BILL ANALYSIS
AB 2711
Page 1
Date of Hearing: March 31, 2004
ASSEMBLY COMMITTEE ON PUBLIC EMPLOYEES, RETIREMENT AND SOCIAL
SECURITY
Gloria Negrete McLeod, Chair
AB 2711 (Leno) - As Introduced: February 20, 2004
SUBJECT : Public employees' retirement system: transfer
agreements.
SUMMARY : Authorizes the Public Employees' Retirement System
(PERS) to enter into an agreement for the transfer assets for
certain local employees. Specifically, this bill :
Authorizes the Board of Administration of the Public Employees'
Retirement System to enter into an agreement with the retirement
board of the San Francisco City and County Employees' Retirement
System. The agreement would facilitate the transfer of assets
and liabilities with respect to safety members who are now
employed by the city and county or the local fire authority or
district as a result of a transfer of firefighting or law
enforcement functions.
EXISTING LAW: Authorizes the Board of Administration of the
Public Employees' Retirement System to enter into an agreement
with the board of retirement of specified county retirement
systems subject to the County Employees Retirement Law of 1937
for the transfer of assets and liabilities from the Public
Employees' Retirement System to the county retirement system
with respect to safety members who have ceased to be employed by
a public agency or the state and who have been employed by a
county, fire authority, or district as a result of a transfer of
firefighting or law enforcement functions.
FISCAL EFFECT : Administrative costs related to the negotiation
and preparation of the transfer agreement.
COMMENTS :
Arguments in Support
According to the Author the San Francisco Airport Police were
recently absorbed into the City of San Francisco Police
Department. Prior to this, the Airport Police were in CalPERS
and had a 2% at age 50 retirement formula. Now as part of the
San Francisco Police, they will have an increased retirement
AB 2711
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benefit of 3% at age 55. However, prior service will still be
calculated at the old formula. This measure will allow the City
to request CalPERS to transfer the prior service in CalPERS over
to the City's retirement system.
REGISTERED SUPPORT / OPPOSITION :
Support
None on file
Opposition
None on file
Analysis Prepared by : Clem Meredith / P.E., R. & S.S. / (916)
319-3957