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.
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
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.
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
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.
Requires school districts and community college districts to grant paid leaves of absence with benefits to school employees who serve as staff of an employee organization.
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.
Provides two additional years of service credit to specified members with National Board Certification who perform 3 years of credited service after January 1, 2003, in a low-performing school.
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 CalSTRS to establish a program for registering the vendors who market 403(b) investment products to local school and community college district employees.
Version: Chaptered (Chapter 1095, Statutes of 2002)
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.
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
AB 131 (Corbett) – Federal Tax Law Conformity
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.
CalSTRS Analysis:
As Amended 4/04/2002
AB 979 (Cedillo) – Military Service
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.
CalSTRS Analysis:
As Amended 8/22/2002
As Amended 5/09/2002
AB 1122 (Corbett) – Federal Tax Law Conformity
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
CalSTRS Analysis:
As Amended 4/03/2002
AB 1710 (Negrete McLeod) – Retirement Coverage for Part-Time Community College Faculty
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.
CalSTRS Analysis:
As Amended 2/20/2002
AB 1743 (Campbell) – Federal Tax Law Conformity
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
AB 1744 (Corbett) – Federal Tax Law Conformity
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.
CalSTRS Analysis:
As Amended 1/31/2002
AB 1975 (Koretz) – Paid Leaves of Absence
Requires school districts and community college districts to grant paid leaves of absence with benefits to school employees who serve as staff of an employee organization.
CalSTRS Analysis:
As Amended 8/13/2002
As Amended 4/29/2002
AB 1995 (Correa) – Corporate Accountancy
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.
CalSTRS Analysis:
As Amended 5/13/2002
AB 2137 (Lowenthal) – Additional Service Credit
Provides two additional years of service credit to specified members with National Board Certification who perform 3 years of credited service after January 1, 2003, in a low-performing school.
AB 2451 (Salinas) – Unused Sick Leave
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.
CalSTRS Analysis:
As Amended 6/24/2002
As Amended 4/23/2002
As Amended 4/08/2002
AB 2506 (Steinberg) – 403(b) Investment Options
Requires CalSTRS to establish a program for registering the vendors who market 403(b) investment products to local school and community college district employees.
CalSTRS Analysis:
As Amended 8/19/2002
As Amended 8/05/2002
As Amended 6/29/2002
As Amended 2/21/2002
AB 2646 (Liu) – Medicare Part B Premiums
Establishes a program for CalSTRS to pay Medicare Part B premiums.
CalSTRS Analysis:
As Amended 2/22/2002
AB 2767 (Pavley) – Social Security Offset Provisions
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.
CalSTRS Analysis:
As Amended 5/23/2002
As Amended 4/24/2002
AB 2970 (Wayne) – Independent Auditors
Prohibits an external auditor from becoming employed by a former audit client for one year.
CalSTRS Analysis:
As Amended 5/23/2002
As Amended 4/29/2002
AB 2982 (PER&SS) – Technical Housekeeping
Makes technical, nonsubstantive changes to the Teachers’ Retirement Law to facilitate efficient administration of the Teachers’ Retirement Plan.
CalSTRS Analysis:
As Amended 6/28/2002
As Amended 4/08/2002
ACR 55 (Midgen) – HIV and AIDS Drug Costs
Encourages California’s public pension systems to support shareholder resolutions to reduce HIV and AIDS drug costs in less-developed countries.
AJR 6 (Canciamilla) – Federal Retirement Security and Savings Act
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.
CalSTRS Analysis:
As Introduced 3/05/2001
SB 461 (Torlakson) – Prescription Drug Coverage
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.
CalSTRS Analysis:
As Introduced 2/22/2001
SB 657 (Scott) – Federal Tax Law Conformity
Among other things, conforms California law to the retirement plan provisions of the federal Economic Growth and Tax Relief Reconciliation Act of 2001.
CalSTRS Analysis:
As Amended 1/07/2002
SB 728 (Machado) – State Employee Members of CalSTRS
Ratifies collective bargaining agreements and temporarily reduces member contribution rates to specified state members of CalSTRS and CalPERS.
CalSTRS Analysis: