|33||LEGISLATURE. PARTICIPATION IN PUBLIC EMPLOYEES' RETIREMENT SYSTEM.|
|Official Title and Summary|
Official Title and Summary Prepared by the Attorney
LEGISLATURE. PARTICIPATION IN PUBLIC EMPLOYEES' RETIREMENT SYSTEM.
Legislative Constitutional Amendment.
– Amends Constitution to allow members of the California Legislature the option to participate in the Public Employees' Retirement System.
– Allows any person elected or serving in the Legislature on or after November 1, 1990 to participate in any state retirement plan in which a majority of the employees of the State may participate.
– Only the employer's share of the contribution necessary for participation in such state retirement plans will be paid by the State.
– Requires members of the Legislature to continue to participate in the Federal Social Security System.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
– Annual state costs under $1 million to provide retirement benefits to legislators, with these costs replacing other spending from the fixed annual amount provided in support of the Legislature. No net impact on state spending.
|Final Votes Cast by the Legislature on ACA 12 (Proposition 33)|
|Assembly:||Ayes 57||Noes 12|
|Senate:||Ayes 27||Noes 0|
|Analysis by the Legislative Analyst|
|Argument in Favor of Proposition 33|
|Rebuttal to Argument in Favor of Proposition 33|
|Argument Against Proposition 33|
|Rebuttal to Argument Against Proposition 33|