The chaptering of this monumental reform package marks the culmination of more than a year of efforts by the Governor, Conference Committee on Public Employee Pensions, the League, and other stakeholders. Predictably, a number of subsequent and complex implementation questions have arisen since the signing of this legislation.
The League has been working to gather information on several questions and other issues related to the reform package to provide our members with the most complete analysis of how this reform will affect public employers. One practical challenge, however, is that providing reliable answers to many of these complex questions will require interpretation by CalPERS and other retirement systems.
CalPERS staff is compiling the questions they are receiving and hope to have many answered by late October. The League also understands that CalPERS is working toward adopting emergency regulations by the end of 2012, which will interpret and implement the new law. The League will continue to provide information out about the CalPERS process as information becomes available. CalPERS also has a dedicated pension reform webpage that is being updated regularly.
In the coming weeks, the League will be working to provide information on implementation issues and is currently working to produce an FAQ sheet for city officials.The League continues to discuss several issues with the Administration, Department of Finance, and CalPERS and participate in working groups and attend seminars and meetings.
The League has provided a side-by-side analysis of AB 340 and the pension reform plan adopted by the League board of directors in July 2011.
Additionally, the League has published several CA Cities Advocate stories outlining the process by which the pension reform proposal was introduced and passed including:
The League will continue to provide updates on pension reform implementation as it becomes available.