CA SB1402

Removes the January 1, 1950 date limitation for State Teachers' Retirement System (STRS) members to purchase service credit for prior military or Merchant Marine service.

Eliminates the requirement that STRS members must be state employees or recently retired state employees to receive military service credit.

Removes the January 1, 1950 date limitation for Public Employees' Retirement System (PERS) members to purchase service credit for prior military or Merchant Marine service.

Requires PERS contracting agencies to inform new employees at hire of their rights to purchase military service credit and provide members the option to receive such credit.

Makes an appropriation to continuously appropriated retirement funds to account for additional member contributions toward military service credit purchases.