(1) Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program. The Defined Benefit Program is funded by employer and employee contributions, investment returns, and state appropriations, which are deposited or credited to the Teachers' Retirement Fund, which is continuously appropriated. Existing law appropriates $2,246,000,000 from the General Fund for the 2018–19 fiscal year to the Teachers' Retirement Fund for the Defined Benefit Program, to be apportioned in specified amounts to the credit of required employer contributions for the 2019–20 and 2020–21 fiscal years, pursuant to the direction of the Department of Finance. For the 2020–21 fiscal year, the apportioned payment to the Teachers' Retirement Fund is an amount to pay in advance a part of the contributions required of the employers for the 2020–21 fiscal year that results in a reduction of employer contributions of 0.70 percentage point for that fiscal year from the percentage set by another specified provision. Existing law requires the uncommitted remainder of the payment to be allocated to reducing the employers' unfunded actuarial obligations, as specified.
California AB 84 (20192020) — Public employment and retirement.
(1) Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program. The Defined Benefit Program is funded by employer and employee contributions, investment returns, and state appropriations, which are deposited or credited to the Teachers' Retirement Fund, which is continuously appropriated. Existing law appropriates $2,246,000,000 from the General Fund for the 2018–19 fiscal year to the Teachers' Retirement Fund for the Defined Benefit Program, to be apportioned in specified amounts to the credit of required employer contributions for the 2019–20 and 2020–21 fiscal years, pursuant to the direction of the Department of Finance. For the 2020–21 fiscal year, the apportioned payment to the Teachers' Retirement Fund is an amount to pay in advance a part of the contributions required of the employers for the 2020–21 fiscal year that results in a reduction of employer contributions of 0.70 percentage point for that fiscal year from the percentage set by another specified provision. Existing law requires the uncommitted remainder of the payment to be allocated to reducing the employers' unfunded actuarial obligations, as specified.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
2019-04-08 Read second time. Ordered to third reading. reading-1, reading-2
2019-04-11 Read third time. Passed. Ordered to the Senate. (Ayes 54. Noes 13. Page 1169.) passage, reading-3, reading-1
2019-04-11 In Senate. Read first time. To Com. on RLS. for assignment. reading-1
2019-04-24 Referred to Com. on B. & F.R. referral-committee
2019-06-06 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. reading-1, reading-2, amendment-passage, referral-committee, amendment-introduction
2019-06-10 In committee: Hearing postponed by committee.
2019-06-12 From committee: Do pass. (Ayes 12. Noes 0.) (June 12). committee-passage-favorable, committee-passage
2019-06-13 Read second time. Ordered to third reading. reading-1, reading-2
2019-06-26 Re-referred to Com. on B. & F.R. referral-committee
2020-06-22 From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. reading-1, reading-2, amendment-passage, referral-committee, amendment-introduction
2020-06-24 From committee: Do pass. (Ayes 13. Noes 4.) (June 24). committee-passage-favorable, committee-passage
2020-06-24 Read second time. Ordered to third reading. reading-1, reading-2
2020-06-25 Read third time. Passed. Ordered to the Assembly. (Ayes 30. Noes 9. Page 3857.). passage, reading-3, reading-1
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