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CA AB609

Bill

Official Source

Status

Passed

9/30/2010

Primary Sponsor

Connie Conway

Click for details

Origin

State Assembly

2009-2010 Session

AI Summary

  • Amends Section 31580.2 of the Government Code to change the annual administrative expense limit for county retirement systems from 18/100 of 1% of total assets to the greater of 21/100 of 1% of accrued actuarial liability or $2,000,000
  • Requires the $2,000,000 minimum to be adjusted annually by the cost-of-living adjustment computed under Article 16.5 of the Government Code
  • Eliminates the previous exclusion of legal services and litigation costs from administrative expenses
  • Excludes expenditures for computer software, hardware, and computer technology consulting services from the calculation of administrative costs
  • Repeals Section 31580.3 of the Government Code

Legislative Description

County employees retirement: administrative costs.

Last Action

Chaptered by Secretary of State - Chapter 663, Statutes of 2010.

9/30/2010

Committee Referrals

Public Employment and Retirement6/18/2009
Rules6/4/2009
Public Employees, Retirement and Social Security3/16/2009

Full Bill Text

No bill text available