BILL NUMBER: AB 637	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Hill

                        FEBRUARY 25, 2009

   An act to amend Section 20537 of the Government Code, relating to
retirement.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 637, as introduced, Hill. Public Employees' Retirement System:
contracting agencies: interest.
   Existing law authorizes the Board of Administration of the Public
Employees' Retirement System to charge interest on the amount of any
payment due and unpaid by a contracting agency until payment is
received, as specified.
   This bill would make a technical, nonsubstantive change to that
provision.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 20537 of the Government Code is amended to
read:
   20537.  The board may charge interest on the amount of any payment
due and unpaid by a contracting agency until payment is received.
Interest shall be charged at a rate approximating the average rate
received on moneys then being invested. The interest shall be deemed
interest earnings  in   for  the year in
which received.