Existing law establishes the Public Employees’ Retirement Law and sets forth procedures for its administration and the provision of benefits to eligible members, under the direction of its board of administration. Existing law also establishes the State Teachers’ Retirement Law and sets forth procedures for its administration and the provision of benefits to its eligible members, under the direction of the Teachers’ Retirement Board.
This bill would require the Board of Administration of the Public Employees’ Retirement System and the Teachers’ Retirement Board to conduct a study to determine the feasibility of merging the State Teachers’ Retirement System into the Public Employees’ Retirement System. The bill would require that this study be completed and presented to the Legislature on or before December 31, 2001 prepare and submit a report to specified Legislative committees by July 1, 2001, that would evaluate the benefits or negative consequences of a merger of the respective retirement systems, recommend whether a feasibility study and implementation plan for that merger should be prepared, and estimate the costs of the study. The bill would provide that, upon the recommendation of the boards for a feasibility study and implementation plan, and following review of the report by the Legislative committees, as specified, the feasibility study and implementation plan would be submitted to the Legislature within one year.