PUBLIC EMPLOYEES' RETIREMENT SYSTEMS. INITIATIVE CONSTITUTIONAL AMENDMENT. • Grants the board of a public employee retirement system sole and exclusive authority over investment decisions and administration of the system. • Requires board to administer system so as to assure prompt delivery of benefits to participants and beneficiaries. • Provides that board's duty to participants and beneficiaries takes precedence over any other duty. • Grants board sole and exclusive power to provide for actuarial services. • Prohibits changing number, terms, and method of selection or removal of members of board without approval of voters of the jurisdiction in which participants of the retirement system are employed. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: • Unknown fiscal effect from giving public pension boards complete authority over assets and administration of the systems. • Potential costs to employers as a result of public pension system giving highest priority to providing benefits to members and their beneficiaries. • Annual savings of $1 million to $3 million to the state's Public Employees' Retirement System for actuarial services.
Popular Vote Results
Y: 5066530; A: 51.0; N: 4867681; B: 49.0
Charles Carbonaro, Chairman, California State Legislative Committee, American Association of Retired Persons (AARP); Peter J. Kanelos, Executive Director, REsponsible VOters for Lower Taxes (REVOLT); Clifford F. Haskell, Retired Firefighter
Larry McCarthy, President, California Taxpayers' Association; Richard L. Gann, President, Paul Gann's Citizens Committee
Rebuttal Against Author
Derrell Kelch, President, California Seniors Coalition; Peter J. Kanelos, Executive Director, REsponsible VOter for Lower Taxes (REVOLT)
Public Employees' Retirement Systems. California Proposition 162 (1992).