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

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Date Published: 04/10/2018 09:00 PM
AB3084:v98#DOCUMENT

Amended  IN  Assembly  April 10, 2018

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill No. 3084


Introduced by Assembly Member Levine

February 16, 2018


An act to add Section 7514.8 to the Government Code, relating to public employees.


LEGISLATIVE COUNSEL'S DIGEST


AB 3084, as amended, Levine. Public employees: retirement systems: other postemployment benefits: annual report.
Existing law requires all state and local public retirement systems to submit audited financial statements to the Controller at the earliest practicable opportunity within 6 months of the close of each fiscal year. Existing law requires the Controller to review these reports and to publish an annual report on the financial condition of all state and local public retirement systems, as specified.
This bill would require each state and local public retirement system governing body of a public agency that provides other postemployment benefits to, in its an annual audited financial statements statement submitted to the Controller, in a form prescribed by the Controller, show that the retirement system public agency has met met, or if it has not met, detail why it has not met and what the retirement system public agency is doing to meet, specified parameters related to the provision of other postemployment benefits.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

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

7514.8.
 Each state and local public retirement system The governing body of a public agency that provides other postemployment benefits shall, in its an annual audited financial statements statement submitted to the Controller pursuant to Section 7504, in a form prescribed by the Controller, show that the retirement system public agency has met met, or if it has not met, detail why it has not met and what the retirement system 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.