CA SB885

Authorizes STRS to conduct criminal history background checks on employees and job applicants in positions with access to sensitive information, legal/investment services, or essential driving duties.

Changes PERS late payment interest from the greater of annual investment return or 10% to a flat 10% simple annual rate.

Updates multiple retirement system provisions to reference federal age requirements under Internal Revenue Code Section 401(a)(9) instead of fixed age 72 for required distribution dates.

Extends judges' retirement benefits under Section 75522.5 (operative January 1, 2024) to include cost-of-living adjustments, military service credit, and survivor benefits; removes the January 1, 2029 repeal date and limits eligibility to judges retiring before that date.

Allows employers in the California Employers' Pension Prefunding Trust Program to transfer funds directly to the Public Employees' Retirement Fund and changes Turkey divestment reporting deadline from January 1, 2024 to January 1, 2035.