California Senate Bill 868
Session 20212022
State teachers' retirement: supplemental benefits.
Became Law
Became Law on Sep 29, 2022
Origin Chamber
Senate
Type
Bill
Bill Number
868
State
California
Session
20212022
Motion Text
3rd Reading SB868 Cortese et al.
Senate Roll Call Votes
Other
Yes
Yes
Other
Dahle
Other
Yes
Yes
Gonzalez
Yes
Other
Yes
Yes
Yes
Other
Yes
Other
Yes
Other
Other
Rubio
Yes
Yes
Other
Summary
Existing law, the Teachers' Retirement Law, establishes the State Teachers' Retirement System (STRS) and creates the Defined Benefit Program of the State Teachers' Retirement Plan, which provides a defined benefit to members of the program, based on final compensation, credited service, and age at retirement, subject to certain variations. STRS is administered by the Teachers' Retirement Board. Existing law creates the Teachers' Retirement Fund and establishes within that fund a segregated account named the Supplemental Benefit Maintenance Account. Existing law continuously appropriates funds in the Supplemental Benefit Maintenance Account for expenditure for the purpose of restoring the purchasing power of the allowances of retired members and nonmember spouses, disabled members, and beneficiaries, and prescribes various schedules pursuant to which these allowances are augmented.
This bill would prescribe additional benefits to be paid quarterly from the Supplemental Benefit Maintenance Account, beginning July 1, 2023, to retired members and nonmember spouses, disabled members, and beneficiaries, to be made pursuant to a specified schedule. By providing for additional payments to be made from a continuously appropriated fund, this bill would make an appropriation. The bill would require the amount of these increases to be determined on July 1, 2023, as specified, and would require that amount to be increased each year commencing on July 1, 2024, but not compounded. The bill would specify that these increases are not part of the base allowance, are payable only to the extent that funds are available from the Supplemental Benefit Maintenance Account, and would state the extent to which these payments would be vested. The bill would make additional conforming and nonsubstantive changes.
01/24/22 - Introduced
January 24, 2022
03/24/22 - Amended Senate
March 24, 2022
04/18/22 - Amended Senate
April 18, 2022
08/22/22 - Enrolled
August 22, 2022
09/29/22 - Chaptered
September 29, 2022
03/31/22- Senate Committee on Labor, Public Employment and Retirement
March 31, 2022
05/06/22- Senate Appropriations
May 6, 2022
05/21/22- Sen. Floor Analyses
May 21, 2022
06/20/22- Assembly Committee on Public Employment and Retirement
June 20, 2022
08/01/22- Assembly Appropriations
August 1, 2022
08/17/22- ASSEMBLY FLOOR ANALYSIS
August 17, 2022
Sort by most recent
09/29/2022
California State Legislature
Chaptered by Secretary of State. Chapter 818, Statutes of 2022.
09/29/2022
California State Legislature
Approved by the Governor.
08/26/2022
California State Legislature
Enrolled and presented to the Governor at 2 p.m.
08/18/2022
Senate
In Senate. Ordered to engrossing and enrolling.
08/18/2022
Assembly
Read third time. Passed. (Ayes 62. Noes 2. Page 5933.) Ordered to the Senate.
08/15/2022
Assembly
Read second time. Ordered to third reading.
08/11/2022
Assembly
From committee: Do pass. (Ayes 13. Noes 1.) (August 11).
08/03/2022
Assembly
August 3 set for first hearing. Placed on suspense file.
06/22/2022
Assembly
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 22). Re-referred to Com. on APPR.
05/27/2022
Assembly
Referred to Com. on P.E. & R.
05/24/2022
Assembly
In Assembly. Read first time. Held at Desk.
05/23/2022
Senate
Read third time. Passed. (Ayes 29. Noes 2. Page 3834.) Ordered to the Assembly.
05/19/2022
Senate
Read second time. Ordered to third reading.
05/19/2022
Senate
From committee: Do pass. (Ayes 5. Noes 1. Page 3772.) (May 19).
05/13/2022
Senate
Set for hearing May 19.
05/09/2022
Senate
May 9 hearing: Placed on APPR suspense file.
04/29/2022
Senate
Set for hearing May 9.
04/18/2022
Senate
From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.
04/05/2022
Senate
From committee: Do pass and re-refer to Com. on APPR. (Ayes 4. Noes 0. Page 3309.) (April 4). Re-referred to Com. on APPR.
03/29/2022
Senate
Set for hearing April 4.
03/24/2022
Senate
From committee with author's amendments. Read second time and amended. Re-referred to Com. on L., P.E. & R.
02/07/2022
Senate
Joint Rule 55 suspended. (Ayes 31. Noes 6. Page 2880.)
02/07/2022
Senate
(Ayes 31. Noes 6.)
02/07/2022
Senate
Art. IV. Sec. 8(a) of the Constitution dispensed with.
02/02/2022
Senate
Referred to Com. on L., P.E. & R.
01/25/2022
Senate
From printer. May be acted upon on or after February 24.
01/24/2022
Senate
Introduced. Read first time. To Com. on RLS. for assignment. To print.
Sources
Record Created
Jan 25, 2022 12:12:19 PM
Record Updated
Nov 17, 2022 12:26:03 AM