BILL ANALYSIS Ó
SB 216
Page 1
Date of Hearing: July 8, 2015
ASSEMBLY COMMITTEE ON APPROPRIATIONS
Jimmy Gomez, Chair
SB 216
(Pan) - As Amended June 3, 2015
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|Policy |Public Employees, |Vote:|6 - 0 |
|Committee: |Retirement/Soc Sec | | |
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Urgency: No State Mandated Local Program: NoReimbursable: No
SUMMARY:
This bill makes various technical, conforming, and minor changes
to the Public Employees' Retirement Law governing the California
Public Employees' Retirement System (CalPERS).
FISCAL EFFECT:
Negligible costs to implement administrative and system changes;
estimated annual savings of approximately $50,000 as a result of
modifying and eliminating certain obsolete reports.
SB 216
Page 2
COMMENTS:
Purpose. According to the sponsor, CalPERS, this bill
harmonizes board policy and statute as they relate to investment
performance reporting, reducing staff resources currently
dedicated to complying with outdated statutory reporting
requirements. CalPERS claims the bill will also help ensure
continued effective and efficient plan administration by
reducing certain ambiguities and clarifying the statutes
governing service credit elections.
Analysis Prepared by:Joel Tashjian / APPR. / (916)
319-2081