Effective January 1, 2015, AB 2473 added language to the County Employees Retirement Law of 1937 (CERL) in order to comply with federal law requirements. The bill:
Effective January 1, 2015, AB 2474 clarified the PEPRA definition of final compensation as it applies to PEPRA members who have less than three years of service, and require that the final compensation be determined by dividing the total compensation by the number of months of service credited to the member and multiplying by 12. The bill also clarified that, when determining final compensation for PEPRA members, the computation for any absence shall be based on the pensionable compensation earned by the member during the absence.
This is an optional provision that becomes effective only upon its adoption by the CERL Retirement Board. The CERL permits a member or retired member of a CERL retirement system, prior to the time that the first payment of any retirement allowance is made, to elect certain optional settlements, which operate to reduce the allowance payable to the member through his or her life and provide for a subsequent payment to another party or parties, including his or her spouse.
Effective January 1, 2015, SB 673 makes the CCCERA retirement system an independent “district” and the employer for its entire staff, subject to terms and conditions of employment established by the board of retirement.
AB 197 Frequently Asked Questions
On September 12, 2012, the Governor signed into law Assembly Bill 197, with an effective date of January 1, 2013. The measure changed how county retirement boards were permitted to calculate their current members’ retirement allowances.
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