AB 611 Summary

• Terminates the State Peace Officers' and Firefighters' Defined Contribution Plan effective June 1, 2014, subject to Internal Revenue Service approval.

• Ceases all contributions to the plan and prohibits new participants from enrolling in the plan.

• Requires distribution of all plan funds in accordance with federal law, with amounts rolled over to the Supplemental Contributions Program unless members elect otherwise.

• Establishes the plan as a governmental plan under Internal Revenue Code Section 414(d) and prohibits diversion of plan funds or reversion of trust funds except as permitted by federal law.

• Takes effect immediately as an urgency statute to expedite member distributions.