CA SB867

Requires the PERS board of administration to submit reports to the Legislature, Governor, and Treasurer describing investment return assumptions, discount rates, and amortization periods used to calculate contribution rates.

Mandates the board include recalculated contribution rates based on alternative assumptions: investment returns at 6% or one percentage point below the board's assumption, amortization periods equal to estimated average remaining service life of employees, and discount rates based on 10-year Treasury Note rates.

Requires the board to submit revised forecasted contribution rate calculations using the same alternative investment return assumptions whenever contribution rates are forecasted.

Directs the Treasurer to present findings within 30 days at public legislative floor sessions, including explanations of how assumptions affect contributions and future state budgets, and opinions on the reasonableness of the board's calculations.

Takes effect immediately as an urgency statute to implement the 2010 Budget Act.