CA SB512

Establishes the California Long-Term Services and Supports Benefits Board (LTSS Board) composed of 9 members including the Treasurer as chair, Secretary of California Health and Human Services as vice chair, and members appointed by the Governor, Senate, and Assembly.

Creates the California Long-Term Services and Supports Benefits Trust Fund (LTSS Trust) in the State Treasury to be managed and invested by the LTSS Board to finance long-term services and supports for eligible older adults and individuals with disabilities upon legislative appropriation.

Creates the Long-Term Services and Supports Advisory Committee with 9 members representing providers, consumers, labor unions, advocates, and family caregivers to provide ongoing advice and recommendations to the LTSS Board until January 1, 2025.

Addresses California's aging and disabled population of approximately 8 million people expected to grow significantly, with long-term care costs averaging $260,000 lifetime while median retirement savings are only $148,000.