1996 Federal Legislation
|Elk Hills Naval Petroleum Reserve – The Defense Authorization Act which provides for the privatization of the Elk Hills Naval Petroleum Reserve. The legislation ended a ten-year dispute concerning CA’s claim for compensation for the two Elk Hills school land sections that were granted by the Federal Government when CA entered the Union. The CA Legislature directed the use of CA school lands revenue to support “purchasing power” protection for CA’s retired teachers.||Signed by President Clinton 2/10/96|
|Source Tax – Prevents CA and other States from imposing a source tax on the payment of pension benefits from plans located within the State to retirees residing in other States who had formerly resided in the taxing State, and provides unlimited relief, unlike past proposals which limited relief to the first $30,000 of pension income (refer to Chapter 506, Statutes of 1996, AB-850, Morrissey, for state compliance provisions).||
Signed by President Clinton 1/0/96
|Pension Simplification – The Small Business Job Protection Act of 1996 included a number of provisions that have a significant impact on STRS, some of which required immediate implementation efforts (refer to the Pension Simplification Implementation memorandum dated 12/5/96 for a summary of the changes impacting STRS, including Section 415.)||Signed by President Clinton 8/20/96 (H.R. 3448); effective dates vary for each provision|
* STRS SPONSORED LEGISLATION
NOTE: Unless otherwise noted in italicized lettering, or with an asterisk (*) indicating STRS sponsored, legislation was sponsored by the author(s) or committee introducing the bill. Also, refer to the “Legend” for an explanation of abbreviations used.
Decade of Legislation, 1996 Federal Updated: May 11, 2001