BILL ANALYSIS
Appropriations Committee Fiscal Summary
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| |AB 1933 (Strom-Martin) |
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|Hearing Date: 8/30/2000 |Amended: 8/18/2000 |
| |& as proposed to be amended |
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|Consultant: Maureen Brooks |Policy Vote: P. E. & R. 3-1 |
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BILL SUMMARY: AB 1933 establishes a "longevity bonus" for
teachers who retire on or after January 1, 2001, and have,
prior to January 1, 2011, 30 or more years of credited
service. The benefit will provide specified teachers with
an increase in their monthly benefit allowance of $200 if
they have 30 years of credited service, $300 for those with
31 years of service and $400 for members with 32 or more
years of credited service.
Fiscal Impact (in thousands)
Major Provisions 2000-01 2001-02
2002-03 Fund
Benefit enhancement ------total long-term cost of $1.8
billion---- STRF
STAFF COMMENTS: SUSPENSE FILE.
Existing law provides a career bonus of .2% for members of
STRS with 30 or more years of credited service.
Staff notes that the prior version of this bill established
a "Rule of 85" retirement option and increased the career
bonus. Those provisions have been deleted from the bill.