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AB-1310 Public retirement systems: member statements: unfunded liability disclosure.(2017-2018)



Current Version: 02/17/17 - Introduced

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AB1310:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill
No. 1310

Introduced by Assembly Member Travis Allen

February 17, 2017

An act to add Section 7500.3 to the Government Code, relating to public retirement systems.


LEGISLATIVE COUNSEL'S DIGEST


AB 1310, as introduced, Travis Allen. Public retirement systems: member statements: unfunded liability disclosure.
Existing law establishes various public agency retirement systems, including the Public Employees’ Retirement System, the State Teachers’ Retirement System, the Judges’ Retirement System II, and various county retirement systems pursuant to the County Employees Retirement Law of 1937, among others, and these systems provide defined benefits to public employees based on age, service credit, and amount of final compensation. Under existing law, benefits provided to members of those systems are generally funded by employer contributions, employee contributions, and investment returns.
This bill would require the retirement board of a public retirement system, as defined, to disclose the unfunded liability and healthcare debt of the system on each member statement provided to members of the system.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Section 7500.3 is added to the Government Code, to read:

7500.3.
 (a) The retirement board of a public retirement system shall disclose the unfunded liability and healthcare debt of the system on each member statement provided to members of the system.
(b) For purposes of this section, “public retirement system” means a state or local public employee retirement system but does not include a retirement system created by an entity described in Section 9 of Article IX of, or Section 4 or 5 of Article XI of, the California Constitution.