Bill Text: CA SB300 | 2023-2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Public employees’ retirement: fiscal impact: information.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Failed) 2024-02-01 - Returned to Secretary of Senate pursuant to Joint Rule 56. [SB300 Detail]

Download: California-2023-SB300-Introduced.html

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CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Senate Bill

No. 300

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Introduced by Senator Seyarto
(Coauthors: Senators Niello, Ochoa Bogh, and Wilk)

February 02, 2023

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An act to add Section 20005 to the Government Code, relating to public employees’ retirement.

LEGISLATIVE COUNSEL'S DIGEST

SB 300, as introduced, Seyarto. Public employees’ retirement: fiscal impact: information.

The Public Employees’ Retirement Law (PERL) establishes the Public Employees’ Retirement System (PERS) and sets forth the provisions for its administration and the delivery of benefits to its members. Existing law establishes PERS’ Board of Administration and grants management and control of PERS to the board. The California Constitution grants the board plenary authority and fiduciary responsibility for investment of moneys and administration of the retirement fund and system. The California Constitution qualifies this grant of powers by reserving to the Legislature the authority to prohibit investments if it is in the public interest and the prohibition satisfies standards of fiduciary care and loyalty required of the board.

This bill would require any bill, introduced on or after January 1, 2024, that is referred to the Senate Labor, Public Employment and Retirement Committee and relates to PERS to include a fiscal impact analysis from the Legislative Analyst’s Office that describes the fiscal impact of the bill on PERS and what the outcome of the bill would be if implemented.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 20005 is added to the Government Code, to read:

20005.

 Notwithstanding any other law, any bill, introduced on or after January 1, 2024, that is referred to the Senate Labor, Public Employment and Retirement Committee and relates to PERS shall include a fiscal impact analysis from the Legislative Analyst’s Office that describes the fiscal impact of the bill on PERS and what the outcome of the bill would be if implemented.