CA AB1627

Requires the Public Employees' Retirement System (PERS) board to submit reports to the Legislature, Governor, and Treasurer whenever contribution rates are adopted, including investment return assumptions, amortization periods, and discount rates used in rate calculations.

Mandates the board provide alternative rate calculations using lower investment return assumptions (6 percent or one percentage point below the board's assumption) and amortization periods based on employees' estimated average remaining service periods.

Requires the State Treasurer to present findings to both legislative houses within 30 days of receiving the board's report, explaining investment assumptions' role in rate calculations, budget consequences if returns are not realized, and whether amortization periods exceed estimated employee service periods.

Requires the board to provide recalculated forecasted contribution rates using alternative investment return assumptions whenever it forecasts contribution rates, overriding the standard 4-year reporting limitations.

Declares the act an urgency statute taking effect immediately to implement changes necessary for the 2010 Budget Act.