SB 1139 Summary

• Renames the "deferred compensation program" to the "tax-preferred retirement savings program" throughout the Public Employees' Retirement Law and related statutes.

• Eliminates the requirement that PERS building lease rates equal fair market value and pay a reasonable rate of return for construction and maintenance costs.

• Removes restrictions on the contract period for the certified public accountant who audits PERS financial statements, eliminating the previous 5-year limit and prohibition on consecutive terms.

• Authorizes contracting public agencies to provide health benefits to family members of deceased annuitants who retired before the agency's health coverage contract effective date, with agencies able to require family members to pay all or part of the health premium.

• Clarifies technical and conformity amendments to ensure tax-preferred retirement savings program design complies with federal tax code provisions.