Bill Text: CA SB883 | 2009-2010 | Regular Session | Introduced

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Bill Title: Public employees' retirement: service credit.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-02-04 - To Com. on RLS. [SB883 Detail]

Download: California-2009-SB883-Introduced.html

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BILL NUMBER: SB 883	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Ashburn

                        JANUARY 19, 2010

   An act to amend Section 21073.1 of the Government Code, relating
to public employees' retirement.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 883, as introduced, Ashburn. Public employees' retirement:
service credit.
   The Public Employees' Retirement Law provides a comprehensive set
of rights and benefits for members of the Public Employees'
Retirement System based upon age, service credit, and final
compensation. That law establishes retirement formulas, known as the
Second Tier, modified First Tier, and First Tier, that are applicable
to specified members of the retirement system. Under that law, a
member who elects to be subject to Second Tier benefits shall be paid
his or her accumulated contributions plus interest, subject to
specified conditions. Under that law, effective January 1, 2000, a
member who received service credit subject to Second Tier benefits
may elect to become subject to First Tier benefits and contribution
rates. That law requires a member who elects to become subject to
First Tier benefits to deposit accumulated contributions the member
withdrew while he or she was subject to Second Tier benefits, plus
interest, as specified.
   This bill would make a technical, and nonsubstantive change to
these provisions.
   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 21073.1 of the Government Code is amended to
read:
   21073.1.  (a) Effective January 1, 2000, a member who elects to
receive service credit under Section 21354.1, as authorized by
Section 21073.7, for time during which the member received service
credit subject to Section 21076 or 21077, shall deposit an amount
equal to any accumulated contributions the member withdrew pursuant
to Section 20737, plus  the   any  interest
that would have been credited to the member's account had the
contributions not been withdrawn, and any contributions the member
would have made, plus an amount equal to the interest that would have
been credited to those contributions, had the member not been
subject to Section 21076 or 21077. This deposit shall be made in a
lump sum or by installments, with interest through the completion of
payments, over that period and subject to minimum payment amounts as
may be prescribed by regulations of the board. Alternatively, this
deposit requirement may be satisfied by an actuarial equivalent
reduction in the member's retirement allowance.
   (b) The board, in addition to its general rulemaking authority
under Section 20121, may adopt regulations that implement this
section. Those regulations shall be exempt from review by the Office
of Administrative Law. However, the board shall transmit those
regulations to the Office of Administrative Law for filing with the
Secretary of State and publication in the California Code of
Regulations.
   (c) The amendments to this section enacted during the first year
of the  1999-2000   1999-2000  Regular
Session are subject to the limitations set forth in Section 21251.13.