AB 1619: Public employees’ retirement: administration.

(1)Existing law, the Teachers Retirement Law, establishes the State Teachers Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers Retirement Board. Existing law also creates the Cash Balance Benefit Program, which is administered by the board, to provide a retirement plan for the benefit of participating employees who provide creditable service for less than 50% of full time. Existing law requires certain board members to receive $100 for attendance at board and committee meetings.

This bill would increase that rate to $320.

(2)Existing law, the Public Employees Retirement Law (PERL), creates the Public Employees Retirement System (PERS) for the purpose of providing pension benefits to state employees and employees of contracting agencies and prescribes the rights and duties of members of the system and their beneficiaries. Existing law vests management and control of PERS in its board of administration. Existing law authorizes certain board members to receive $100 for attendance at a meeting of the board or committee thereof, as prescribed.

This bill would increase that rate to $320.

Existing law, applicable to Los Angeles County, authorizes the board of supervisors to provide compensation to certain members of the board of retirement and board of investments at a rate of not more than $100 for a board or committee meeting, subject to certain limits.

This bill would authorize the above-described compensation rate to be increased by the board of retirement or board of investments to a rate of not more than $320 per meeting. The bill would prohibit this provision from becoming operative until it is publicly noticed and adopted by a majority vote of the board of supervisors, as specified.