CA SB1162

Authorizes the Mammoth Lakes Fire District (MLFD) to request transfer of excess assets from its miscellaneous member plan to its safety plan within the Public Employees' Retirement System (PERS).

Allows asset transfer only when the market value of the MLFD's miscellaneous plan exceeds 150% of the actuarial equivalent of obligations owed to current and former MLFD employees.

Requires the MLFD to notify employees in writing at least two weeks before requesting any asset transfer between plans.

Transferred assets must remain in the PERS trust fund and be used solely to address the MLFD's unfunded accrued actuarial obligations in its safety plan.

Legislature declared a special law necessary for the MLFD due to its unique pension funding circumstances.