AB 1389 (Budget) – Omnibus state government trailer bill
2007–08 legislative session
Increases the upper limit on the purchasing power benefit from 80% to 85% and gives the Teachers’ Retirement Board authority to adjust the benefit between 80 and 85% based on long-term actuarial projections. Reduces state General Fund payments into the Supplemental Benefit Maintenance Account by $66 million in 2008-09, $70 million in 2009-10, $71 million in 2010-11 and $72 million in 2011-12 and thereafter.
- Version: Chaptered (Chapter 751, Statutes of 2008)
- Sponsor: Author
- Location: Signed by Governor
- Board Position: Neutral
CalSTRS analysis:As amended 9/15/2008