WEST SACRAMENTO, Calif. (April 15, 2019) – California State Teachers’ Retirement System announced that trustee Sharon Hendricks was elected to the PRI Association Board. As an independent organization, PRI encourages investors to use responsible investment to enhance returns and better manage risks.
Conforms California law to the rollover and service credit provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001. Permits members retiring in 2002 to purchase service credit with newly-authorized rollover funds.
Exempts members of the Defined Benefit Program and participants in the Cash Balance Benefit Program called to active duty between 9/11/01 and 7/30/05 from paying member contributions to receive retirement benefits for their military service.
Requires community college districts to offer Social Security and a qualified alternative retirement plan to of all their part-time employees. Also requires a minimum employer contribution rate of 4 percent with a total minimum contribution of 8 percent for any qualified alternative plan.
Conforms California law to the rollover and service credit provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001 by permitting members, who retire in 2002, to purchase service credit with newly-authorized rollover funds.
Prohibits a California accountant from certifying corporate financial statements if his or her accounting firm performs non-audit services for their client other than tax preparation and SEC document review.
Permits the crediting of unused sick leave at retirement to the Defined Benefit Supplement or Cash Balance Benefit programs or other qualified alternative retirement plan for part-time community college faculty.
Requires the California Department of Education to conduct a study on the impact of the Government Pension Offset and Windfall Elimination Provision of the Social Security Act on California’s teachers.
Requests that Congress enact legislation similar to H.R. 1102 from 2001, to raise contribution limits and expand pension portability among various types of public and private pension and retirement plans.
Version: Chaptered (Resolution Chapter 121, Statutes of 2002)
Sponsor: State Association of County Retirement Systems
Creates a catastrophic Prescription Drug Insurance Program to provide high deductible coverage for prescription drugs to retired members of the Defined Benefit Program with unspecified minimum levels of credited service.
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