BILL NUMBER: SB 527	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Walters

                        FEBRUARY 17, 2011

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


	LEGISLATIVE COUNSEL'S DIGEST


   SB 527, as introduced, Walters. Public employees' retirement:
contracting agencies.
   The Public Employees' Retirement Law permits any public agency, as
defined, to participate in the Public Employees' Retirement System
by contract entered into between its governing body and the Board of
Administration of the Public Employees' Retirement System. That law
authorizes the board to charge interest on the amount of any payment
due and unpaid by a contracting agency until payment is received.
   This bill would make a technical, nonsubstantive change to these
provisions.
   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  the  payment
is received. Interest shall be charged at the actuarial interest
rate. The interest shall be deemed interest earnings for the year in
which the late payment is received.