AB 2998 (Kiley) – Defined contribution plan for California educators
The Rising Academic Instructor Salaries in Education (RAISE) Act, permits school districts to offer a defined contribution (DC) plan to certificated employees in lieu of the CalSTRS Defined Benefit (DB) Program. To incentivize participation in a DC plan, the bill allows school districts to offer higher salaries or lower contribution rates for those who opt into the plan and allows certificated employees to individually negotiate salaries and plan contribution rates outside of the salary schedule set forth in a collective bargaining agreement.
- Version: Amended 5/4/2020
- Sponsor: Author
- Location: Assembly PE&R Committee
- Board Position: Oppose
CalSTRS analysis:As amended 5/4/2020