percentage of member compensation, and requires the contributions to be deposited in the Public Employees Retirement Fund, a continuously appropriated fund.This bill would authorize the Board of Administration of the Public Employees Retirement System, beginning on or after January 1, 2021, to adjust the death benefit amounts following each actuarial valuation to reflect changes in the All Urban California Consumer Price Index, as specified. By authorizing the board to increase contributions deposited in the Public Employees Retirement Fund, this bill would make an appropriation. Digest Key Vote: MAJORITY Appropriation: YES Fiscal Committee: YES Local Program: NO
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9	9	CALIFORNIA LEGISLATURE 20192020 REGULAR SESSION
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11	11	Assembly Bill
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13	13	No. 2378
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15	15	Introduced by Assembly Member CooperFebruary 18, 2020
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17	17	Introduced by Assembly Member Cooper
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20	20	An act to add Section 21623.9 to the Government Code, relating to public employees retirement, and making an appropriation therefor.
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22	22	LEGISLATIVE COUNSEL'S DIGEST
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24	24	## LEGISLATIVE COUNSEL'S DIGEST
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26	26	AB 2378, as introduced, Cooper. Public Employees Retirement System: postretirement death benefit.
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28	28	The Public Employees Retirement Law requires that, upon the death of certain members after retirement and while receiving a retirement allowance, a specified sum of money be paid to the members designated beneficiary. Existing law provides that the additional employer contributions required to fund these benefits be computed as a level percentage of member compensation, and requires the contributions to be deposited in the Public Employees Retirement Fund, a continuously appropriated fund.This bill would authorize the Board of Administration of the Public Employees Retirement System, beginning on or after January 1, 2021, to adjust the death benefit amounts following each actuarial valuation to reflect changes in the All Urban California Consumer Price Index, as specified. By authorizing the board to increase contributions deposited in the Public Employees Retirement Fund, this bill would make an appropriation.
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30	30	The Public Employees Retirement Law requires that, upon the death of certain members after retirement and while receiving a retirement allowance, a specified sum of money be paid to the members designated beneficiary. Existing law provides that the additional employer contributions required to fund these benefits be computed as a level percentage of member compensation, and requires the contributions to be deposited in the Public Employees Retirement Fund, a continuously appropriated fund.
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32	32	This bill would authorize the Board of Administration of the Public Employees Retirement System, beginning on or after January 1, 2021, to adjust the death benefit amounts following each actuarial valuation to reflect changes in the All Urban California Consumer Price Index, as specified. By authorizing the board to increase contributions deposited in the Public Employees Retirement Fund, this bill would make an appropriation.
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34	34	## Digest Key
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36	36	## Bill Text
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38	38	The people of the State of California do enact as follows:SECTION 1. Section 21623.9 is added to the Government Code, to read:21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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40	40	The people of the State of California do enact as follows:
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42	42	## The people of the State of California do enact as follows:
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44	44	SECTION 1. Section 21623.9 is added to the Government Code, to read:21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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46	46	SECTION 1. Section 21623.9 is added to the Government Code, to read:
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48	48	### SECTION 1.
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50	50	21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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52	52	21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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54	54	21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.
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58	58	21623.9. Beginning on or after January 1, 2021, the Board of Administration of the Public Employees Retirement System may adjust the death benefit amount provided by Sections 21620, 21622, 21623, 21623.5, and 21623.6, following each actuarial valuation, to reflect changes in the All Urban California Consumer Price Index and adopt as a plan amendment any adjusted amount.