SB 32 (Moorlach) – Public Employees’ Pension Reform Act Modifications
Among the proposed reforms, CalSTRS is affected by the provisions that create the Citizen’s Pension Oversight Committee to advise the CalSTRS and CalPERS boards; further define “normal monthly rate of pay or base pay” for CalSTRS 2% at 60 members; increase the final compensation period for new members on or after January 1, 2018, to at least 60 consecutive months; prohibit public retirement systems from making cost-of-living adjustments to benefits when the unfunded actuarial liability of either CalSTRS or CalPERS is greater than zero; and stipulate the applicable benefit structure for new members who leave employment with, and then are reemployed by, an employer participating in CalSTRS.
- Version: Amended 3/2/2017
- Sponsor: Author
- Location: Senate PE&R Committee
- Board Position: Oppose