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CA SCR105
Concurrent Resolution
AI Summary
- Encourages the State Teachers' Retirement System to develop and submit at least three funding options to the Legislature before February 15, 2013 to address long-term funding needs of the Defined Benefit Program
- Requires the three options to allocate any increased contributions among system members, school employers, and the state while respecting contractual rights of existing members
- Directs the State Teachers' Retirement System to consult with affected stakeholders including the Department of Finance and organizations representing members and school employers
- States the Legislature's intent to enact legislation during the 2013-14 Regular Session addressing the long-term funding needs of the Defined Benefit Program
- Acknowledges the Defined Benefit Program has an unfunded liability resulting from market downturns over the previous 10 years and insufficient contributions since fiscal year 2001-02
Legislative Description
State Teachers' Retirement System.
Last Action
Chaptered by Secretary of State. Res. Chapter 123, Statutes of 2012.
9/10/2012
Committee Referrals
Rules8/22/2012
Full Bill Text
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