CA AB2375

Replaces "enrolled actuary" requirements with actuaries holding Associate or Fellow designations from the Society of Actuaries for advisory committees and actuarial panels, and with actuaries meeting qualification standards for pension/postemployment benefit statements for triennial valuations and reporting.

Revises final compensation definitions for PERS members by removing redundant language and making technical style changes across multiple bargaining units and employee classifications.

Changes interest calculation on late payments from contracting agencies to the greater of the prior year's annual investment return or 10% simple annual rate, and permits penalties of 10% of unpaid amounts once every 30 days plus collection costs.

Extends full-time service credit eligibility for part-time academic employees to include community college district employees, limited to 5 years of part-time status.

Requires employers to notify PERS within 10 business days of a firefighter's or peace officer's death and provide updated contact information for surviving spouses or family members who may be eligible for health benefits under PEMHCA.