Attorney General No.
Secretary of State No.
STATE TEACHERS' RETIREMENT. BENEFITS. INITIATIVE STATUTE. Provides for retirement at age 55 for State Teachers' Retirement System members who worked in K-12 public schools for 15 years and worked directly with students for five years preceding retirement. Provides retirement benefits of 3% of final annual compensation for each year of credited service. Calculates benefits based on one-year period with highest pay. Provides supplemental benefits to restore purchasing power of up to 100% for eligible members and up to 80% for other members. Disqualifies full and part time administrators and members on disability or medical leave within last five years. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: This measure would increase state and/or school district retirement costs up to $1.7 billion annually.
Ann Reid, PO Box 59755, San Jose, CA 95159-0755
Failed to Qualify
STATE TEACHERS' RETIREMENT. BENEFITS. INITIATIVE STATUTE. California Initiative 1028 (2004).