Bill Text

Bill Information


PDF |Add To My Favorites |Track Bill | print page

AB-287 Public employees’ retirement: annual audits.(2019-2020)

SHARE THIS:share this bill in Facebookshare this bill in Twitter
Date Published: 01/28/2019 09:00 PM
AB287:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 287


Introduced by Assembly Member Voepel

January 28, 2019


An act to amend Section 7512 of the Government Code, relating to public employees’ retirement.


LEGISLATIVE COUNSEL'S DIGEST


AB 287, as introduced, Voepel. Public employees’ retirement: annual audits.
Existing law creates state and local public pension and retirement systems that provide pension benefits based on age at retirement, service credit, and final compensation. Existing law requires each state and local public pension or retirement system, on and after the 90th day following the completion of the annual audit of the system, to provide a concise annual report on the investments and earnings of the system, as specified, to any member who makes a request and pays a fee, if required, for the costs incurred in preparation and dissemination of that report.
This bill would also require each state and local pension or retirement system to post a concise annual audit of the information described above on that system’s internet website no later than the 90th day following the audit’s completion. By imposing new duties on local retirement systems, the bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: YES  

The people of the State of California do enact as follows:


SECTION 1.

 Section 7512 of the Government Code is amended to read:

7512.
 (a) (1) Each state and local public pension or retirement system shall, on and after the 90th day following the completion of the annual audit of the system, mail or otherwise provide to any member who makes a request therefor and pays, if required, a fee, a concise annual report on the investments and earnings of the system and other related matters. The report shall be published in a low-cost format.

Each

(2) Each local public pension or retirement system may impose a fee for each copy of the report in an amount sufficient to pay all costs incurred in the preparation and dissemination of the report.
(b) In addition to complying with subdivision (a), each state and local public pension or retirement system shall, no later than the 90th day following the completion of the annual audit of the system, post on its internet website a concise annual report on the investments and earnings of the system and other related matters.

SEC. 2.

 If the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement to local agencies and school districts for those costs shall be made pursuant to Part 7 (commencing with Section 17500) of Division 4 of Title 2 of the Government Code.