Today's Law As Amended

PDF |Add To My Favorites | print page

AB-3084 Public employees: other postemployment benefits: annual report.(2017-2018)

As Amends the Law Today


 Section 7514.8 is added to the Government Code, to read:

 The governing body of a public agency that provides other postemployment benefits shall, in an annual financial statement submitted to the Controller in a form prescribed by the Controller, show that the public agency has met, or if it has not met, detail why it has not met and what the public agency is doing to meet, all of the following relating to other postemployment benefits:
(a) Making targeted prefunding contributions on a timely basis.
(b) Depositing contributions in an irrevocable qualified trust for the exclusive benefit of plan members.
(c) Investing contributions in excess of any pay-as-you-go amounts in a diversified investment portfolio with a defined investment policy.
(d) Ensuring that the discounted rate used to develop the actuarial account liability and normal cost recognizes the expected return of the entire portfolio.