AB 1389 (Budget) – Omnibus State Government Trailer Bill
Increases the upper limit on the purchasing power benefit from 80 percent to 85 percent and gives the Teachers’ Retirement Board authority to adjust the benefit between 80 and 85 percent 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
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